BRC20 tokens are altcoins | Bitcointalksearch.org

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Quote from: NotATether on December 20, 2023, 09:00:30 AM

Quote from: Gormicsta on December 20, 2023, 03:54:23 AM

Quote from: dkbit98 on December 19, 2023, 05:40:04 PM

I don't consider BRC20 tokens to be altcoins, but I consider them to be a SPAM on bitcoin blockchain.
Someone with lots of money can literally create some crap on any blockchain, pump it, and then pay few shills on social media to promote it.
It's still crap even if it is on bitcoin blockchain, and this crap is responsible for high transaction fees right now, but I don't see any miners complaining... it's just business for them Tongue

Lol if I were a miner, I wouldn't be complaining myself. Miners are the ones benefiting from this whole humongous transaction fees saga and that's why you don't see them complain about it or look for solutions to the problems and just leave the whole issue to get solve on its own.

I'm pretty sure they're aware that the network is congested because of these same SPAM tokens parading themselves on the Bitcoin Blockchain, and believe these miners know exactly how to solve the problem but it's all just business to them.
I'm pretty sure they know already that introducing a minimum transaction fee that's high enough to discourage the creation of these token would go a long way to solve this whole shit coin menace on the Bitcoin Blockchain causing such a congestion as never seen before, but they won't do nothing about it, lol.

Solutions for this are not on Layer 1, they're on L2.

Ark is close to making a prototype, it's like Lightning network but without direct client-to-client connections: https://www.arkpill.me/

Decoupling client-to-client connections from the main Blockchain is undoubtedly a promising solution to the issue of Blockchain spam, as it could potentially allow for more efficient transactions and lower fees. However, don't you think that such a technology would take too long to become widely adopted, even if it were to eventually become the new standard for the Blockchain?

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Quote from: Gormicsta on December 20, 2023, 03:54:23 AM

Quote from: dkbit98 on December 19, 2023, 05:40:04 PM

I don't consider BRC20 tokens to be altcoins, but I consider them to be a SPAM on bitcoin blockchain.
Someone with lots of money can literally create some crap on any blockchain, pump it, and then pay few shills on social media to promote it.
It's still crap even if it is on bitcoin blockchain, and this crap is responsible for high transaction fees right now, but I don't see any miners complaining... it's just business for them Tongue

Lol if I were a miner, I wouldn't be complaining myself. Miners are the ones benefiting from this whole humongous transaction fees saga and that's why you don't see them complain about it or look for solutions to the problems and just leave the whole issue to get solve on its own.

I'm pretty sure they're aware that the network is congested because of these same SPAM tokens parading themselves on the Bitcoin Blockchain, and believe these miners know exactly how to solve the problem but it's all just business to them.
I'm pretty sure they know already that introducing a minimum transaction fee that's high enough to discourage the creation of these token would go a long way to solve this whole shit coin menace on the Bitcoin Blockchain causing such a congestion as never seen before, but they won't do nothing about it, lol.

Solutions for this are not on Layer 1, they're on L2.

Ark is close to making a prototype, it's like Lightning network but without direct client-to-client connections: https://www.arkpill.me/

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Quote from: Gormicsta on December 20, 2023, 03:54:23 AM

I'm pretty sure they know already that introducing a minimum transaction fee that's high enough to discourage the creation of these token would go a long way to solve this

Spammers already pay $40 to create dust transactions. How high do you want to set the minimum fee?

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Any transferrable blockchain asset which isn't Bitcoin itself should be classified as an altcoin, this includes data within a Bitcoin transaction representing a tokenized value. There are some overlapping areas in which these instruments can be discussed within a Bitcoin context, such as their impact on fees or whether they should be filtered by miners, but in general Ordinals-related content where Bitcoin is a passive or irrelevant element should be relegated to the altcoin boards.

Gormicsta

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Quote from: dkbit98 on December 19, 2023, 05:40:04 PM

I don't consider BRC20 tokens to be altcoins, but I consider them to be a SPAM on bitcoin blockchain.
Someone with lots of money can literally create some crap on any blockchain, pump it, and then pay few shills on social media to promote it.
It's still crap even if it is on bitcoin blockchain, and this crap is responsible for high transaction fees right now, but I don't see any miners complaining... it's just business for them Tongue

Lol if I were a miner, I wouldn't be complaining myself. Miners are the ones benefiting from this whole humongous transaction fees saga and that's why you don't see them complain about it or look for solutions to the problems and just leave the whole issue to get solve on its own.

I'm pretty sure they're aware that the network is congested because of these same SPAM tokens parading themselves on the Bitcoin Blockchain, and believe these miners know exactly how to solve the problem but it's all just business to them.
I'm pretty sure they know already that introducing a minimum transaction fee that's high enough to discourage the creation of these token would go a long way to solve this whole shit coin menace on the Bitcoin Blockchain causing such a congestion as never seen before, but they won't do nothing about it, lol.

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Quote from: Oshosondy on December 19, 2023, 02:09:24 AM

I want a staff to make this clear. Yes I know BRC20 are altcoins. If we see any BRC20 discussion on bitcoin boards, that means we should report them so that they can be moved to altcoins board.

Is that so?

Or will bitcoin tokens be given a separate board for discussion because they are bitcoin tokens?

You have raised a good point, I did not come to think of it, I thought they would be considered part of BTC but I also know that every other coin except BTC will be considered as altcoin. This means, these BRC-20 tokens are also alt coins. And it means every discussion related to them should be discussed in alt section or as you said we should demand another section where we can talk about them. But there is a catch in not doing it.

Which is, there are many altcoins, some of them are gamifieded, some are L2, some are BRC-20, etc.,, etc. but it does not mean if we are talking about gamify alts we need a different sections to categorize them and the same goes for L2 and even for BRC-20 I think. But this is only applicable to those, who considered BRC-20 an alt otherwise they might be considered as BTC's children (I don't know what term to use?)

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See that bolded word? BRC20 Tokens, so, technically they are not coins that have their own blockchain, They are dependent on the Bitcoin blockchain however this doesn't mean should come up under Bitcoin discussion unless if the discussion is about their effect on the Bitcoins blockchain.

I would say they belong to the Tokens board just like all those other NFTs unless if Theymos is going to open another Bitcoin Tokens board Grin

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I don't consider BRC20 tokens to be altcoins, but I consider them to be a SPAM on bitcoin blockchain.
Someone with lots of money can literally create some crap on any blockchain, pump it, and then pay few shills on social media to promote it.
It's still crap even if it is on bitcoin blockchain, and this crap is responsible for high transaction fees right now, but I don't see any miners complaining... it's just business for them Tongue

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Quote from: nutildah on December 19, 2023, 08:35:19 AM

The point is BRC-20 are not altcoins.

That's because they're not coins at all, they're tokens:

Quote from: theymos in 2017

A cryptocurrency is self-sufficient, not relying on any other cryptocurrency to function (not including merged mining), and requiring its own software. A token works like a cryptocurrency at a high level, but relies on some other cryptocurrency's infrastructure in order to function, and often (but not necessarily always) lacks its own software.
~
Example 2
You pick out 1 BTC and split it into 100 million satoshi. Each satoshi represents some part of a real-world thing, and gets a special ticker symbol. This is a token because it is completely reliant on Bitcoin's block chain to function.

The interesting part is: theymos posted this on the Tokens (Altcoins) board.

We may need a "Tokens (Bitcoin)" board for this. But at the moment, that would make it look if Bitcointalk is encouraging the blockchain spam. I'd say we need that board once there's a real-world application for Bitcoin Tokens.

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Quote from: Oshosondy on December 19, 2023, 02:09:24 AM

Or will bitcoin tokens be given a separate board for discussion because they are bitcoin tokens?

Those are inscribed on Bitcoin blockchain and that's why the topics related to those tokens can be posted on Bitcoin discussion. Like everyone else said, the ordinals are now a part of Bitcoin blockchain and thus they can be discussed in Bitcoin discussion board.

I know we don't like ordinals or BRC-20 tokens but we'll have to accept the fact that those useless tokens are part of Bitcoin blockchain and that's why it would be unfair to consider them as altcoin. I think moving the ordinals related topics or BRC-20 related topics on altcoin board isn't going to be a good thing.

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Quote from: nutildah on December 19, 2023, 08:28:10 AM

Tokens are sub-units that reside on a parent blockchain... For example, DOGE is a coin, not a token. SHIB is a token because it lives on Ethereum.

Yes. It is also now tokenized on other networks like BSC.

Quote from: LoyceV on December 19, 2023, 08:31:32 AM

Correct. And there it's called dust. Or spam. Let's say I start calling one of my inputs "My Precious". Even though that input is on the Bitcoin blockchain, it makes no sense to create topics about My Precious on the Bitcoin boards.

This is correct. But with what we are noticing on this forum, they are regarding BRC20 to be what related to bitcoin. I will not be surprised if Theymos and Cyrus have some bags of SATS that recently congested the mempool. Also ORDI. And RATS.

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Quote from: LoyceV on December 19, 2023, 08:31:32 AM

Quote from: nutildah on December 19, 2023, 08:28:10 AM

Yet they are still on the Bitcoin blockchain and not an altcoin blockchain.

Correct. And there it's called dust. Or spam. Let's say I start calling one of my inputs "My Precious". Even though that input is on the Bitcoin blockchain, it makes no sense to create topics about My Precious.

You can open the topic in Bitcoin Discussion and I don't think it would be deleted or moved. It would be weird but its still about something taking place on the bitcoin blockchain. The point is BRC-20 are not altcoins. The term "alt" infers a chain other than bitcoin.

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Quote from: nutildah on December 19, 2023, 08:28:10 AM

Yet they are still on the Bitcoin blockchain and not an altcoin blockchain.

Correct. And there it's called dust. Or spam. Let's say I start calling one of my inputs "My Precious". Even though that input is on the Bitcoin blockchain, it makes no sense to create topics about My Precious on the Bitcoin boards.

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Quote from: LoyceV on December 19, 2023, 05:02:44 AM

Quote from: nutildah on December 19, 2023, 04:02:32 AM

First of all, they're on the Bitcoin blockchain.

That's true, but I'd argue it's irrelevant. They have no meaning on the Bitcoin blockchain other than "Bitcoin dust". The "meaning" comes from whatever a third party made up.

Yet they are still on the Bitcoin blockchain and not an altcoin blockchain.

Quote from: Oshosondy on December 19, 2023, 05:16:29 AM

Tokens are also altcoins. But I agree that bitcoin tokens can be regarded not to be altcoins.

Tokens are sub-units that reside on a parent blockchain... For example, DOGE is a coin, not a token. SHIB is a token because it lives on Ethereum.

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Quote from: Jawhead999 on December 19, 2023, 02:31:33 AM

This thread Should I buy bitcoin ETF now? was actually discuss about altcoins using BitcoinETF terms instead of Bitcoin as a securities, now the thread moved to Beginner & Help sections.

This is not BRC2 token and not about what we are discussing.

Quote from: nutildah on December 19, 2023, 04:02:32 AM

BRC-20 are not altcoins in any sense of the word.

First of all, they're on the Bitcoin blockchain.

Second of all, they're tokens, not coins.

I thought any coins or tokens that are not bitcoin are called altcoins.

Probably the definition of altcoins will now be different.

Tokens are also altcoins. But I agree that bitcoin tokens can be regarded not to be altcoins.

Quote from: hugeblack on December 19, 2023, 04:23:31 AM

There really isn't a great area of the forum for topics discussing them, and most people involved with them don't visit this forum, so its not really a problem. If its general inscription talk, I think Bitcoin Discussion is suitable. If its advertisements for BRC-20, the best current place is probably Tokens (Altcoins) or Marketplace (Altcoins), although they're still not altcoins.

I also think so.

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Quote from: nutildah on December 19, 2023, 04:02:32 AM

BRC-20 are not altcoins in any sense of the word.

First of all, they're on the Bitcoin blockchain.

Second of all, they're tokens, not coins.

I agree, there's no reason BRC-20 can be categorized as altcoin.

Quote from: nutildah on December 19, 2023, 04:02:32 AM

There really isn't a great area of the forum for topics discussing them, and most people involved with them don't visit this forum, so its not really a problem. If its general inscription talk, I think Bitcoin Discussion is suitable. If its advertisements for BRC-20, the best current place is probably Tokens (Altcoins) or Marketplace (Altcoins), although they're still not altcoins.

I believe Project Development is more suitable than Tokens (Altcoins) or Marketplace (Altcoins) for some thread about BRC-20 or other token on Bitcoin network.

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Quote from: nutildah on December 19, 2023, 04:02:32 AM

First of all, they're on the Bitcoin blockchain.

That's true, but I'd argue it's irrelevant. They have no meaning on the Bitcoin blockchain other than "Bitcoin dust". The "meaning" comes from whatever a third party made up.

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I think the simplest definition of altcoin is that they work on a different blockchain than Bitcoin. Any coin or token that does not work on the Bitcoin blockchain is an altcoin, and everything that works on the Bitcoin network is not like that, and this includes locked tokens on the network and side networks.

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BRC-20 are not altcoins in any sense of the word.

First of all, they're on the Bitcoin blockchain.

Second of all, they're tokens, not coins.

There really isn't a great area of the forum for topics discussing them, and most people involved with them don't visit this forum, so its not really a problem. If its general inscription talk, I think Bitcoin Discussion is suitable. If its advertisements for BRC-20, the best current place is probably Tokens (Altcoins) or Marketplace (Altcoins), although they're still not altcoins.

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Quote from: Oshosondy on December 19, 2023, 02:09:24 AM

Is that so?

Or will bitcoin tokens be given a separate board for discussion because they are bitcoin tokens?

I hope that moderators are busy or mistakes something, others thinks is working with automatically with the script I'm not sure what was that, but it will be fixed soon.

Quote from: Jawhead999 on December 19, 2023, 02:31:33 AM

This thread Bitcoin Celebrates One Year of Ordinal Inscriptions With 48 Million Mark Hit was posted in Bitcoin Discussion, later get locked even though it's still in the same section.

Yeah, I also see This thread is locked.

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Yeah we can report it, but we can't expect the moderators will move the thread to Altcoins Discussions.

This thread Bitcoin Celebrates One Year of Ordinal Inscriptions With 48 Million Mark Hit was posted in Bitcoin Discussion, later get locked even though it's still in the same section.

This thread Should I buy bitcoin ETF now? was actually discuss about altcoins using BitcoinETF terms instead of Bitcoin as a securities, now the thread moved to Beginner & Help sections.

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Quote from: Oshosondy on December 19, 2023, 02:09:24 AM

Or will bitcoin tokens be given a separate board for discussion because they are bitcoin tokens?

I don’t think it is necessary, that’s like creating something that’s not really suppose to be created. Once it’s not bitcoin it is an alternative coin and should be treated as such. Creating a separate board will most likely make it look somehow special, are they? No. If a direct bitcoin fork like bitcoin cash is treated as alternative currency then also should it’s tokens be treated

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That's the Ordinal crap, right? I've had mixed success with reports, and stopped reporting them after my last one was marked Bad.

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I want a staff to make this clear. Yes I know BRC20 are altcoins. If we see any BRC20 discussion on bitcoin boards, that means we should report them so that they can be moved to altcoins board.

Is that so?

Or will bitcoin tokens be given a separate board for discussion because they are bitcoin tokens?

Topic: BRC20 tokens are altcoins (Read 271 times)