It appears that after everyone's negative attitude on Ordinals in the forum, which I reckon this forum is also a big influencer on the whole bitcoin community, the market has still grown and this might also imply that there is an increasing number of NFT holders who use the bitcoin blockchain. Why is this increasing if bitcoiners hate NFTs on bitcoin? Who are these NFT holders? Are they new users? Are NFTs their first introduction on bitcoin?
In the first week of June 2024, data revealed that the Bitcoin blockchain generated $3.82 billion from NFT sales. Although NFTs on Bitcoin were previously available through technologies like Counterparty, the introduction of Ordinal inscriptions has significantly increased the popularity of BTC-based NFTs, even amid a general decline in the digital collectibles market. The $3.82 billion has positioned BTC within the top five blockchains for NFT sales, securing the fourth spot just below the Ronin chain.
Source https://news.bitcoin.com/bitcoin-blockchain-records-3-82-billion-in-nft-sales-secures-fourth-largest-spot/
Topic: Binance NFT Marketplace is stopping support for Ordinals and Runes on April 18th (Read 278 times)
June 03, 2024, 09:40:29 PM
April 12, 2024, 02:01:00 PM
Bitcoin is a peer-to-peer electronic cash system. How did these anti cash ordinals get added to the network if it is not centralized when everyone can see that these are contrary to Bitcoins intended purpose?
Why are we not jumping up and down to get them removed?
Why are we not jumping up and down to get them removed?
April 12, 2024, 01:49:48 PM
Let's see, so it's Thursday evening, the mempool has about 842MB, 127k tx, and purging is at 2.53sat/vb.
Since the weekend will come pretty fast and that would affect the mempool as usual let's see if in one week there is any meaningful change, more than what we have normally experienced.
I'm a bit pessimistic about anything major happening,)
Since the weekend will come pretty fast and that would affect the mempool as usual let's see if in one week there is any meaningful change, more than what we have normally experienced.
I'm a bit pessimistic about anything major happening,)
Well, I got the pessimistic part right, ut I was thinking of not seeing the fees go lower, not in my nightmares would I have thought of 100sat/b again. So, one week later there is not even a point comparing the mempool, the next block fees tell the whole story, Binance delisting those had ZERO impact!
I see no reason why Binance need to stop supporting ordinals and runes, although this is actually good because it will reduce the popularity of ordinals and runes, people will panic selling their NFTs because they know the price will drop lower if they didn't sell it now.
Not really what's happening now, isn't it?
April 09, 2024, 01:14:37 AM
I see no reason why Binance need to stop supporting ordinals and runes, although this is actually good because it will reduce the popularity of ordinals and runes, people will panic selling their NFTs because they know the price will drop lower if they didn't sell it now.
As binance is one of the biggest cex out there, it would not be a surprise if this pushes a domino effect on the crypto world.
Yep, sooner or later they can be only traded in swap platform or unpopular CEX. 
April 09, 2024, 12:07:46 AM
The following blog post states that the Binance NFT Marketplace will no longer support Ordinals and Runes.
https://www.binance.com/en/support/announcement/binance-nft-update-on-bitcoin-nfts-2c2fb8f1f5e9421e8f777407a58df111
https://www.binance.com/en/support/announcement/binance-nft-update-on-bitcoin-nfts-2c2fb8f1f5e9421e8f777407a58df111
They can not be blamed. I don’t see much advantage that ordinals give to bitcoin and all it seems to do is clog the main network. It is pointless so binance had to let go of it.
With binance taking the first step, we can expect more platforms following binance in this decision. As binance is one of the biggest cex out there, it would not be a surprise if this pushes a domino effect on the crypto world.
April 08, 2024, 11:43:01 PM
Good. Because it's more like Ordinals are spamming the network since then although i observed fees become so lower started just last week. That ranging 12-18sats/vB for fees snd didn't go high. Plus the plan of the core devs, it will be smooth to make transactions soon.
I regret this because I believe that unlike Inscription on other blockchains, Inscription and BRC-20 tokens on Bitcoin can open up a new application possibility for the Bitcoin blockchain, such as storing non-fungible tokens. I also hoped that Binance's participation could support the existence of Inscription on Bitcoin until BRC-20 tokens find their rightful place in the market.Binance is just experimenting and looking for a new direction after no longer being led by CZ. They are focusing on launchpool and launchpad, and the $4B fine may have left them with insufficient funds to take risks with Inscription. I hope that BRC-20 tokens will continue to exist and will be better supported in the future.
It's a bug getting exploited in Bitcoin network. There are several blockchains made for NFT, go and explore that! May I suggest Matic?
I strongly support the decision made by Binance to suspend bitcoin blockchain based NFTs from their marketplace. The Bitcoin Devs should now start expelling them from the network completely. Let the Bitcoin network breathe so that the regular users can breathe too and get out of this high fees madness.
April 08, 2024, 09:35:29 PM
I regret this because I believe that unlike Inscription on other blockchains, Inscription and BRC-20 tokens on Bitcoin can open up a new application possibility for the Bitcoin blockchain, such as storing non-fungible tokens. I also hoped that Binance's participation could support the existence of Inscription on Bitcoin until BRC-20 tokens find their rightful place in the market.
Because it's not necessary especially on why bitcoin was created. Unlike on ETH, BNB networks was made for such tokens, it's just a loophole that was abused. They can migrate to any existing bitcoin forks for the same thing they do unethically or to these blockchain networks for tokens.Quote
and the $4B fine may have left them with insufficient funds to take risks with Inscription
They can pay that amount, it's not that they will pay it in one-time payment only. April 08, 2024, 09:00:34 PM
Good. Because it's more like Ordinals are spamming the network since then although i observed fees become so lower started just last week. That ranging 12-18sats/vB for fees snd didn't go high. Plus the plan of the core devs, it will be smooth to make transactions soon.
I regret this because I believe that unlike Inscription on other blockchains, Inscription and BRC-20 tokens on Bitcoin can open up a new application possibility for the Bitcoin blockchain, such as storing non-fungible tokens. I also hoped that Binance's participation could support the existence of Inscription on Bitcoin until BRC-20 tokens find their rightful place in the market.Binance is just experimenting and looking for a new direction after no longer being led by CZ. They are focusing on launchpool and launchpad, and the $4B fine may have left them with insufficient funds to take risks with Inscription. I hope that BRC-20 tokens will continue to exist and will be better supported in the future.
April 08, 2024, 06:29:38 PM
Good. Because it's more like Ordinals are spamming the network since then although i observed fees become so lower started just last week. That ranging 12-18sats/vB for fees snd didn't go high. Plus the plan of the core devs, it will be smooth to make transactions soon.
April 08, 2024, 01:04:55 PM
The following blog post states that the Binance NFT Marketplace will no longer support Ordinals and Runes.
https://www.binance.com/en/support/announcement/binance-nft-update-on-bitcoin-nfts-2c2fb8f1f5e9421e8f777407a58df111
https://www.binance.com/en/support/announcement/binance-nft-update-on-bitcoin-nfts-2c2fb8f1f5e9421e8f777407a58df111
Wow! really great news! This is exactly what we need in order to make Bitcoin a viable payment method. otherwise with the astronomical fees, Bitcoin can't cope up with the competition. We should start seeing a reduction in the fees once this is in force.
Bitcoin is a decentralized platform. I agree and add that the Core developers should not be making these decisions. The nodes should be making these decisions.
Binance is a centralized platform. I agree that they have taken right decision to remove these madness from their marketplace. Bitcoin will survive as a payment method.
April 04, 2024, 01:02:54 PM
-snip-
Even bitcoin developers are yet to do anything to stop them from operating on the network. If all the big exchanges can decide and delist all the tokens that have something to do with ordinals, then the people who are trading them will be afraid and stop even interacting with the network. As I can see, the network fee is already going back to normal gradually.
I don't know whether this decision by Binance will be the end of the ordinal or will be the initial way to continue to be developed without Binance's support. Even bitcoin developers are yet to do anything to stop them from operating on the network. If all the big exchanges can decide and delist all the tokens that have something to do with ordinals, then the people who are trading them will be afraid and stop even interacting with the network. As I can see, the network fee is already going back to normal gradually.
But once the halving happens there will be a launch of Protocol Rune, and those who contribute to ordinal networks with some initial NFTs will get the airdrop.
And the problem about the network being jammed, this is indeed very annoying especially the network costs are also more expensive with a longer time.
I just want to see what will happen in the end after the halving passes.
It looks like Binance is trying to get this implemented before the having for that very reason!
April 04, 2024, 12:58:58 PM
The following blog post states that the Binance NFT Marketplace will no longer support Ordinals and Runes.
https://www.binance.com/en/support/announcement/binance-nft-update-on-bitcoin-nfts-2c2fb8f1f5e9421e8f777407a58df111
https://www.binance.com/en/support/announcement/binance-nft-update-on-bitcoin-nfts-2c2fb8f1f5e9421e8f777407a58df111
That's good news. More exchanges should follow. Ordinals don't belong in bitcoin. Bitcoin is money. Ordinals and such other crap should be available on ethereum. Sometimes less is more and this is one of those situations. Bitcoin is money¤cy. It should excel at this. If it tries to become everything, it will become nothing in the end. Too bad the devs can't see it. If people and businesses start abandoning it, maybe they'll come to their senses and remove it from btc soon.
Bitcoin is a decentralized platform. I agree and add that the Core developers should not be making these decisions. The nodes should be making these decisions.
April 04, 2024, 12:57:20 PM
-snip-
Even bitcoin developers are yet to do anything to stop them from operating on the network. If all the big exchanges can decide and delist all the tokens that have something to do with ordinals, then the people who are trading them will be afraid and stop even interacting with the network. As I can see, the network fee is already going back to normal gradually.
I don't know whether this decision by Binance will be the end of the ordinal or will be the initial way to continue to be developed without Binance's support. Even bitcoin developers are yet to do anything to stop them from operating on the network. If all the big exchanges can decide and delist all the tokens that have something to do with ordinals, then the people who are trading them will be afraid and stop even interacting with the network. As I can see, the network fee is already going back to normal gradually.
But once the halving happens there will be a launch of Protocol Rune, and those who contribute to ordinal networks with some initial NFTs will get the airdrop.
And the problem about the network being jammed, this is indeed very annoying especially the network costs are also more expensive with a longer time.
I just want to see what will happen in the end after the halving passes.
April 04, 2024, 12:04:04 PM
If Binance can discontinue anything they have to do with Ordina, then we might have reduced pressure on that. Their traffic kept on increasing the moment they started making their way into big exchanges and getting listed. Market traffic was contributing heavily as people were rushing into the network.
Even bitcoin developers are yet to do anything to stop them from operating on the network. If all the big exchanges can decide and delist all the tokens that have something to do with ordinals, then the people who are trading them will be afraid and stop even interacting with the network. As I can see, the network fee is already going back to normal gradually.
Even bitcoin developers are yet to do anything to stop them from operating on the network. If all the big exchanges can decide and delist all the tokens that have something to do with ordinals, then the people who are trading them will be afraid and stop even interacting with the network. As I can see, the network fee is already going back to normal gradually.
April 04, 2024, 11:47:48 AM
The following blog post states that the Binance NFT Marketplace will no longer support Ordinals and Runes.
https://www.binance.com/en/support/announcement/binance-nft-update-on-bitcoin-nfts-2c2fb8f1f5e9421e8f777407a58df111
https://www.binance.com/en/support/announcement/binance-nft-update-on-bitcoin-nfts-2c2fb8f1f5e9421e8f777407a58df111
That's good news. More exchanges should follow. Ordinals don't belong in bitcoin. Bitcoin is money. Ordinals and such other crap should be available on ethereum. Sometimes less is more and this is one of those situations. Bitcoin is money¤cy. It should excel at this. If it tries to become everything, it will become nothing in the end. Too bad the devs can't see it. If people and businesses start abandoning it, maybe they'll come to their senses and remove it from btc soon.
April 04, 2024, 11:43:35 AM
Did the Bitcoin devs state that they will remove that feature that allows ordinals on the bitcoin blockchain to save on transaction fees for people who make actual bitcoin transactions?
Afaik no, but some of them (like Luke Dashjr) do see it as vilnerabilty that should been fixed but I don;t think that there's consensus among themIt is crazy that Binance made the first move away from Ordinals. It would be great if the core devs did the same to fix the issues the ordinals cause with Bitcoin.
I haven't followed ordinals much even when hype around them was at its peak (et alone now) but as you know rats tend to leave the sinking ship so I guess they don't see any future (and money) from it. April 04, 2024, 11:35:15 AM
There was even a news trending around January that the upcoming update on the Bitcoin core would correct The loophole that allowed the existence of ordinals.
I don't know I feel with this the value should rise since its supply would become limited.
But let's see how it plays out. In support of creativity in Bitcoin but not one with detriments to its security or performance.
It's already losing its hype, so as a company with profit in mind. They have to move to more profitable projects.
On the contrary, it is a bad news for Ordinals that may possible see to the death of it and the likes. Remember that Ordinals leveraged on the popularity of Bitcoin and as soon as it is disconnected from Bitcoin, investors will lose confidence in it. The future is really looking bleak for those who invested into Ordinals. As a Bitcoin believer, I'm not worried instead I'm happy that the congestion will finally be put behind us while we wait for the next big news which is Bitcoin halving. I don't know I feel with this the value should rise since its supply would become limited.
But let's see how it plays out. In support of creativity in Bitcoin but not one with detriments to its security or performance.
It's already losing its hype, so as a company with profit in mind. They have to move to more profitable projects.
I agree. It is great news!! Now lets get on with the business of removing the exploit that made ordinals possible and let's focus on making bitcoin an efficient peer-to-peer digital cash system.
April 04, 2024, 11:26:51 AM
Let's see, so it's Thursday evening, the mempool has about 842MB, 127k tx, and purging is at 2.53sat/vb.
Since the weekend will come pretty fast and that would affect the mempool as usual let's see if in one week there is any meaningful change, more than what we have normally experienced.
I'm a bit pessimistic about anything major happening, if it's going to take less than $2k to inscribe a block worth of your legacy on earth NFT or no NFT there wi still be a bunch of people doing it.
Based on the whitepaper it's not just ordinals that shouldn't exist but Binance also.
Since the weekend will come pretty fast and that would affect the mempool as usual let's see if in one week there is any meaningful change, more than what we have normally experienced.
I'm a bit pessimistic about anything major happening, if it's going to take less than $2k to inscribe a block worth of your legacy on earth NFT or no NFT there wi still be a bunch of people doing it.
Based on the white paper, innovation should be laser focused on making bitcoin a better "purely peer-to-peer form of electronic cash".
Based on the whitepaper it's not just ordinals that shouldn't exist but Binance also.
April 04, 2024, 11:12:47 AM
There was even a news trending around January that the upcoming update on the Bitcoin core would correct The loophole that allowed the existence of ordinals.
I don't know I feel with this the value should rise since its supply would become limited.
But let's see how it plays out. In support of creativity in Bitcoin but not one with detriments to its security or performance.
It's already losing its hype, so as a company with profit in mind. They have to move to more profitable projects.
On the contrary, it is a bad news for Ordinals that may possible see to the death of it and the likes. Remember that Ordinals leveraged on the popularity of Bitcoin and as soon as it is disconnected from Bitcoin, investors will lose confidence in it. The future is really looking bleak for those who invested into Ordinals. As a Bitcoin believer, I'm not worried instead I'm happy that the congestion will finally be put behind us while we wait for the next big news which is Bitcoin halving. I don't know I feel with this the value should rise since its supply would become limited.
But let's see how it plays out. In support of creativity in Bitcoin but not one with detriments to its security or performance.
It's already losing its hype, so as a company with profit in mind. They have to move to more profitable projects.
April 04, 2024, 10:42:13 AM
Binance's move should start to reduce the fees.
Based on the white paper, innovation should be laser focused on making bitcoin a better "purely peer-to-peer form of electronic cash".
Based on the white paper, innovation should be laser focused on making bitcoin a better "purely peer-to-peer form of electronic cash".
Binance is treating ordinals like the way they are treating Bitcoin transaction fees. If you check Binance withdrawal fees in the last 2 months and now, the withdrawal fees is probably the same despite the fact that the fees are down to less than 15/vb sats on average, anytime the Bitcoin mempool became congested, it has never gone pass 50/vb sats for many weeks now. This is exactly how they are treating ordinals, the Bitcoin transaction fees are down atleast for now but they wouldn't reduce the fees and raise it later if demands and hype comes from ordinals again but since they are no longer supporting the "exploit on the network", no need to reduce the fees.
Now that they are stopping the supports, what next with the ordinals and the NFTs market in general, there is going to be a decrease in activities and will lead to reduce in interest and perhaps Bitcoin network will have a space to breath and allow normal transaction to flow without having to fight for the next block space.
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