Bitcoin community are in support of BRC20

Abiky

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Quote from: Fivestar4everMVP on December 19, 2023, 04:11:56 PM

Well, the sooner we stop beating about the Bush, the better for us, the truth is that, a lot of bitcoin people are actually excited about this projects, as long as they get to money, that's all they are after.

As painful or disappointing as this may seem, the truth remains that, not very many care much about the health and well-being of the bitcoin network, they care not whether the fees are off the roof, all they care for is to make money, and they do not care what or who gets affected by their actions.

I have a bitcoin payment I am supposed to have sent since 3 days ago, but can't because the high fees, as I just can't get myself to agreeing to pay a fee of $15 to $20 just to send $50 worth of bitcoins to another wallet.

This thing is really painful and annoying at the same time.

If the community doesn't do anything about the fees, mainstream adoption for BTC will decline at a very fast pace. Average people will just switch to another cryptocurrency with lower network congestion (cheaper and faster to use). With the halving underway, things will only get worse. There's no denying that miners are cashing out big time with the Ordinals craze. They don't care if users have to pay high fees, as long as their pockets are filled with money.

Maybe developers will find a way to lower fees without blocking/filtering Ordinals inscriptions? I'd say Bitcoin already entered uncharted territory. We can't predict what will happen in the long run, so lets hope for the best. Just my opinion

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Quote from: The Cryptovator on December 19, 2023, 04:21:45 PM

Simply pumping by traders and the market-making team. When a token gets listed on an exchange, there are traders and market makers as well. Whales will also work to pump a token price; this is called call manipulation. There is a lot of syndicate work behind a token when it pumps without marketing or without community. But sometimes emotions would pump as well. Each exchange has a trading community that creates volume there. Sometimes they start focusing on a token, and that's how they start pumping as well. But we don't know the true reason, actually.

I tend to agree with your assumption - but I don't think this is an absolute endorsement of BRC20. The average trader takes advantage of this moment to make a profit - once they get what they want, they can move on to other, more profitable projects. BRC20 is considered bad because of its impact on mempool resulting in high bitcoin transaction fees - but either way, sensors are not the best solution.

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Quote from: Fivestar4everMVP on December 19, 2023, 04:45:59 PM

Quote from: TrustedBitcoiner on December 19, 2023, 04:20:05 PM

Quote from: BITCOIN4X on December 19, 2023, 04:02:00 PM

~Snip
I would state the same thing as some other users, the minority will be against it and the majority will be neutral as long as they gain benefits due to Ordinal. Just like you, I'm not against it although I really hope bitcoin transaction fees return to normal like that. Nowadays 1 sat/vByte is just a dream that is hard to come true for bitcoin transaction fees, but in the past 1 sat/vByte was real.

I really hope TX fees never return to 1sat/b, it's imperative that they don't, with the halving coming up it's really nice to see TX fee up ofc it would be nice to see them go up purely because of large legit TX, but still…

Quote from: Fivestar4everMVP on December 19, 2023, 04:11:56 PM

~Snip
I have a bitcoin payment I am supposed to have sent since 3 days ago, but can't because the high fees, as I just can't get myself to agreeing to pay a fee of $15 to $20 just to send $50 worth of bitcoins to another wallet.

This thing is really painful and annoying at the same time.

get use to it, its not going away.

Maybe you are one of the bitcoin miners benefiting from the high fees, but trust me, this is actually not very good for bitcoin and it's adoption..

We all anticipate a time when we walk into restaurants, supermarkets, and other business hubs, pick a few things or make a few transactions and settle the bills in bitcoin easily, but then, with the fees this high, that cant be possible as it makes no sense to spend $10 or more in fees for an items purchased at $5 worth of bitcoins.

Except everyone are going to switch to lightning network, or we all give up the idea of bitcoin being a means of payment for goods and services, and simply focus on it being a store of value.

you got it Layer2 will let you do buy your day to day stuff... but as for Layer1 everyone fully expects 10-30$ fees for each transaction, we nned many large value transactions on L1 willing to pay these fees in order for the networks security to be maintained. unless ofc block space is allowed to grow a little inwhich case L1 fee could be like 1-5$.

I also agree with you that btc doesn't necessarily Need to prove itself as a micropayment-system inorder to be considered successful, permissionless store of value is enough. However you can’t have a rock solid store of value without strong mining incentive to secure the network, and with the block subsidy eventually becoming nothing, it's very important that fees remain high.

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Quote from: TrustedBitcoiner on December 19, 2023, 04:20:05 PM

Quote from: BITCOIN4X on December 19, 2023, 04:02:00 PM

~Snip
I would state the same thing as some other users, the minority will be against it and the majority will be neutral as long as they gain benefits due to Ordinal. Just like you, I'm not against it although I really hope bitcoin transaction fees return to normal like that. Nowadays 1 sat/vByte is just a dream that is hard to come true for bitcoin transaction fees, but in the past 1 sat/vByte was real.

I really hope TX fees never return to 1sat/b, it's imperative that they don't, with the halving coming up it's really nice to see TX fee up ofc it would be nice to see them go up purely because of large legit TX, but still…

Quote from: Fivestar4everMVP on December 19, 2023, 04:11:56 PM

~Snip
I have a bitcoin payment I am supposed to have sent since 3 days ago, but can't because the high fees, as I just can't get myself to agreeing to pay a fee of $15 to $20 just to send $50 worth of bitcoins to another wallet.

This thing is really painful and annoying at the same time.

get use to it, its not going away.

Maybe you are one of the bitcoin miners benefiting from the high fees, but trust me, this is actually not very good for bitcoin and it's adoption..

We all anticipate a time when we walk into restaurants, supermarkets, and other business hubs, pick a few things or make a few transactions and settle the bills in bitcoin easily, but then, with the fees this high, that cant be possible as it makes no sense to spend $10 or more in fees for an items purchased at $5 worth of bitcoins.

Except everyone are going to switch to lightning network, or we all give up the idea of bitcoin being a means of payment for goods and services, and simply focus on it being a store of value.

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I think new people who aren't familiar with stuff like this could pretty easily get tricked into these schemes. But I agree that just like ICOs turned out to be a passing trend, the same thing's gonna happen with these Ordinals NFT things. We just gotta be patient - they can't keep hyping this stuff up forever. The fees to do stuff on the Bitcoin blockchain will have to come down eventually, and this too shall pass. All we can really do is wait for sanity to return to the market.

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Simply pumping by traders and the market-making team. When a token gets listed on an exchange, there are traders and market makers as well. Whales will also work to pump a token price; this is called call manipulation. There is a lot of syndicate work behind a token when it pumps without marketing or without community. But sometimes emotions would pump as well. Each exchange has a trading community that creates volume there. Sometimes they start focusing on a token, and that's how they start pumping as well. But we don't know the true reason, actually.

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Quote from: BITCOIN4X on December 19, 2023, 04:02:00 PM

~Snip
I would state the same thing as some other users, the minority will be against it and the majority will be neutral as long as they gain benefits due to Ordinal. Just like you, I'm not against it although I really hope bitcoin transaction fees return to normal like that. Nowadays 1 sat/vByte is just a dream that is hard to come true for bitcoin transaction fees, but in the past 1 sat/vByte was real.

I really hope TX fees never return to 1sat/b, it's imperative that they don't, with the halving coming up it's really nice to see TX fee up ofc it would be nice to see them go up purely because of large legit TX, but still…

Quote from: Fivestar4everMVP on December 19, 2023, 04:11:56 PM

~Snip
I have a bitcoin payment I am supposed to have sent since 3 days ago, but can't because the high fees, as I just can't get myself to agreeing to pay a fee of $15 to $20 just to send $50 worth of bitcoins to another wallet.

This thing is really painful and annoying at the same time.

get use to it, its not going away.

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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.

Well, the sooner we stop beating about the Bush, the better for us, the truth is that, a lot of bitcoin people are actually excited about this projects, as long as they get to money, that's all they are after.

As painful or disappointing as this may seem, the truth remains that, not very many care much about the health and well-being of the bitcoin network, they care not whether the fees are off the roof, all they care for is to make money, and they do not care what or who gets affected by their actions.

I have a bitcoin payment I am supposed to have sent since 3 days ago, but can't because the high fees, as I just can't get myself to agreeing to pay a fee of $15 to $20 just to send $50 worth of bitcoins to another wallet.

This thing is really painful and annoying at the same time.

BITCOIN4X

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Quote from: Abiky on December 19, 2023, 03:49:31 PM

Quote from: MusaMohamed on December 17, 2023, 09:52:53 PM

~Snip

Exactly. You can see how the hype slowly fades away as people move on to the next big thing in crypto. These Ordinals NFTs are nothing more than pure speculation. What real use cases do they have? Nothing.

With due time, fees on the BTC blockchain will decline as speculators and/or whales move on to other chains that are faster and cheaper to use. As much as I don't like Ordinals, I wouldn't recommend blocking/filtering them because that would make Bitcoin prone to censorship. The future can't be predicted, so lets hope for the best. Grin

I would state the same thing as some other users, the minority will be against it and the majority will be neutral as long as they gain benefits due to Ordinal. Just like you, I'm not against it although I really hope bitcoin transaction fees return to normal like that. Nowadays 1 sat/vByte is just a dream that is hard to come true for bitcoin transaction fees, but in the past 1 sat/vByte was real.

Abiky

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Quote from: MusaMohamed on December 17, 2023, 09:52:53 PM

The wave of massive ICOs on Ethereum blockchain in 2017 and the hot game CryptoKitties in that year caused very serious congestion on Ethereum blockchain but it finally cleared.

The Inside Story of the CryptoKitties Congestion Crisis

The DeFi, NFT, GameFi waves in 2021 caused congestion on Ethereum blockchain too but again finally it cleared.

Ethereum network congested in 2021 because of dApps.

Bitcoin blockchain had problems with mempools, high demands and expensive transaction fees many times but finally it cleared.
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),all,weight

I agree that the Bitcoin blockchain must be permissionless and censorship-resistant but I also see if there is no solution for Ordinals, problems in mempools will become worse and worse before Ordinals die for good.

Exactly. You can see how the hype slowly fades away as people move on to the next big thing in crypto. These Ordinals NFTs are nothing more than pure speculation. What real use cases do they have? Nothing.

With due time, fees on the BTC blockchain will decline as speculators and/or whales move on to other chains that are faster and cheaper to use. As much as I don't like Ordinals, I wouldn't recommend blocking/filtering them because that would make Bitcoin prone to censorship. The future can't be predicted, so lets hope for the best. Grin

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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.

Since the BRC20 few coins have been listed on the market, a lot of hero has accumulated in them. Investors are so pressured to buy that ORDI, SATS, DOVI, RATS etc are investing heavily in these coins. Since last few days these markets have high volume and lots of people investing here due to which the price of these coins has increased rapidly. According to the current congestion of these coins, we may see it at higher levels in the future. We have seen its price increase rapidly since its listing on the ORDI exchange along with Bitcoin and the future of these coins could be even brighter.

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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.

They can not be pumped forever. They will be cooled down and even crashed soon. I wish luckiness for any people who are joining those pump and dump games.

Quote from: Abiky on December 17, 2023, 09:15:41 PM

Indeed. But there's nothing we can do about it if we want to keep Bitcoin censorship-resistant. It's a permissionless network after all. You can either wait until fees decline (usually on weekends) or switch to an altcoin with lower network congestion. You can also get into the Lightning Network after on-chain fees decline to an acceptable level. Afterwards, it'll be possible to send/receive BTC almost instantaneously at a fraction of the cost.

Just like ICOs became a passing fad, I believe the same will happen with Ordinals NFTs. You just need to be patient. As long as decentralization is preserved, nothing else matters. Cheesy

The wave of massive ICOs on Ethereum blockchain in 2017 and the hot game CryptoKitties in that year caused very serious congestion on Ethereum blockchain but it finally cleared.

The Inside Story of the CryptoKitties Congestion Crisis

The DeFi, NFT, GameFi waves in 2021 caused congestion on Ethereum blockchain too but again finally it cleared.

Ethereum network congested in 2021 because of dApps.

Bitcoin blockchain had problems with mempools, high demands and expensive transaction fees many times but finally it cleared.
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),all,weight

I agree that the Bitcoin blockchain must be permissionless and censorship-resistant but I also see if there is no solution for Ordinals, problems in mempools will become worse and worse before Ordinals die for good.

Abiky

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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.

Indeed. But there's nothing we can do about it if we want to keep Bitcoin censorship-resistant. It's a permissionless network after all. You can either wait until fees decline (usually on weekends) or switch to an altcoin with lower network congestion. You can also get into the Lightning Network after on-chain fees decline to an acceptable level. Afterwards, it'll be possible to send/receive BTC almost instantaneously at a fraction of the cost.

Just like ICOs became a passing fad, I believe the same will happen with Ordinals NFTs. You just need to be patient. As long as decentralization is preserved, nothing else matters. Cheesy

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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.

That's rather strict way to define Bitcoin people. Anyway, i don't expect miner/pool to oppose Ordinals while only minority developer strongly against BRC-20 while majority seems to neutral or doesn't state their opinion.

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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.

My guess would be some speculators on one of the crypto pumping group, they pump it in hope for other people buying it more classic pump-and-dump strategies. From I have read, most of the community doesn't like BRC20 because it increase the transaction fees of Bitcoin. The one who can be trapped on this scheme would be the new comer.

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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.

Most of the investors these days have Bitcoin on their wallet. There are what we called small investors and big investors. If you are referring "bitcoin people" to small investors then it's clearly not true that they are the cause of the pump. Small investors can't pump price especially if the marketcap of a currency is huge such as Bitcoin. The big pump in the market, you can determine it by those impulsive or big candlesticks, is caused by big investors or institutions. Once they see that the currency is legit they will not hesitate to invest and it will make a big changes to the price which can bring hype to all other investors.

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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.

We can all speculate that it's not the bitcoin enthusiast that is pumping them. Maybe it did come from the altcoin market, who is well known to this kind of pump and dump. But who knows, we are all taking about money here, and so everyone has it's intention behind to follow the trend and what not.

I'm not aware of those ordinals though, I'm not into it. But I was just surprised that the mempool was congested again since Friday if I'm not mistaken. It had settled down a bit to 30 sat/vB before this ordinals and now goes again to 200 sat/vB - 300 sat/vB which is really ridiculous price for a transaction.

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I don't like to say this, but I suspect that the miners. "ALL" of them are in support of BRC20.
Why? BRC20 became more popular = bitcoin transaction fees will be higher and higher transaction fees = more profit to those miners.

Maybe some are just trying to ride the hype, and they don't care about high transaction fees? It all comes to money in the end. Those who will gain more will support whatever it is. I don't know if this Ordinals thing will be removed, or at least it will not affect the transaction fees of Bitcoin, but one thing's for sure, those who are doing Dollar Cost Averaging with Bitcoin might have to adjust how frequently they need to buy because of these insanely high gas fees.

SATS? RATS? CATS? I didn't hear these coins until today. What would be the next names of the coins? BATS? DATS? GATS? HATS? LATS? PATS? WATS? :X I guess this BRC20 hype will remain until the bull run.

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Quote from: Oshosondy on December 16, 2023, 07:13:08 AM

Yes, all that would be done are left to bitcoin developers to remove Ordinals and it is even a simple step according to what I have read about it online. But this can not be done because of the ways ordinals are. If something like the removal is proposed, it may divide the bitcoin community or the Ordinals would win because with the existence of Ordinals, bitcoin miners are making more money on transaction fee and it would be what they will like.

OP, here I would like to say the people I've interacted with have strong opinions opposing the ordinals on the forum but the people outside the forum on the TG, communities, and in my friends circle strongly believe that it's unstoppable and good for the freedom on the network, blocking the ordinals is not a perfect solution also the hype wave always manipulate the emotions.

In hype they won't consider ordinal suspension as a wise action and most people will appose it.

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Quote from: kryptqnick on December 16, 2023, 07:05:29 AM

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.

Yes, all that would be done are left to bitcoin developers to remove Ordinals and it is even a simple step according to what I have read about it online. But this can not be done because of the ways ordinals are. If something like the removal is proposed, it may divide the bitcoin community or the Ordinals would win because with the existence of Ordinals, bitcoin miners are making more money on transaction fee and it would be what they will like.

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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.

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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.

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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.

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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.

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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.

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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?

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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.

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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.

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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.

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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)

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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.

Antotena

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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.

When they whales don't have a new trend, this are the kind of trend they enjoy but I don't blame them at all, I blame the community for allowing such thing to thrive on the bitcoin network and when trace the source of this madness, it is the miners hand work. They are the ones gaining from this shitcoins and I don't know why the maxis that has always trash other altcoins as shitcoins have not channel the same energy for these consensus spams that has been happening around the bitcoin network.

It is only a matter of time before they fade, they are only money making shitcoins that will soon be abandon but I know for a fact that it wouldn't last because what will these coins do as an adoption to people, not that they can actually do anything just hype and making bad reputation. If only the nodes can reject this inscriptions and these spams but they will say the network is turning to centralization but I think it is for the benefits for all and not some specific people that want to make money to cause attack on the bitcoin network.

libert19

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It's like ICO and airdrops hype back in 2017, no substance but still value. I came across few Twitter threads suggesting brc20 coins, and to dive into them but they looked literal shitcoins, and one even blatantly saying, buyers are exit liquidity for them.

People are still buying for profits, and they are getting profits, checked few coins and they are as much as 400x, can you believe?

Beparanf

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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.

This is what they called Aping. Buying tokens without doing research as long as it’s on hype. This is very common scenario on BSC and ETH when meme coin become popular. People is pouring tons of money on a project without researching and just following the hype of the social media influencer promoting it.

Shitcoins doesn’t need to do much marketing if the project is on hype on this case BRC20. Crypto investors is insane when it comes to hype investment due to the potential profit short term.

Fundamentals Of

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Not the entire Bitcoin community, but the Bitcoin community is not one solid group of like-minded individuals. The community is also made up of launderers. Many of these NFTs including these new kinds of NFTs on the Bitcoin network are probably used by a number of money launderers.

Miners are also part of the community. There are probably many miners who strongly support the growth of Bitcoin NFTs because it benefits them. And then there are also those who are in the community to speculate and make money.

But the sad thing is that part of the growth of this damaging development could be attributed to people who don't belong to the community. They just want to give the members of the community a hard time.

Aanuoluwatofunmi

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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.

Just as it is believed that we have some reputable numbers of bitcoin whales here on this forum, it won't be a surprise if some of them were still taking their time to make an investment on altcoins after bitcoin, this is all about money we are talking about and people are doing tht pretty well to make money from it, now to the risk of every of their Investors on wether to risk Investing or not, but their market cap and market vol is more convincing to be real and those behind these coins may be from here or not, just as we cannot be too sure of others, everything is just under risk for us and them as well if we invest on them.

MusaMohamed

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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.

It is like meme coins on Ethereum or other altcoin blockchains. People are always greed and when they smell chances to get profit, they join a risky game. Even they know it is risky, they will do join it because they can not control their greediness.

I don't see your topic has anything leads to a conclusion that "Bitcoin community are in support of BRC20".

There is a proposal of LukeJr and Jack Dorsey to eliminate Ordinals, Inscriptions on Bitcoin blockchain. There are many people who will not support this proposal like Bitcoin miners and centralized exchanges.

Darker45

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That there have been pumps recently of these Ordinals inscriptions doesn't necessarily mean the Bitcoin community are in support of BRC20. There seems to be something fishy about these sudden pumps, and even about the level of success achieved by Ordinals in general. But I don't think that these tokens aren't promoted on various social media platforms and other sites. Creations such as these cannot just succeed without hype and even misleading promotions.

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Quote

Bitcoin community are in support of BRC20

I don't know who created these tokens but I have been following the BRC20 trend for the past few days to make profits and as far as I know, Chinese speculators are the ones behind the recent pumps of BRC20 tokens. Although bitcoin was not created as an investment or speculation, it is clear that the majority of those participating in this market are looking to make a profit. There are not too many people aiming to support the bitcoin revolution without any benefits. And BRC20 is generating huge profits so I believe that even though many people complain about bitcoin transaction fees, they still quietly invest in these meme tokens. Because no one criticizes money.

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

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.

That was the true decentralized market, anyone can use Bitcoin network.

If you want to remove transactions related to ordinals, that means you're accepting censorship, I disagree with that since censorship is a part of centralization. What if in the future miners are agree to censor transactions related to gambling because gambling is a sins? censor coins from mixers because it's money laundering?

Most of people who own Bitcoin are only care with profit, that's why they hold their coins in CEX. So it doesn't matter for them to join the ordinals since they have an opportunity to make more money.

Oshosondy

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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.

ABCbits

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

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.

I did quick search and found they has some presence. Few example,
twitter.com/ratsonchain
medium.com/@ZephyrZenith883475f/rats-ordinals-rats-coin-airdrop-c%C3%B3mo-calificar-y-reclamar-token-airdrop-14784146ec57
finance.yahoo.com/news/bitget-lists-ordinals-based-rats-151904353.html

Although it's not much and there's always possibility they spread words on place which isn't indexed by google search such as Telegram group.

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.

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

BRINIRHA

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Seeing how the current bitcoin transaction fees are in Mempool is quite suffocating. In fact I don't think the brc-20 hype will end any time soon. In fact, it is possible that others will appear that will make transactions increasingly dense on the Bitcoin network, causing costs to continue to increase rapidly. Even now, Binance continues to list coins on the Brc-20 network one by one. Which of course will make the hype for Brc-20 continue to grow. And it's possible that the community that likes Brc-20 will increase too. And last long enough that bitcoin transaction fees will continue to be as they are now or even become higher.

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@Oshosondy, I agree with you in one part, because although some object to what is happening and say that something should be done, I think that the majority who are only interested in profit have nothing against all this. Some of them will easily say that you should use some altcoins and thus avoid big fees, because Bitcoin is not what it was in the beginning anyway.

Some others say that any prohibition of these transactions would be a form of some kind of censorship, which would later open the possibility of censoring individual transactions, as if some mining pools do not already do this or have not already tried to go in that direction.

Read this topic and maybe some things will be clearer to you.

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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.

I smell a rat here! The pumping can be done by mostly the speculators. But it can be done by the supporters of bsv token and other competitors. No one really knows! But one thing we all know that, if this madness is not stopped, Bitcoin is going to lose any competitive advantage it has gained so far. Because those who transact regularly using Bitcoin, they would obviously look for cheaper options for their daily cryptocurrency transaction. Bitcoin will remain as an investment only.

criptoevangelista

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Speculators, everything goes down in price when the market starts to get irrational. I don't have the courage to buy these random coins and I always miss out on these opportunities. Where can I follow this news about new random coins? next time I will buy about 10 USD to speculate

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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, it has been congested from the day ORDI got listed on Binance. Yesterday or day before they again listed 1000sats which resulted in a major congestion in the network again. Binance may list more of them in the future that is what causing the insane pump. If the congestion keeps on continuing in the same manner small investors won't be able to buy Bitcoin.

Oshosondy

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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.

Topic: Bitcoin community are in support of BRC20 (Read 429 times)