Don’t you think BRC20 tokens need more spotlight?

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: Webetcoins on February 22, 2024, 05:26:34 AM

Quote from: sunsilk on February 17, 2024, 02:43:38 AM

The attention that was given to them was already done. All they've done was to spam and attack the network making it clogged resulting to higher transaction fee. Honestly, I am so happy seeing a few cents of fees which is a high priority for a transaction.

How long was it when we've seen this since the last time? And for those that have made money with the BRC20 tokens and rode its craze, congratulations to all of you because you've made it.

You've made a lot of money from them and that's the reason why they've stayed for a bit but then, the demand decreased and so as the fee.

I think it's not the fault of the people who introduced it but it was the fault of those who intentionally spam the network, and even on the main BTC network it also happens sometimes aside from the normal network congestion. This is why I'm sad even though they already got a publicity because it was not a good publicity, so it might be okay to give them another chance again like what the OP is saying.

Maybe they really have a potential that haven't been unlocked yet because many people judged them too quickly. OP didn't said that he made money on it and me either but for those who do, they are the ones who wish for the BRC-20 to stay and improve.

I do not think there is any need to give those tokens another chance, we have seen very well what they can do, which is to clog the network with useless transactions from which just a few benefit, while the rest of the bitcoin users have to pay huge fees just to accommodate those useless coins.

Now do not misunderstand me, paying high fees because there is naturally a lot of activity on the network is fine, but paying high fees because the network is being spammed to death is not something I want to do.

Webetcoins

hero member

Activity: 2100

Merit: 546

Leading Crypto Sports Betting & Casino Platform

Quote from: sunsilk on February 17, 2024, 02:43:38 AM

The attention that was given to them was already done. All they've done was to spam and attack the network making it clogged resulting to higher transaction fee. Honestly, I am so happy seeing a few cents of fees which is a high priority for a transaction.

How long was it when we've seen this since the last time? And for those that have made money with the BRC20 tokens and rode its craze, congratulations to all of you because you've made it.

You've made a lot of money from them and that's the reason why they've stayed for a bit but then, the demand decreased and so as the fee.

I think it's not the fault of the people who introduced it but it was the fault of those who intentionally spam the network, and even on the main BTC network it also happens sometimes aside from the normal network congestion. This is why I'm sad even though they already got a publicity because it was not a good publicity, so it might be okay to give them another chance again like what the OP is saying.

Maybe they really have a potential that haven't been unlocked yet because many people judged them too quickly. OP didn't said that he made money on it and me either but for those who do, they are the ones who wish for the BRC-20 to stay and improve.

d5000

legendary

Activity: 3906

Merit: 6249

Decentralization Maximalist

Quote from: R1dwanRz on February 10, 2024, 09:40:02 AM

I see BRC20 as a try to see whether the Bitcoin network is compatible with token standards, and it’s also that for the first time there existed an apparatus where one could create and transfer digital assets on top of Bitcoin network.

False!

Tokens on Bitcoin exist since around 2013. There's Counterparty, Omni for example, which both are vastly technically superior to BRC-20 even if they're much older. Counterparty has even NFTs, for example the "Rare Pepes". There are new, exciting concepts like Taproot Assets and RGB which work partly offchain.

Whoever wants to tell you that BRC-20 tokens are something "new" or "exciting" or have something to do with "web3" Roll Eyes

is simply looking for a greater fool. BRC-20 is not only nothing new but also a extremely badly designed protocol. Get out while you can. There are still opportunities to dump for an acceptable price. Grin

JeffBrad12

hero member

Activity: 2954

Merit: 533

Leading Crypto Sports Betting & Casino Platform

Quote from: bussybuddy on February 17, 2024, 02:24:28 AM

Up front, the hype has been created through spam activities, which I think is quite similar to the way many other chains operate. Developers follow trends, things like memes on them that actually contribute to the product's value, or are they just left in landfills when the FOMO process is over.
Although I'm not the type of person to have an aversion to these things, I honestly find this redundant and leisurely. Why bother with bitcoin? We already have an alt/bit environment, and here I think it's simply a way to attract attention and direct participants.

its because many people think that its a fresh thing to see that bitcoin blockchain can be utilized the way smart contract is utilized in ethereum blockchain through inscription.
even though in the first place the blockchain isn't mean for that, but at least it somewhat give a way for any other blockchain that are similar to bitcoin prominently ltcoin and fair amount of older blockchain to have capability that mimic smart contract even though we all know the existence of bitcoin side chain that are gaining popularity these days I remember back then some btc side chain project like sovryn and so on, giving swap capability through taking advantage of the side chain and right now there's this thing called stacks, that have existed since long ago but gaining popularity again.
even without the inscription technology we already have sufficient way of taking advantage of smart contract mechanism through the side chain but it seemed ordinal want something that directly implemented into the blockchain of bitcoin taking advantage of the security by PoW and so on.
people also hyping it up mainly because its bitcoin and as we know the market cap of bitcoin and its trading volume is humongous.

oktana

sr. member

Activity: 1680

Merit: 288

Eloncoin.org - Mars, here we come!

Quote from: JeromeTash on February 11, 2024, 09:22:18 AM

Quote from: oktana on February 11, 2024, 06:06:00 AM

To me I see it as a good thing because we can now build other things on the Bitcoin blockchain which was the origin of crypto and where we should have paid attention to. Imagine if this was there the whole time and many platforms had their tokens on BRC20. Would have been better for Bitcoin.

You are just looking at it from the hype perspective and not from the perspective of having Bitcoin as the bests alternative p2p electronic payment network. Most BRC20 just like most ERC20 tokens are just shitcoins and scams with no primary purpose except grabbing money from Newbies. The creators of BRC20 tokens know this.

I understand your concern as I also saw a low of crap with ERC20 tokens. What I meant was that it’d bring attention to Bitcoin because the chain is Bitcoin’s blockchain and yet fees are made in Bitcoin too. But I understand that what Bitcoin offers, non of these tokens would. Of course we will still see shit tokens like it was in ERC20, but I don’t expect less because Bitcoin opened a door and innovation can’t be stopped. Let’s just hope it brings more good than bad.

Huppercase

hero member

Activity: 952

Merit: 552

Quote from: R1dwanRz on February 10, 2024, 09:40:02 AM

Bitcoin price has gone up to 47k and there are lots of altcoins which are seeing price increases too. But there is one thing that seems to be left behind, which are the BRC20 tokens.
I see BRC20 as a try to see whether the Bitcoin network is compatible with token standards, and it’s also that for the first time there existed an apparatus where one could create and transfer digital assets on top of Bitcoin network.

BRC20 travel in time and pump before their time. Now, there is nothing new in them to convince buyers and sellers to move their prices like the way Bitcoin is doing. So far, Bitcoin is moving because it seeing green light from ETF spots, Microstrategy, coming halving but check the BRC20 tokens you are talking about, what is that thing they have that make you think they deserve to be move like how bitcoin is moving, other than the hype is there anything tang BRC20 tokens can do? Please don't tell me NFTS, they only know how to spam the mempool with useless transaction.

Quote

BRC20 tokens should deserve more attention and recognition in the future. Since they provide a new way of creating and transferring value on the Bitcoin blockchain, thus opening up new possibilities for the web3 ecosystem given that it has its roots in this coin originated from bitcoin design. so don't you think this deserves more attention?

Attention for what exactly, why do you think they deserve to be taken like a serious tokens when most of them were created just like memes and they have their time, once that time is over, nobody look at them again. Look at Shiba and other meme coins like Floki and the rest, they are as good as dead. They might pump but it is going to be a short term pump especially when there is a single news and then they go back to sleep the usual flat market they are very used to in the chart.

JeromeTash

legendary

Activity: 2338

Merit: 1261

Heisenberg

Quote from: Yogee on February 12, 2024, 09:36:43 AM

You really care about that? I do not but Litecoin is probably the closest they could move to since they also have inscriptions. If not there then any of the chains. I still view them as short-term money making opportunities and they can get that even if they migrate.

Do you think they will still be known as BRC20? Grin

We all know Litecoin chain is less popular, though it's a good one if one wants transactions with cheaper fees whenever Bitcoin network is clogged but let's be honest. There is only one reason why the inscriptions were so much hyped up on the Bitcoin network.

sunsilk

hero member

Activity: 3038

Merit: 634

The attention that was given to them was already done. All they've done was to spam and attack the network making it clogged resulting to higher transaction fee. Honestly, I am so happy seeing a few cents of fees which is a high priority for a transaction.

How long was it when we've seen this since the last time? And for those that have made money with the BRC20 tokens and rode its craze, congratulations to all of you because you've made it.

You've made a lot of money from them and that's the reason why they've stayed for a bit but then, the demand decreased and so as the fee.

bussybuddy

full member

Activity: 1190

Merit: 105

PredX - AI-Powered Prediction Market

Up front, the hype has been created through spam activities, which I think is quite similar to the way many other chains operate. Developers follow trends, things like memes on them that actually contribute to the product's value, or are they just left in landfills when the FOMO process is over.
Although I'm not the type of person to have an aversion to these things, I honestly find this redundant and leisurely. Why bother with bitcoin? We already have an alt/bit environment, and here I think it's simply a way to attract attention and direct participants.

btc78

full member

Activity: 2520

Merit: 214

Eloncoin.org - Mars, here we come!

The bitcoin community seems to be separated regarding BRC20. Some people are against the use of brc20 for multiple reasons. One is that it contributes to the clogging of the blockchain increasing transaction fees and making transaction time slower. Some people argues that this might not be permanent and could be solved later on in the future. Besides, this is beneficial to miners.

On the other hand, we cannot completely ignore the beaming success of decentralized finance. The launch of brc20 is definitely contributing to that success. Whether you agree with the usage of brc20 or not, I think people should be able to do whatever they want. At the end of the day, each investor is unique and has different goals and needs that may lead them to brc20.

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: FinneysTrueVision on February 11, 2024, 09:55:05 PM

Bitcoin wasn't designed to support tokens natively on the base layer. Protocols like BRC-20 are a clunky workaround being used by opportunistic hucksters looking to make a quick buck. Most of they hype surrounding Ordinals, Inscriptions and various copycats was part of an astroturfed campaign. The mempool spam wasn't due to there being high demand for these tokens but it was a good way to draw attention towards these scamcoins. There are only so many uneducated investors you can fool and that's why we're seeing the buzz die down for the time being, until they can find new groups of people that are easy to sucker in. The scammers have already made a nice profit and can walk away but I suspect their greed, and the greed of VCs backing them, can never be satisfied and they will come up with some new spin to continue with these schemes.

If there is not a ban on those tokens there is little doubt that we are going to see them again making noise during the bull run, except that at the time things are going to be many times worse than what we have seen.

Because during the bull run, a great deal of traders and investors will want to move their coins, and even those that are just holding for the long term may decide they want to spend some of their coins on something they want, so I would expect the fees will get astronomically high if the developers do not ban those tokens completely.

avikz

legendary

Activity: 3080

Merit: 1500

Quote from: R1dwanRz on February 10, 2024, 09:40:02 AM

Bitcoin price has gone up to 47k and there are lots of altcoins which are seeing price increases too. But there is one thing that seems to be left behind, which are the BRC20 tokens.
I see BRC20 as a try to see whether the Bitcoin network is compatible with token standards, and it’s also that for the first time there existed an apparatus where one could create and transfer digital assets on top of Bitcoin network.

BRC20 tokens should deserve more attention and recognition in the future. Since they provide a new way of creating and transferring value on the Bitcoin blockchain, thus opening up new possibilities for the web3 ecosystem given that it has its roots in this coin originated from bitcoin design. so don't you think this deserves more attention?

BRC20 tokens need a blanket ban. This madness needs to stop. Bitcoin developers are actively discussing to remove these BRC20 tokens from the network completely. There are multiple blockchains available for NFT. We need the bitcoin network clean to increase the confirmation speed and to reduce the transaction fees. Till the time BRC20 tokens are here, this is not possible.

Honestly Bitcoin network doesn't need the madness of NFTs. These so not need any more attention honestly. These NFT markers can use ETH or MATIC.

irsykes

sr. member

Activity: 1479

Merit: 273

Seabet.io | Crypto-Casino

Quote from: FinneysTrueVision on February 11, 2024, 09:55:05 PM

Bitcoin wasn't designed to support tokens natively on the base layer. Protocols like BRC-20 are a clunky workaround being used by opportunistic hucksters looking to make a quick buck. Most of they hype surrounding Ordinals, Inscriptions and various copycats was part of an astroturfed campaign. The mempool spam wasn't due to there being high demand for these tokens but it was a good way to draw attention towards these scamcoins. There are only so many uneducated investors you can fool and that's why we're seeing the buzz die down for the time being, until they can find new groups of people that are easy to sucker in. The scammers have already made a nice profit and can walk away but I suspect their greed, and the greed of VCs backing them, can never be satisfied and they will come up with some new spin to continue with these schemes.

BRC20 network interest is gradually increasing rapidly, perhaps it will become the next hype parallel to ethereum. Some BRC20 network coins for me want to explore but the cost of one transaction is expensive which is an obstacle. imagine bull season coming BRC20 looks like there will be a lot of surprises. There are many projects currently in the testnet process

Yogee

sr. member

Activity: 1554

Merit: 413

Quote from: JeromeTash on February 11, 2024, 05:33:05 AM

Quote from: Yogee on February 11, 2024, 03:19:33 AM

I would prefer that BRC20 creators leave Bitcoin as is and migrate their projects elsewhere.

Migrate elsewhere. Where exactly?

You really care about that? I do not but Litecoin is probably the closest they could move to since they also have inscriptions. If not there then any of the chains. I still view them as short-term money making opportunities and they can get that even if they migrate.

MarvieJ

newbie

Activity: 69

Merit: 0

Quote from: R1dwanRz on February 11, 2024, 01:24:55 PM

Quote from: JeffBrad12 on February 10, 2024, 07:39:01 PM

its already being given spotlight some exchange even make some specialized market for BRC20 token its just that this token never taking off for some reason and one of them is definitely because it take advantage of exploit that causes the blockchain to be clogged with unnecessary transaction and as a result increase in fee as mentioned earlier, also the whole thing seems like a hack in my opinion, there are proper l2 for bitcoin where it truly implements smart contract system i wonder why people not gonna use that instead and choose the path of inscription.
added with the fact that these L2 aren't gonna be clogging the bitcoin blockchain with unnecessary transaction since these l2 are only submitting important data merged in one transaction to the bitcoin blockchain and thats it.
definitely more efficient technology but people are ignoring it, well, to be fair BRC20 is still kinda popular.

The movement surrounding BRC20 tokens can't really be argued against. Personally speaking, it's fascinating where the movement goes considering we're hearing about projects and coins being developed like RATS, SATS and ORDI. Afterall, how could there not be something interesting about using the Bitcoin blockchain in such an unconventional and of course in such a non-Bitcoin way?

It will be interesting to see if those projects find true utility or remain mostly as curiosities and speculative. Anyway, we have seen a few brc20 projects making their way out to be successful in this space like recently AINN is a community-driven AI concept project on BRC20, getting listed on major cexs like bitget, you could look for such projects where its interest from those exchanges that gives them popularity and recognitions.

I’m not even going to deny the fact I made good amounts of money on SATS and even RATS , aside the trend at the moment they both successfully maintained good price trend, don’t know where AINN is already trading at coz checking bitget it’s getting listed 14th

FinneysTrueVision

sr. member

Activity: 1680

Merit: 379

Top Crypto Casino

Bitcoin wasn't designed to support tokens natively on the base layer. Protocols like BRC-20 are a clunky workaround being used by opportunistic hucksters looking to make a quick buck. Most of they hype surrounding Ordinals, Inscriptions and various copycats was part of an astroturfed campaign. The mempool spam wasn't due to there being high demand for these tokens but it was a good way to draw attention towards these scamcoins. There are only so many uneducated investors you can fool and that's why we're seeing the buzz die down for the time being, until they can find new groups of people that are easy to sucker in. The scammers have already made a nice profit and can walk away but I suspect their greed, and the greed of VCs backing them, can never be satisfied and they will come up with some new spin to continue with these schemes.

Iamcrypticguy

jr. member

Activity: 476

Merit: 7

Navigating the Crypto world & Holding BGB Along..

Quote from: TheVeteranAngel on February 11, 2024, 10:28:32 AM

Quote from: R1dwanRz on February 10, 2024, 09:40:02 AM

Bitcoin price has gone up to 47k and there are lots of altcoins which are seeing price increases too. But there is one thing that seems to be left behind, which are the BRC20 tokens.
I see BRC20 as a try to see whether the Bitcoin network is compatible with token standards, and it’s also that for the first time there existed an apparatus where one could create and transfer digital assets on top of Bitcoin network.

BRC20 tokens should deserve more attention and recognition in the future. Since they provide a new way of creating and transferring value on the Bitcoin blockchain, thus opening up new possibilities for the web3 ecosystem given that it has its roots in this coin originated from bitcoin design. so don't you think this deserves more attention?

The emergence of BRC20 tokens have their own advantage whether we admit it or not...I have seen a lot people said it has caused the transaction fee on Bitcoin network to increase but forgetting that the BRC20 ecosystem has also transform the Bitcoin ecosystem into the realm of tokenization and decentralized finance, a paradigm shift from Bitcoin original P2P transaction. Whether we like it or not, more brc20 tokens will emerge as a result of ORDI and SATs success. As a matter of fact, AINN is another BRC20 tokens that is gradually getting attention.

Why do you think AINN is getting attention, it's the first time I'm hearing about this, Do you think it'll follow the path of ORDI or probably grph? I've been doing research on BRC20 Tokens of late and I think it's just getting started. Btwn is AINN on any cex ATM?

o48o

legendary

Activity: 3052

Merit: 1168

Leading Crypto Sports Betting & Casino Platform

Quote from: JeromeTash on February 10, 2024, 04:55:21 PM

They are literary spamming the Bitcoin network and making it unusable to the common users. Have you been paying attention to the Bitcoin transaction fee spike in the past few months due to the BRC20 spam? If you did, then you know why they are not popular.

They add no value to the Bitcoin network, and they definitely throttle the Bitcoin adoption rate.

True, we can have feelings about it, but we can't really decide how bitcoin network can be used. Freedom always brings annoying and impractical things with it. But that's the cost of freedom, as we can't decide for others what's important and what's not. It's the public who decides. Ordinals are being traded so public has spoken. I remember back in time when people were annoyed that blockchain-based betting was basically DDoSsing the bitcoin network.

R1dwanRz

jr. member

Activity: 167

Merit: 1

Quote from: JeffBrad12 on February 10, 2024, 07:39:01 PM

its already being given spotlight some exchange even make some specialized market for BRC20 token its just that this token never taking off for some reason and one of them is definitely because it take advantage of exploit that causes the blockchain to be clogged with unnecessary transaction and as a result increase in fee as mentioned earlier, also the whole thing seems like a hack in my opinion, there are proper l2 for bitcoin where it truly implements smart contract system i wonder why people not gonna use that instead and choose the path of inscription.
added with the fact that these L2 aren't gonna be clogging the bitcoin blockchain with unnecessary transaction since these l2 are only submitting important data merged in one transaction to the bitcoin blockchain and thats it.
definitely more efficient technology but people are ignoring it, well, to be fair BRC20 is still kinda popular.

The movement surrounding BRC20 tokens can't really be argued against. Personally speaking, it's fascinating where the movement goes considering we're hearing about projects and coins being developed like RATS, SATS and ORDI. Afterall, how could there not be something interesting about using the Bitcoin blockchain in such an unconventional and of course in such a non-Bitcoin way?

It will be interesting to see if those projects find true utility or remain mostly as curiosities and speculative. Anyway, we have seen a few brc20 projects making their way out to be successful in this space like recently AINN is a community-driven AI concept project on BRC20, getting listed on major cexs like bitget, you could look for such projects where its interest from those exchanges that gives them popularity and recognitions.

huu78

sr. member

Activity: 1204

Merit: 253

Undeads.com - P2E Runner Game

I think there shouldn't be a token on the BRC 20 network, because there is only 1 Bitcoin, but it's different from Lightlink technology which makes fees lower and delivery faster.
but I don't like that there are many types of brc20 tokens.

Topic: Don’t you think BRC20 tokens need more spotlight? (Read 482 times)