In the realm of cryptocurrencies and blockchain technology, NFt, Defi, and AI can communicate with and impact one another, but not in Bitcoin. In fact, given my viewpoint and
judgment on the subject, far from it.
All things considered, DeFi, AI, and NFTs are unique technologies with unique uses. In the future, though, they might collaborate to develop a financial system that is more
inventive and effective.
Topic: DeFi, AI, NFT & Gaming on Bitcoin is a scam? (Read 263 times)
I'm not defending Ordinals - never bought a single Ordinal, BRC20 or Rune and never plan to as most of it is garbage - but don't lump all Bitcoin NFTs into the same category. As long as there is a demand for Bitcoin, there will be a collector's market for "ancient" Bitcoin tokens & NFTs. These include iconic collections like Spells of Genesis and Rare Pepes. Ordinals BS will come & go, but there will always be a demand for these tokens by true collectors.
Other blockchains - altcoin blockchains - can die but Bitcoin blockchain will be here and it will be like a last blockchain can not survive, then die.NFTs on Bitcoin blockchain for classical and milestone things for not only Bitcoin but also blockchain technology and industry history will have its value which I don't know will last forever or not but not easily become valueless. They will be hunted by some collectors like you said.
Talk beyond NFTs, the Bitcoin Magazine is a famous magazine and the first one in Bitcoin and its first issue is classic and wanted by collectors.
https://en.wikipedia.org/wiki/Bitcoin_Magazine
https://bitcoinmagazine.com/about
Quote
Bitcoin Magazine is the oldest and most established source of news, information and expert commentary on Bitcoin, its underlying blockchain technology and the industry that has been built up around it.
https://covers.bitcoinmagazine.com/
People who carry tokens in Bitcoin only have one goal, namely to steal Bitcoin from your pocket with the lure of a pump. Moreover, NFTs in Bitcoin are very, very careless if still believe in them.
I'm not defending Ordinals - never bought a single Ordinal, BRC20 or Rune and never plan to as most of it is garbage - but don't lump all Bitcoin NFTs into the same category. As long as there is a demand for Bitcoin, there will be a collector's market for "ancient" Bitcoin tokens & NFTs. These include iconic collections like Spells of Genesis and Rare Pepes. Ordinals BS will come & go, but there will always be a demand for these tokens by true collectors.
Imagine how careless people are who are interested in Ordinal. Handing over real bitcoins in exchange for junk. Therefore, from the start I never wanted to touch Ordinals and some of the projects that claimed to have created tokens on Bitcoin. I agree Ordinal is the biggest scam that is ruining bitcoin path. I even had a fight with an influencer who kept praising one of the tokens in Bitcoin. To the point that they have tricked many people into handing over their bitcoins. In the end, Bitcoin cannot be touched or mixed with Ordinal rubbish. People who carry tokens in Bitcoin only have one goal, namely to steal Bitcoin from your pocket with the lure of a pump. Moreover, NFTs in Bitcoin are very, very careless if still believe in them.
That has been the idea that I had since they were created, runes ordinals or whatever, none of those mean anything to me and will never mean anything to me at all. I just need to realize that we are not going to end up with anything marginal. I prefer to keep it as professional as I can and without getting into anything silly. This isn't always easy but I end up doing whatever I can do without much issues. I know that it is going to take a while for people to realize that, but keeping just bitcoin alone would be enough and there isn't anything wrong with that. I think the best way to move on would be just focusing on whatever you can do, and we could end up with getting a much better result without a doubt, just keep holding long term bitcoin.
Any popup of "decentralized AI" or "bitcoin AI" is a scam. Why? Because if someone started building it on the blockchain, he would certainly had to rely on centralized datasources, servers, pretrained models, etc. Storage space is usually so expensive, you cannot store onchain. That's just one chunk of the problem still. Then, how do you execute your AI software? How do you retrain your model? Redeploy terrabytes on the blockchain for millions of dollars every day?
What you see as AI are usually ICO scam networks deploying some shitcoin as BRC/ERC20, throwing in some fancy words and harvesting money from dumb investors. Then disappearing like a snap.
What you see as AI are usually ICO scam networks deploying some shitcoin as BRC/ERC20, throwing in some fancy words and harvesting money from dumb investors. Then disappearing like a snap.
will be success
I don't think so.Tokens existed for years in this world and they have not had any kind of meaningful success so far. Their only purpose have always been to raise funds, scam people and/or be used for pump and dumps. They have served no other purpose in the real world. So we can't really imagine any success for them in the future either, regardless of where they are built.
I'm doubt that DeFi, AI, NFT & Gaming on Bitcoin will be success .. What do you really think about these narratives called Layer 2 And Defi on Bitcoin?
I think you are mistaken here. DeFi, AI, NFT and Gaming are not layer 2 projects. They have very different purposes for being on the bitcoin blockchain. Layer 2 projects are created to help ease the amount of transactions in the blockchain that causes congestion and resulting in much higher fees.
DeFi, AI, NFT, and Gaming projects on bitcoin are separate projects that most of the time have no really useful purpose on the blockchain.
Layer 2 is the latest buzzword for VC backed pump and dump shitcoin projects. Almost none of these are actual second layers built on Bitcoin. They are usually Ethereum rollups or independent layer 1 blockchains where your BTC deposit is bridged and in return you receive a wrapped token. They of course also have their own tokens that they created out of thin air. These fake L2’s are fully centralized and can rug pull at any moment.
Tokens existed for years in this world and they have not had any kind of meaningful success so far. Their only purpose have always been to raise funds, scam people and/or be used for pump and dumps. They have served no other purpose in the real world. So we can't really imagine any success for them in the future either, regardless of where they are built.
I still don't understand your dedicated persistence when it comes to miseducating people about Bitcoin tokens. Its like you're trying to force your opinion on people with less knowledge by simply ignoring certain realities, which you assuredly must be aware of by now.
Aside from Tether (USDT) - which began on the Bitcoin blockchain - there has been a thriving ecosystem for Bitcoin tokens for years. In addition to vehicles for fundraisers, they've acted as redeemables, collectables, and for website access gating.
Its not even a matter of opinion. You're just wrong.
When it comes to bitcoin blockchain, it is limited to processing smart contracts in Defi and Nft, but other blockchains like Ethereum are still considered the dominant players in the NFT and DeFi space.
It's not that other projects like ethereum "dominate" the token creation space, it is what they are meant to do so tokens are and should be created on these platforms. They just serve no other purpose that being a platform for token creation.The same with Bitcoin. It is not exactly that it is "limited processing smart contracts". It simply is impossible to create them in Bitcoin protocol because the option is just not there.
It depends on what you mean by "on Bitcoin"!
Bitcoin protocol and its smart contracts does not have the option to create NFT, DeFi or any other token. So if anybody is claiming they've created a token "on Bitcoin" and are trying to sell it to you, that's a clear case of a scam.
The best example of it is the Ordinals which is the biggest ongoing scam.
However, there are sidechains available that are tied to bitcoin but aren't actually "on Bitcoin" (more like pegged to bitcoin) that have the protocol for more complex smart contracts and allow token creation. They are not scams.
Off the top of my head I can name RootStock (RSK) as an example of such networks.
Tokens existed for years in this world and they have not had any kind of meaningful success so far. Their only purpose have always been to raise funds, scam people and/or be used for pump and dumps. They have served no other purpose in the real world. So we can't really imagine any success for them in the future either, regardless of where they are built.
Bitcoin protocol and its smart contracts does not have the option to create NFT, DeFi or any other token. So if anybody is claiming they've created a token "on Bitcoin" and are trying to sell it to you, that's a clear case of a scam.
The best example of it is the Ordinals which is the biggest ongoing scam.
However, there are sidechains available that are tied to bitcoin but aren't actually "on Bitcoin" (more like pegged to bitcoin) that have the protocol for more complex smart contracts and allow token creation. They are not scams.
Off the top of my head I can name RootStock (RSK) as an example of such networks.
will be success
I don't think so.Tokens existed for years in this world and they have not had any kind of meaningful success so far. Their only purpose have always been to raise funds, scam people and/or be used for pump and dumps. They have served no other purpose in the real world. So we can't really imagine any success for them in the future either, regardless of where they are built.
I understand your point. It seems there might be some confusion between native Bitcoin capabilities and sidechains like RootStock (RSK), which offer more advanced functionalities without being scams.
It depends on what you mean by "on Bitcoin"!
Bitcoin protocol and its smart contracts does not have the option to create NFT, DeFi or any other token. So if anybody is claiming they've created a token "on Bitcoin" and are trying to sell it to you, that's a clear case of a scam.
The best example of it is the Ordinals which is the biggest ongoing scam.
However, there are sidechains available that are tied to bitcoin but aren't actually "on Bitcoin" (more like pegged to bitcoin) that have the protocol for more complex smart contracts and allow token creation. They are not scams.
Off the top of my head I can name RootStock (RSK) as an example of such networks.
Tokens existed for years in this world and they have not had any kind of meaningful success so far. Their only purpose have always been to raise funds, scam people and/or be used for pump and dumps. They have served no other purpose in the real world. So we can't really imagine any success for them in the future either, regardless of where they are built.
Bitcoin protocol and its smart contracts does not have the option to create NFT, DeFi or any other token. So if anybody is claiming they've created a token "on Bitcoin" and are trying to sell it to you, that's a clear case of a scam.
The best example of it is the Ordinals which is the biggest ongoing scam.
However, there are sidechains available that are tied to bitcoin but aren't actually "on Bitcoin" (more like pegged to bitcoin) that have the protocol for more complex smart contracts and allow token creation. They are not scams.
Off the top of my head I can name RootStock (RSK) as an example of such networks.
will be success
I don't think so.Tokens existed for years in this world and they have not had any kind of meaningful success so far. Their only purpose have always been to raise funds, scam people and/or be used for pump and dumps. They have served no other purpose in the real world. So we can't really imagine any success for them in the future either, regardless of where they are built.
I agree with what you say: Bitcoin is not really designed to create NFTs or Defi; rather, it is focused on being secure and decentralized. And this is what most governments
in every country hate, right?
When it comes to bitcoin blockchain, it is limited to processing smart contracts in Defi and Nft, but other blockchains like Ethereum are still considered
the dominant players in the NFT and DeFi space.
DeFi is already a success, I am not sure about the latter you are asking about however.
DeFi is important because it prevents customer funds from getting lost like it happened with various exchanges throughout the years such as MtGox, FTX, etc. With DeFI you pretty much self custody your crypto and you can exchange it whenever you want without having to rely on a CEX.
Look at the Defi volume on Coinmarketcap or other various websites, you can see that it grows every year. There are many traders now who only use CEX for fiat on and fiat off ramp and they do all their trading on DEXs.
DeFi is important because it prevents customer funds from getting lost like it happened with various exchanges throughout the years such as MtGox, FTX, etc. With DeFI you pretty much self custody your crypto and you can exchange it whenever you want without having to rely on a CEX.
Look at the Defi volume on Coinmarketcap or other various websites, you can see that it grows every year. There are many traders now who only use CEX for fiat on and fiat off ramp and they do all their trading on DEXs.
I wouldn't call all of them a scam, sure most of them are because we do not even have to have what it says on the buzzword to be it, like AI coins without AI just the name uses it and project has nothing to do with it, or NFT but just boring copy cat of something else, gaming but there is no game yet etc etc all those examples, those are clean scams.
There are also some that starts honest, but turns into scam over time as well, I guess when people see the money, they assume they will be fine but eventually they just can't hold themselves and end up selling out. There are also some that is not a scam at all, pure honest good intention people but they are just not that good at projects and they fail, not steal anyone's money at all, just straight up fail.
There are also some that starts honest, but turns into scam over time as well, I guess when people see the money, they assume they will be fine but eventually they just can't hold themselves and end up selling out. There are also some that is not a scam at all, pure honest good intention people but they are just not that good at projects and they fail, not steal anyone's money at all, just straight up fail.
I'm doubt that DeFi, AI, NFT & Gaming on Bitcoin will be success .. What do you really think about these narratives called Layer 2 And Defi on Bitcoin?
I will only have to say this that you should trust the bitcoin network, bitcoin itself and any other thing concerning defi and third parties offers should be on your own risk, though i want to believe that the use of bitcoin layer two is another entire thing different from what you're comparing it with other networks, especially, you need to be careful in dealing with tokens, they are not all bad, but many were scam.
I know one thing that Bitcoin is successful and all these shit happening on the Bitcoin network will be unsuccessful. They are hijacking the Bitcoin network pretending they can compete with other blockchains. Scaling isn't something that can be resolved by saying the word layer 2 it requires a lot of effort to achieve it.
Take an example of Ethereum they came up with a unique idea of creating an ecosystem within the blockchain. They were successful and yet they are congested. Thanks to layer 2 they have achieved a desired results but they had to upgrade their blockchain to satisfy the requirements of layer 2 solution.
Bitcoin network cannot do it without the help from the creator and the core team. As per my knowledge they all never expected things to change so much and that is the reason they planned to stay hidden.
Take an example of Ethereum they came up with a unique idea of creating an ecosystem within the blockchain. They were successful and yet they are congested. Thanks to layer 2 they have achieved a desired results but they had to upgrade their blockchain to satisfy the requirements of layer 2 solution.
Bitcoin network cannot do it without the help from the creator and the core team. As per my knowledge they all never expected things to change so much and that is the reason they planned to stay hidden.
I'm doubt that DeFi, AI, NFT & Gaming on Bitcoin will be success ..
Defi hasn't been a success outside shitty altcoins for years now, why would it be one on Bitcoin when obviously there is no need for
NFT, we have seen them, total failure
Gaming, again proved to be another hype everywhere
AI...how it would even work?
"developers" are getting desperate and are running out of shitty ideas to sell to investors, everything til now has proven to not serve the actual purpose and only a buzzword to move market prices, look at all those coins that are rebranding from defi to metaverse to ai, how it would even be possible to do it in the first place ?
I'm doubt that DeFi, AI, NFT & Gaming on Bitcoin will be success .. What do you really think about these narratives called Layer 2 And Defi on Bitcoin?
No, well because I experience playing or doing those what you have mentioned, remember during pandemic in the world DeGi, NFT and gaming in bitcoin and other crypto currency become too popular that many people started soing those things and that's when they discover crypto currency and many people influenced to try digging deeper in crypto currency, I'm also one of the people that become too emersed in DeFi, NFT and crypto currency games, and I'd say I earn a lot from those things its just that I notice that the life span of those things is too short, its because people tend to sell all of their cryptos in the time of ATH and that's why projects like that started to fall apart because people are just selling and not holding simply, they are just farming and selling than people buying crypto currencies, so yeah those what you have mentioned are profitable if you have enter early but the life span of the project is short.
Those buzzwords—DeFi, AI, NFT, Gaming, Quantum, the list goes on—remind us that many of these projects consist of a small team and an evil VC planning a hype-and-dump scheme. I guess lots of them are now planning to move from the “crypto” to the “AI” hype.
I noticed that while watching the latest Coffeezilla video about “rabbit r1 AI.”
https://www.youtube.com/watch?v=NPOHf20slZg
Advice: Stay humble, stack sats.
I noticed that while watching the latest Coffeezilla video about “rabbit r1 AI.”
https://www.youtube.com/watch?v=NPOHf20slZg
Advice: Stay humble, stack sats.
The Liquid Network is a sidechain protocol built on top of the Bitcoin blockchain. The Liquid Network was created by Blockstream but is governed by a federation of parties and operated on an open-source blockchain platform called Elements.
Liquid network was created by Blockstream but in a way that federation of parties are involved. It has its own open source blockchain called Elements and it is referred to as side chain. It is called L-BTC which bitcoin developers will argue to be an altcoin. But if it was proposed in BIP and implemented, I think it would have be called layer 2 and be called BTC instead of L-BTC. Another layer 2 that can be implemented would be the drive/spider chain.
I'm doubt that DeFi, AI, NFT & Gaming on Bitcoin will be success .. What do you really think about these narratives called Layer 2 And Defi on Bitcoin?
When it's a bull run, people try to create narratives to try to capture money at all costs, then they invent a bunch of worthless crap and try to convince people that these creations make sense... bitcoiners are conservative and they won't accept that.. This type of movement on the bitcoin network is only for speculators and shitcoiners.
The Liquid Network is a sidechain protocol built on top of the Bitcoin blockchain. The Liquid Network was created by Blockstream but is governed by a federation of parties and operated on an open-source blockchain platform called Elements.
Liquid network was created by Blockstream but in a way that federation of parties are involved. It has its own open source blockchain called Elements and it is referred to as side chain. It is called L-BTC which bitcoin developers will argue to be an altcoin. But if it was proposed in BIP and implemented, I think it would have be called layer 2 and be called BTC instead of L-BTC. Another layer 2 that can be implemented would be the drive/spider chain. so those Ordinals NFTs, BRC20 tokens and Runes are not on layer 2?
They are not layer 2 because they are not bitcoin. Layer 2 means bitcoin that is not on blockchain because it is moved from blockchain to another layer which is called layer 2. Take bitcoin lightning network as an example, you will need to open a channel. If you are using a noncustodial bitcoin lightning wallet, you will need to transfer bitcoin onchain to an address on the wallet just like normal bitcoin wallet, you will pay the onchain transaction fee to open a lightning channel and the remaining BTC that you want to use to open the channel will be on your lightning wallet balance as the coin is transferred from onchain to offchain (layer 2). With layer 2, you are still referring to bitcoin and not any other coins or tokens.Correct, all of them on Bitcoin main network. But take note none of them are part of Bitcoin protocol. They create their own rule (which isn't verified by Bitcoin node/miner) and hope other people follow it.
That is true.so those Ordinals NFTs, BRC20 tokens and Runes are not on layer 2?
They are not layer 2 because they are not bitcoin. Layer 2 means bitcoin that is not on blockchain because it is moved from blockchain to another layer which is called layer 2. Take bitcoin lightning network as an example, you will need to open a channel. If you are using a noncustodial bitcoin lightning wallet, you will need to transfer bitcoin onchain to an address on the wallet just like normal bitcoin wallet, you will pay the onchain transaction fee to open a lightning channel and the remaining BTC that you want to use to open the channel will be on your lightning wallet balance as the coin is transferred from onchain to offchain (layer 2). With layer 2, you are still referring to bitcoin and not any other coins or tokens.Correct, all of them on Bitcoin main network. But take note none of them are part of Bitcoin protocol. They create their own rule (which isn't verified by Bitcoin node/miner) and hope other people follow it.
That is true. 
Layer 2 is fairly good approach to let people use (turing complete) smart contract and other feature which isn't available on Bitcoin itself, without using altcoin or different blockchain. But as usual, i expect almost all of them are either scam or will fail.
Correct, all of them on Bitcoin main network. But take note none of them are part of Bitcoin protocol. They create their own rule (which isn't verified by Bitcoin node/miner) and hope other people follow it.
Layer 2 is different from what you are asking question about. Layer 2 will refer to something like bitcoin lightning network, or the drive/spider chain. These are different from bitcoin tokens like Ordinals NFTs, BRC20 tokens and Runes.
What I noticed about the bitcoin tokens is that you should only use them to gamble. Their prices can increase significantly and decrease significantly just like altcoins.
so those Ordinals NFTs, BRC20 tokens and Runes are not on layer 2?What I noticed about the bitcoin tokens is that you should only use them to gamble. Their prices can increase significantly and decrease significantly just like altcoins.
Correct, all of them on Bitcoin main network. But take note none of them are part of Bitcoin protocol. They create their own rule (which isn't verified by Bitcoin node/miner) and hope other people follow it.
It depends on what you mean by "on Bitcoin"!
Bitcoin protocol and its smart contracts does not have the option to create NFT, DeFi or any other token. So if anybody is claiming they've created a token "on Bitcoin" and are trying to sell it to you, that's a clear case of a scam.
The best example of it is the Ordinals which is the biggest ongoing scam.
However, there are sidechains available that are tied to bitcoin but aren't actually "on Bitcoin" (more like pegged to bitcoin) that have the protocol for more complex smart contracts and allow token creation. They are not scams.
Off the top of my head I can name RootStock (RSK) as an example of such networks.
Tokens existed for years in this world and they have not had any kind of meaningful success so far. Their only purpose have always been to raise funds, scam people and/or be used for pump and dumps. They have served no other purpose in the real world. So we can't really imagine any success for them in the future either, regardless of where they are built.
Bitcoin protocol and its smart contracts does not have the option to create NFT, DeFi or any other token. So if anybody is claiming they've created a token "on Bitcoin" and are trying to sell it to you, that's a clear case of a scam.
The best example of it is the Ordinals which is the biggest ongoing scam.
However, there are sidechains available that are tied to bitcoin but aren't actually "on Bitcoin" (more like pegged to bitcoin) that have the protocol for more complex smart contracts and allow token creation. They are not scams.
Off the top of my head I can name RootStock (RSK) as an example of such networks.
will be success
I don't think so.Tokens existed for years in this world and they have not had any kind of meaningful success so far. Their only purpose have always been to raise funds, scam people and/or be used for pump and dumps. They have served no other purpose in the real world. So we can't really imagine any success for them in the future either, regardless of where they are built.
I understand your point. It seems there might be some confusion between native Bitcoin capabilities and sidechains like RootStock (RSK), which offer more advanced functionalities without being scams.
Layer 2 is different from what you are asking question about. Layer 2 will refer to something like bitcoin lightning network, or the drive/spider chain. These are different from bitcoin tokens like Ordinals NFTs, BRC20 tokens and Runes.
What I noticed about the bitcoin tokens is that you should only use them to gamble. Their prices can increase significantly and decrease significantly just like altcoins.
so those Ordinals NFTs, BRC20 tokens and Runes are not on layer 2? What I noticed about the bitcoin tokens is that you should only use them to gamble. Their prices can increase significantly and decrease significantly just like altcoins.
It depends on what you mean by "on Bitcoin"!
Bitcoin protocol and its smart contracts does not have the option to create NFT, DeFi or any other token. So if anybody is claiming they've created a token "on Bitcoin" and are trying to sell it to you, that's a clear case of a scam.
The best example of it is the Ordinals which is the biggest ongoing scam.
However, there are sidechains available that are tied to bitcoin but aren't actually "on Bitcoin" (more like pegged to bitcoin) that have the protocol for more complex smart contracts and allow token creation. They are not scams.
Off the top of my head I can name RootStock (RSK) as an example of such networks.
Tokens existed for years in this world and they have not had any kind of meaningful success so far. Their only purpose have always been to raise funds, scam people and/or be used for pump and dumps. They have served no other purpose in the real world. So we can't really imagine any success for them in the future either, regardless of where they are built.
Bitcoin protocol and its smart contracts does not have the option to create NFT, DeFi or any other token. So if anybody is claiming they've created a token "on Bitcoin" and are trying to sell it to you, that's a clear case of a scam.
The best example of it is the Ordinals which is the biggest ongoing scam.
However, there are sidechains available that are tied to bitcoin but aren't actually "on Bitcoin" (more like pegged to bitcoin) that have the protocol for more complex smart contracts and allow token creation. They are not scams.
Off the top of my head I can name RootStock (RSK) as an example of such networks.
will be success
I don't think so.Tokens existed for years in this world and they have not had any kind of meaningful success so far. Their only purpose have always been to raise funds, scam people and/or be used for pump and dumps. They have served no other purpose in the real world. So we can't really imagine any success for them in the future either, regardless of where they are built.
I'm doubt that DeFi, AI, NFT & Gaming on Bitcoin will be success .. What do you really think about these narratives called Layer 2 And Defi on Bitcoin?
You have to look at it deeper like is DeFi, AI, NFT & Gaming altcoin projects are scam?Because scam or not, it starts with core idea to build up those projects as bad product ideas will lead to bad products, little or no use case and utility for the products, tokens. No actual intrinsic value, no chance to gain good price on the market.
Altcoin blockchains or Bitcoin blockchain is only infrastructure on which those projects built but altcoin or Bitcoin blockchain does not decide these project's value and their token's value.
Those projects should just choose another network than of choosing BRC20 or ordinals or runes protocol.
They're probably going to succeed but only for a few days or weeks. And don't add anymore to the clogging of Bitcoin's network as they are only causing the fee to go up.
They're probably going to succeed but only for a few days or weeks. And don't add anymore to the clogging of Bitcoin's network as they are only causing the fee to go up.
Layer 2 is different from what you are asking question about. Layer 2 will refer to something like bitcoin lightning network, or the drive/spider chain. These are different from bitcoin tokens like Ordinals NFTs, BRC20 tokens and Runes.
What I noticed about the bitcoin tokens is that you should only use them to gamble. Their prices can increase significantly and decrease significantly just like altcoins.
What I noticed about the bitcoin tokens is that you should only use them to gamble. Their prices can increase significantly and decrease significantly just like altcoins.
I'm doubt that DeFi, AI, NFT & Gaming on Bitcoin will be success .. What do you really think about these narratives called Layer 2 And Defi on Bitcoin?
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