Bitcoin Celebrates One Year of Ordinal Inscriptions With 48 Million Mark Hit

Baofeng

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Quote from: AirtelBuzz on December 15, 2023, 10:49:57 PM

On Dec. 15, 2023, a significant milestone was achieved in the Bitcoin blockchain world, just a day shy of the anniversary of the first Ordinal inscription. The total count of Ordinal inscriptions has impressively hit the 48 million mark. Despite initial skepticism about their longevity, these inscriptions have not only persisted but now make up half of all BTC transactions confirmed daily.

2023 has seen Ordinal inscriptions gain immense traction, significantly impacting Bitcoin’s ecosystem and vying with other blockchains in the non-fungible token (NFT) space. This journey began almost a year prior, on Dec. 16, 2022, marking the creation of the first-ever Ordinal inscription on Bitcoin’s distributed ledger.More

Lol, and why would be bitcoin community celebrates in the first place when it's just clogging the mempool since it's inception? Or the contrary, many bitcoin enthusiast are already in their tipping point as just like today, the fees skyrocketed again to more than 500 sat/vb?

So there's nothing to celebrate here if you are truly a bitcoin enthusiast.

I know that bitcoin has become a speculative assets, but ordinals are pushing everyone's limit as they simply clogging the network that it become so inconvenient to make micro payments.

KiaKia

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Ordinals and brc20 existence just make everything harder for Bitcoin, as someone who have make money from Ordi myself I still don't like the negative impact it has on Bitcoin transaction fee, it would be better if its just double of the normal transaction fee, instead its a lot, enough to cause congestion on the network.

To me there isn't a lot to celebrate here, to even DCA into Bitcoin now is getting harder, only miners are the ones that should be celebrating, not investors like us.

I got so much love for BTC as it is what makes me what I am today but I am not happy about its present burden right now, transaction fee is a big problem already I wonder how things will look in the full blown bull market.

Bananington

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It's good to mark a good celebration mostly as with the successful launch of the ordinals and with 48million mark hit.
While it is good , the other uses of BTC is what has drawn its larger user base to it and it concerns investment with a DCA strategy or HoDling strategy or trading at the best profitable price.

No doubt the ordinals made many of the users stick with Bitcoin since Ethereum prides itself with the launch of the NFTs and minting process. BTC ordinals makes up to keep BTC relevant and more valuable but the fees nowadays for transactions is more hefty than would be and something should be done about it, not launching newer innovations that cost more, makes the network jam-packed and invites the wrong users to the right platform.

Aanuoluwatofunmi

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Quote from: btc78 on December 15, 2023, 11:01:30 PM

This is just yet another good news for the bitcoin community this mark is an implication of longevity and effectiveness i am sure that this will serve as good omen for the price of bitcoin in the next following months more people who do not trust bitcoin will now see this and will have to reevaluate their opinions on the said cryptocurrency

Is this actually a goodnews on many bitcoiners, are people really excited about these, do people really want the existance of bitcoin ordinance right from the first place, I don't know what we are celebrating about when we are all having difficult times with bitcoin transactions, maybe we should look onwards further to how many people will be interested in marking this and keep getting satisfied with it presence or keep longing for the final solution to arrived.

Sim_card

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This post from the OP, has spoilt my day because how will he be happy and coming up with this thread on bitcoin forum, when he knows that nobody here is happy with what the ordinals on bitcoin blockchain has done to make transaction fee higher and so many pleb like myself is unable to make transactions the way that they want, because of high tx fee. I was making a transaction today and I have to pay $22 to transfer $90 and that was all I had in that wallet and at the end I got only $78 transferred. This is no good news and fuck the ordinal anniversary, it has made bitcoin transactions something else especially for those that are transferring small amount of Satoshi. I guess OP is among the people patronizing this garbage.

stompix

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Quote from: Husires on December 16, 2023, 12:04:23 AM

Let's see how long Ordinal will be happy to pay fees of more than 50 satoshi for worthless things.

You see that's the problem with this sort of view on things, just because you think something is worthless it doesn't mean it is!

Some think apple products are overprices, there are still hundreds of millions being sold, some think drinking is stupid , yet billions do, just because some anonymous dozen of guys on a forum think it's a wholes thing it doesn't mean anything in the grand scheme of things.
Ordinals are worth as much as people are willing to pay for, there is no difference between them or bitcoin or dogecoin!

Quote from: Helena Yu on December 15, 2023, 11:57:56 PM

BRC-20 tokens etc are altcoins, not Bitcoin, so I guess your thread should be moved to Altcoins discussion even though you mention "Bitcoin" terms.

So we should move the LN discussions over to the altcoin forum? Wink

Quote from: pinggoki on December 15, 2023, 11:40:17 PM

Now that they've hit the anniversary, can they stop doing it now? I'm sure that they've had their fun with the inscriptions already but for the happiness of a lot of people, please stop the inscriptions because it's clogging the network and the people who are doing daily transactions are getting the burden out of their fun.

Welcome to a decentralized permissionless currency!
Not so funny when freedom allows others to do what you think should be banned!
Oh sweet Irony!

ZAINmalik75

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Quote from: AirtelBuzz on December 15, 2023, 10:49:57 PM

On Dec. 15, 2023, a significant milestone was achieved in the Bitcoin blockchain world, just a day shy of the anniversary of the first Ordinal inscription. The total count of Ordinal inscriptions has impressively hit the 48 million mark. Despite initial skepticism about their longevity, these inscriptions have not only persisted but now make up half of all BTC transactions confirmed daily.

2023 has seen Ordinal inscriptions gain immense traction, significantly impacting Bitcoin’s ecosystem and vying with other blockchains in the non-fungible token (NFT) space. This journey began almost a year prior, on Dec. 16, 2022, marking the creation of the first-ever Ordinal inscription on Bitcoin’s distributed ledger.More

I did. Of know the first ordinal was uploaded back in 2022 December. I thought this shit started around in March or the first quarter of 2023. The high traction is not because people are loving this fault but they are using in the hope of making money by becoming eligible for future airdrops.

There is great hype for airdrops in the market right now and I have seen many inscription-type airdrops also, which adds a great number to the inscription volume.

The 48 million milestone is a great one by the way, it is being adopted by a huge amount of people only in the timespan of one year. But I hope it would have added some value to the BTC blockchain other than using it to dust the network to increase the transaction fee. Only the miners are getting the benefit out of this while we as consumers are facing issues.

By the way, should we celebrate this event or not, I think those who must have made some money out of it will prefer to celebrate and those who didn't make any profit will prefer to avoid celebrating.

kryptqnick

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To be honest, I don't consider Ordinals an achievement. Unfortunately, they are still a thing, apparently, and as of the end of August 2023, they make up the majority of Bitcoin transactions. There are lots of useless altcoins, so I don't understand why people would crowd the precious Bitcoin transactions with a version of NFTs. I read that, apparently, they're more decentralized than traditional NFTs on other blockchains, but do they really need to be decentralized? Why Bitcoin? They are making transaction fees rise, so I'm not a fan. That's not what Bitcoin was made for, and there are plenty of clones of Bitcoin on which such a project could thrive without hurting Bitcoin users.

Zlantann

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Quote from: btc78 on December 15, 2023, 11:01:30 PM

This is just yet another good news for the bitcoin community this mark is an implication of longevity and effectiveness i am sure that this will serve as good omen for the price of bitcoin in the next following months more people who do not trust bitcoin will now see this and will have to reevaluate their opinions on the said cryptocurrency

This is no good news to the Bitcoin community because ordinary inscriptions have caused much harm to the Bitcoin network. These inscriptions have led to high fees which have discouraged many people from using the Bitcoin network, so I don't know how this is a good omen to the community. I think most Bitcoiners will be pleased to see these spam attacks end so that the mempool will become normal. But sadly some groups of people are benefiting from this mess which means it might last for more time unless a drastic step is taken.

pooya87

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Quote from: Husires on December 16, 2023, 12:04:23 AM

Let's see how long Ordinal will be happy to pay fees of more than 50 satoshi for worthless things. The higher the price of Bitcoin, the more people will think about stopping unnecessary spending, so I don't think they will continue broadcasting these transactions for a long time.
It is not good news, as no one wants to pay higher fees.

Actually the difference between this spam attack and the previous ones we'd experienced in Bitcoin world is that those participating in the Ordinals Attack have the chance to make a profit that could potentially cover the cost of their attack. It's the same as altcoin market. We know they get dumped and people lose money but because they have a chance of making a profit, they continue paying the exchange fees and endure losses in trading them.

In other words the attackers may not even care if they end up paying 1000 satoshi/vbyte if they think they can make a profit on the garbage they are buying.

Husires

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Let's see how long Ordinal will be happy to pay fees of more than 50 satoshi for worthless things. The higher the price of Bitcoin, the more people will think about stopping unnecessary spending, so I don't think they will continue broadcasting these transactions for a long time.
It is not good news, as no one wants to pay higher fees.

Helena Yu

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This is an irony lol.

Actually most of users in this forum are against of ordinals, saying it's a "celebration" will trigger other people feelings.

BRC-20 tokens etc are altcoins, not Bitcoin, so I guess your thread should be moved to Altcoins discussion even though you mention "Bitcoin" terms.

Woodie

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One year already interesting!

Btw, with all the spam these Ordinals are causing on the Bitcoin network is nothing to celebrate about, because these guys have made using bitcoin very expensive such that micro transactions/payments can not be used something we boasted about a few years back of using thanks to the dust like fees but now it's all become a rumor that many will not enjoy spending their BTC...

With these inscriptions and Brc20 tokens , is it possible that will might have another Bitcoin fork to try kill two birds with one stone which is accommodate these ordinals and lower tx fees in the process (miners wont be happy about this Tongue

)

pooya87

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Celebrate? Why would the community celebrate a spam attack?!

Quote from: AirtelBuzz on December 15, 2023, 10:49:57 PM

Despite initial skepticism about their longevity, these inscriptions have not only persisted but now make up half of all BTC transactions confirmed daily.

There were some skepticism but also there were a lot of evidence suggesting that this scam is going to grow. I pointed it out a long time ago here:
https://bitcointalksearch.org/topic/the-severity-of-the-ordinals-attack-is-increasing-5451907

Quote

Bitcoin’s ecosystem and vying with other blockchains in the non-fungible token (NFT) space.

Except that Ordinals spam is not a token at all since it is not part of the Bitcoin protocol. It is arbitrary data being injected to the chain by exploiting a vulnerability in the protocol that needs to be patched to prevent this attack.

pinggoki

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Now that they've hit the anniversary, can they stop doing it now? I'm sure that they've had their fun with the inscriptions already but for the happiness of a lot of people, please stop the inscriptions because it's clogging the network and the people who are doing daily transactions are getting the burden out of their fun.

Quote from: Poker Player on December 15, 2023, 11:16:25 PM

I don't see anything to celebrate. If someone insists me to find a positive point to the matter, I would say that it is the demand that has the blockchaing of Bitcoin, even for things for which it was not intended but little else,

Exactly, the only group that's celebrating these are the miners because they're getting a lot out of this. I do hope that the developers finally implement the solution that they've got with regards to this stuff, a lot of people that could've made use of that 50 USD tx fee but instead they're paying it because crazy techies are inscribing stupid and redundant messages in the network.

Poker Player

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For a moment I thought I was on ordinaltalk.org. "Celebrates" "good news" and "milestone" that the mempool has been filled with garbage and skyrocketed the fees?

I don't see anything to celebrate. If someone insists me to find a positive point to the matter, I would say that it is the demand that has the blockchaing of Bitcoin, even for things for which it was not intended but little else,

MusaMohamed

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Quote from: AirtelBuzz on December 15, 2023, 10:49:57 PM

On Dec. 15, 2023, a significant milestone was achieved in the Bitcoin blockchain world, just a day shy of the anniversary of the first Ordinal inscription. The total count of Ordinal inscriptions has impressively hit the 48 million mark. Despite initial skepticism about their longevity, these inscriptions have not only persisted but now make up half of all BTC transactions confirmed daily.

It is a milestone for Bitcoin miners because they are receiving more bitcoins each block with more earning from transaction fee.

Another happy entity is BRC20 developers because they are creating useless inscriptions and get money from this hype wave.

Longevity of Ordinals, BRC20 tokens, I believe with their uselessness, they will die soon. Those inscriptions and BRC20 tokens will not have different endings like altcoins NFTs, memecoins.

Three months ago, Glassnode Insights released a public report on Ordinals.
Inscriptions, Mempools and Miners

Dune has two interesting stats pages about Ordinals.
https://dune.com/dgtl_assets/bitcoin-ordinals-analysis
https://dune.com/dataalways/ordinals

btc78

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This is just yet another good news for the bitcoin community this mark is an implication of longevity and effectiveness i am sure that this will serve as good omen for the price of bitcoin in the next following months more people who do not trust bitcoin will now see this and will have to reevaluate their opinions on the said cryptocurrency

AirtelBuzz

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On Dec. 15, 2023, a significant milestone was achieved in the Bitcoin blockchain world, just a day shy of the anniversary of the first Ordinal inscription. The total count of Ordinal inscriptions has impressively hit the 48 million mark. Despite initial skepticism about their longevity, these inscriptions have not only persisted but now make up half of all BTC transactions confirmed daily.

2023 has seen Ordinal inscriptions gain immense traction, significantly impacting Bitcoin’s ecosystem and vying with other blockchains in the non-fungible token (NFT) space. This journey began almost a year prior, on Dec. 16, 2022, marking the creation of the first-ever Ordinal inscription on Bitcoin’s distributed ledger.More

Topic: Bitcoin Celebrates One Year of Ordinal Inscriptions With 48 Million Mark Hit (Read 204 times)