Bitcoin community are in support of BRC20 - page 2.

kryptqnick

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Quote from: Oshosondy on December 15, 2023, 07:18:28 AM

Quote from: ABCbits on December 15, 2023, 07:11:12 AM

I have a question, what qualify someone to be bitcoin people? Just owning Bitcoin?

I am referring to those early adopters, miners and developers. Two developers surfaced on the news about how Ordinals and BRC20 tokens are spamming the mempool and that they should be removed, but there are still others developers that will support it. I do not believe anymore that Ordinals existence which some people called vulnerability was not knowingly introduced by bitcoin developers. It is now too late, there is nothing that can be done than to work on how to reduce mempool congestion.

I'm not sure about it, so I'm genuinely asking: can Ordinals be banned somehow? Can something be introduced to make new Ordinals impossible, for example? I'm thinking of something like a SegWit event (in a sense of introducing major changes). Is the problem that it's technically impossible or that there's lack of agreement to do it, so it's practically impossible?
I sincerely hope that the interest will naturally die out, but it's unfortunate that all we can do is wait it out.

Bureau

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Quote from: moneystery on December 16, 2023, 01:34:00 AM

most likely those who support this meme coin are not bitcoin people, but speculators who want to make a profit. because most of the bitcoin people do not support the existence of ordinal on the network and they think that the people who invest in the meme coin are just stupid. and another possibility is that miners also seem to support the development of these ordinal coins, considering that they are one of the parties who benefit from increasing bitcoin transaction fees.

You are correct they are all speculators who are trying to cash out the hype, these projects are currently having for now. When the hype dries down there would be a lot of them who will lose money. Another reason is that they think like Bitcoin these coins would hit a big ATH after the next halving as these meme coins are using the Bitcoin blockchain. These kinds of assumptions and profit-making strategies continuously congest the blockchain and transaction fees creating its own ATH.

moneystery

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most likely those who support this meme coin are not bitcoin people, but speculators who want to make a profit. because most of the bitcoin people do not support the existence of ordinal on the network and they think that the people who invest in the meme coin are just stupid. and another possibility is that miners also seem to support the development of these ordinal coins, considering that they are one of the parties who benefit from increasing bitcoin transaction fees.

batang_bitcoin

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A lot of money is getting in on these BRC20 tokens. While they are all good as they contribute to the entire market with those caps its effect does no good to the majority of the Bitcoin holders and does transactions and transfers at all times including me and you. Whoever are pumping this, maybe this are also the people that came from the NFT markets where they've slowed down with the cash flow there due to the dying market even if we're close to the bull run. Can't say that this are from the institutions, they're not dumb to get into it or maybe they do.

pooya87

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Quote from: Oshosondy on December 15, 2023, 03:43:43 AM

You know the funniest thing? No presale, no social media, no advertisement for these tokens.

Garbage in the altcoin market has always been getting large pump and dumps for as long as the shitcoin market has existed. There has been countless number of non-existing garbage that has gotten huge pumps in the past. By non-existing I mean the garbage they are selling these days under the codename Ordinals and also the garbage they have sold on altcoin exchanges that had died for a long time like altcoins without a blockchain (ie. completely abandoned) where you can neither deposit nor withdraw the coin!!!

None of it means the "community" is supporting the useless garbage though. The only thing it means is that there are gullible gamblers who are willing to bet on literally anything.

yhiaali3

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Yes we all see this madness, yesterday the fees reached around $18 for a high priority transaction, currently the madness has subsided a bit and the high fees have dropped to around $10 only. !!!! Angry

I wanted to transfer some Bitcoin from my wallet for something important but I backed out when I saw these high fees. This is unbearable.

We have a lot of cats and dogs on Ethereum, Binance and other networks, is it necessary to have them on the Bitcoin network as well? Do I have to pay all these high fees just because people started buying cats and dogs on the Bitcoin network?

taufik123

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Quote from: franky1 on December 15, 2023, 11:44:53 AM

if only the SEC had a IT department that could read code and realise that ordinals data does not assign a genuine output to its junk in blockdata thus does not pass the test of a transferable token. thus making ordinals a ICO scam. then they could go after the platform that sells this junk (charging CZ and binance once again) and inferring any and all buyers/sellers can be legally implicated. maybe then this junk would stop (in its current form)

Yups, this is what the SEC actually has to do, so they have a fairly difficult task to uncover Ordinals that are just garbage on the Bitcoin Blockchain.
rather than just going after the actual CEX they can also pay and the SEC benefits a lot from it.

But by having an IT department that can investigate Ordinal, this will be a pretty big case.
Speculators and whales gather there, and it seems as if Ordinal tokens are pumped hard to attract many people,
but the negative impact is that the Bitcoin network will be very congested and fees will be more expensive and confirmations will take longer.

Tony116

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Quote from: BIT-BENDER on December 15, 2023, 02:17:34 PM

-snip

Personally I this it's fake pump that would not be sustained this won't be the first time we are seeing such coins in the crypto-currency space.

Everyone knows that the hype about BRC20 will end at some point, but many people are taking advantage of this very good opportunity to increase capital, while there are also many people standing here complaining and waiting for it to die. Miners are benefiting the most and why don't you think about whether they are the ones behind these junk tokens? Bitcoin miners also come to this market to make money and the BRC20 trend is bringing huge profits to them. Furthermore, they are also important contributors to the existence of bitcoin.

Personally, I think BRC20 will grow even stronger when the bull season comes but it will not die as soon as many people expect.

dansus021

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Yeah altcoin is crazy lately I got rekt in one of them when trading in bybit futures, trying to do short because the price is crazy high but there is no sign of a correction.

I don't know if Bitcoin community support the BRC20 but this token is crazy the price is too high and makes the Bitcoin network congested it is because bitcoin reached a bullish moment BTC dominance is down and altcoin is very hype.

Beside that I don't pretty much know about this Ordinal thing the only info that I got from the coingecko is the Ordiscan no site no twitter

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Quote from: BIT-BENDER on December 15, 2023, 02:17:34 PM

Personally I this it's fake pump that would not be sustained this won't be the first time we are seeing such coins in the crypto-currency space.

This. It looks kind of artificial to me too. Frankly, OP could be just another paid shill promoting these shitcoins. Of course, x40 is too good to be true and I think many noobs are going to get rekt. You can play these shitcoin games if you wish, just make sure you cash out before it goes to zero.

Captain Corporate

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Its a "civil war" of sorts for bitcoin if you ask me. There are some people who do support BRC20 like crazy, because they are making a great deal of profit, and there are some people who are against it because its not healthy for the future of bitcoin at all, I am on the latter of those people. It is the old modern progress versus conservative preservation policy, some people want progress at the cost of whatever, as long as there is progress made, they do not care what it kills. And some people would like to keep things just fine, maybe they won't make as much money, but the life we all live and know will be safe and its not going to hurt anyone at all. We need to decide our place in this fight, there is no "stand back and watch", because if you don't do something about it then something will be done to you later on.

livingfree

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Like in the past, unknown projects being launched without having all of those factors, social media and ICOs.

But whoever is behind these projects seems to have attracted a lot of money to flow in them. I don't care who buy them but it sucks to see the fees go up because of them.

They really are the reasons why the fees are quite higher this time. A few weeks ago, the fees were down already but then it's not the end of the low fees as it seems we're going to have another round.

BIT-BENDER

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This is the market for you mate, alright let's be practical, you posting this has created awareness now those who hasn't been following this news would not get their calculators and check how much they have missed and would probably get onboard and they would pass the story to friends and the trend goes on.
It's all about FOMO and FUD and news, rumours fuels this sort of things.

Personally I this it's fake pump that would not be sustained this won't be the first time we are seeing such coins in the crypto-currency space.

Hamza2424

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Ahh, we can simply say the rookies, but still, it's disappointing just in the wave of hype they fucking the entire network. People used to check out the profits, not the features, a newbie mindset. I think a BIP is needed to remove this shit out. The ETFs influenced many people to invest in the BRC-20 tokens because according to Bitcoin's hype wave, the BRC-20 will out-perform most of the Altcoin projects.

.com, is listed on the MEXC today and it will be interesting to see a 10x shortly It is not financial advise just a taunt the greedy investors.

serveria.com

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Quote from: Oshosondy on December 15, 2023, 03:43:43 AM

Can you see the mempool? Very congested.

Who are the ones pumping SATS and RATS? I can see CATS on Polonix pumped 400% today. Probably they will bounce on it to pump it more.

You know the funniest thing? No presale, no social media, no advertisement for these tokens.

SATS pumped almost 10 times in 2 weeks. Having over $1.75 billion now in marketcap.
RATS almost pumped 30 times in 3 or 4 weeks
CATS pumped 4 times today.

Who are pumping them? I do not want to believe it is not bitcoin people.

Yes, Bitcoin is unusable right now, it came to a complete stall. There are very few positive aspects in current situation - Bitcoin price is rising due to new token being minted. But this rise is temporary and is at the expense of Bitcoin investors not being able to buy or are forced to pay huge fees. Miners are certainly happy and trying to extend the craze. But I believe in the long run it's not very positive for Bitcoin. Casey Rodarmor opened Pandora's box by inventing Ordinals.

GigaBit

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With the listing of ORDI on Binance, the run of BRC20 tokens has increased. Network congestion on the Bitcoin network with common meme coins may have other motives. What those whales or large investors want? BRC20 tokens have no value but investor hype is driving it to heights that are a hindrance for the entire Bitcoin network. Although this is temporary as those tokens will not dominate in the long run. But if investors were aware then I think such token creators would not be encouraged anymore. The way the market is investing can cause huge losses to those investors at any time. Whatever it is for others but it's profitable for miners.

KiaKia

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In as much as I don't want to be a part of this I just can't help it, even if someone is pumping these shit coins that doesn't mean they won't do so well, I don't like that its affecting Bitcoin network but its fine that miners are happy about it.

If miners are happy who can say no? Many needs to understand the importance of the existence of the Bitcoin miners, I do believe that by 2026 or the next bear market many people will be arrested, more than we have seen before, too many scam on BRC20 right now.

I am already a part of this brc20 craze because I believe it will still bring some nasty profits and I can convert it back into Bitcoin, after the pumps of these ordi and other like cats many new scams will occur, make sure you know what you are doing if you want to have a taste.

jrrsparkles

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Quote from: Oshosondy on December 15, 2023, 03:43:43 AM

Who are pumping them? I do not want to believe it is not bitcoin people.

Bitcoin investors to be precise because the term investors itself has the answer for it, they are here to make money so they will be happy to take it whether it's from shitcoin or congesting the Bitcoin mempool for months. This is stretching more than I expected but it won't last forever unless exchanges supports more of these shit tokens from brc20 by listing them.

franky1

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if only the SEC had a IT department that could read code and realise that ordinals data does not assign a genuine output to its junk in blockdata thus does not pass the test of a transferable token. thus making ordinals a ICO scam. then they could go after the platform that sells this junk (charging CZ and binance once again) and inferring any and all buyers/sellers can be legally implicated. maybe then this junk would stop (in its current form)

Faisal2202

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Quote from: Oshosondy on December 15, 2023, 03:43:43 AM

SATS pumped almost 10 times in 2 weeks. Having over $1.75 billion now in marketcap.
RATS almost pumped 30 times in 3 or 4 weeks
CATS pumped 4 times today.

Who are pumping them? I do not want to believe it is not bitcoin people.

In my POV, these are shit coins, I always go against ordinals, like in talking ways, like I am going now. I am not a developer so I can make efforts to solve this ordinals problem but I am an ordinary person who have learnt that what potential and threats does ordinals have, shich is zero for potential and 100 as threat to BTC blockchain.

You might say, the potential is not zero as you mentioned they have gave huge returns but I am more like talking about use cases, which these coins dont have any, or some person with huge amount of money can dump and pump the price of these ordinals easily.

Well, jus to stand a point, I am a member of bitcoin community but I dont accept ordinals and even never bought a single coin just for the sake of money. Those who have helped these coins to pump hard are the ones manipulating its price and are after money. They don't care about BTC and its potential.

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