Topic: (Ordinals) BRC-20 needs to be removed - page 6. (Read 6547 times)

Oh but I guessed he already knew this after all but  still yet continued probably because he knows that he will milk out some ignorant folks who probably will invest in anything related to bitcoin because there are so many options like Ethereum, Solana and the likes that may allow this project or better creating its own blockchain for this.
anyway many have goals which are birthed from their own lusts or greed

Like being said earlier people go  crazy for anything relating to Bitcoin but sadly they will come to know these BRC-20 is far from bitcoin itself

Binance probably believes that their resources should be invested somewhere else because OKX has a dominant position in Ordinals, and soon, the Runes market. I did some due diligence, and I believe that during its surge, the BRC-20 token ORDI had the most volume than all of the combined volume of Solana's NFT market. That was only from one asset.


Give it the benefit of the doubt and read it. Haha. Runes is not merely an upgrade to Ordinals, it's a new protocol for shitcoinery on top of Bitcoin.

"Balances are stored in UTXOs, which could be locked in HTCL", https://twitter.com/rodarmor/status/1774613900119699701

The Lightning Network may have found a new sort of "utility".

That would require a hard-fork and fundamental changes in Bitcoin and its principles so that it is changed from a currency and a payment system into a token creation platform! Something that will never happen.
It is like going to a bank and trying to convince them that they should also serve food and become a restaurant on the side!

Oh, I didn't see this question the first time around. In 10 days, it will mark the 10th anniversary of my account on the forum, and in about 10 weeks it will mark the first time I made a non-standard Bitcoin transaction, which was the creation of a Counterparty token (actually I had probably made trades on the Counterparty DEX even before that, but anyway).

Counterparty uses mainly OP_RETURN to store its data which is readable only by an external protocol (akin to Ordinals, except much more developed, secure, and blockchain space-friendly in every way imaginable). Some larger Counterparty transactions use multisig outputs, which are actually spendable.

I shared my short thought on this post,


Besides, i expect there won't be many people would take risk following trend of Rune when Ordinal popularity doesn't last that long.

If something is genuinely useful, you'd be surprised at the lengths people will go to preserve obscure software.  I keep a few non-bitcoin-related programs archived that are hard to find elsewhere on the web.  

It's less about whether is something is made by a recognised group of developers and more about not investing in ordinals purely because they're a load of crap.  

Oh, and "Runes" will be more of the same.  A turd with some glitter sprinkled on, so any fools will believe it to be shiny.

it just struck me that if something is not a built in part of bitcoin then it probably is not a good thing to invest into in the bitcoin ecosystem. because someone has to maintain it and keep the software alive and working and it won't be the bitcoin developers. and eventually the software might not even be available to download except through some archive.org site at which time people will have long forgotten or found any use for the data it encodes. since it's not built into bitcoin, that's the fate they all will suffer. ordinals is just the latest one. but all the ones before it ways of encoding images and data they probably suffered the same fate but even quicker.

so if casey wants ordinals to last hes going to have to convince the developers to put his ordinals code directly into bitcoin core. else, its doomed.

Not going to read it -- I already get the gist of it -- its Ordinals 2.0. Apparently he wasn't satisfied with the money he made already, so he launched something nearly completely the same under a different name.

Here's the fact: Runes was DOA (Dead On Arrival) so there's nothing to be angry about. Nobody cares about it because nearly everyone involved in Ordinals has already figured out that their main influencooor, Leonidas, is a cheeseball scammer.

Don't really feel bad for anybody who loses money to this garbage: you should have figured out Leonidas was a scammer by now. If you haven't, well you know what they say about a fool and his money...

Apart from the obvious (you can not create tokens in Bitcoin protocol since it doesn't support it) this is just history repeating itself over and over, each time with a different face. It's a story as old as Bitcoin and the alternative market where altcoins are pumped and dumped.
- It started by creating useless coins to be pumped
- To maximize profit it continued by creating premined coins
- As people stopped buying into that scam, in order to hide the premine the scam turned into shadow-mined shitcoins
- As that failed too the Initial Coin Offering scam started where they premined the shitcoin and sold it before the chain even started or the shitcoin even got listed on exchanges
- With introduction of token creation platforms all of these scams got cheaper and a lot easier. Instead of creating a stand-alone project with blockchain, mining and everything all you had to do was create a token on these platforms (like on ethereum) which was cheap and easy, so the token hype began
- As that failed they started changing the name to revive it (ICO, IDO, IBO, IEO, ITO, STO, DeFi, NFT)
...and the scam continues

It's the same with the Ordinals Scam. They need to keep pulling "rabbits out the hat" if they want to keep people's attention and get them to buy their garbage and continue the attack on Bitcoin.

A lot of people are angry because Bitcoin protocol is being abused as they found an exploit and the chain is under a spam attack not just because of the fees.

apparently the bored apes have dried up on almost every nft marketplace except for blur. take this ape for example:

https://blur.io/asset/0xbc4ca0eda7647a8ab7c2061c2e118a18a936f13d/9923

they paid 62 eth for it a year ago. but eth has doubled in price since that time. so to break even, the owner would need to be selling their monkey for about half as many eth, 31 eth but what are they doing? trying to sell it for 12.8 eth so they can lock in a solid loss....these people are about as dumb as the apes they are buying it seems like  

yeah i don't think casey is looked upon too favorably by people here any longer. its really too bad he could have used his talents to make bitcoin better but he did the opposite kind of.

what type of non-standard transactions if you don't mind me asking. 10 years is a long time !

Any thoughts about Runes protocol in this topic? rodarmor.com/blog/runes
Halving is arriving in ~2k blocks and fees can be way higher than any brc20 previous wave. Do we have the same angry people?

By payment processor, i think he refer to Coinbase Commerce[1] instead. Their help page state customer make payment with Bitcoin or other coin[2], while their FAQ state merchant can choose either self-managed (only merchant have control over received coin) or coinbase-managed (custodial service)[3]. If merchant decide to choose coinbase-managed, they can use auto conversation (cryptocurrency to USD) feature [3].

[1] https://www.coinbase.com/commerce
[2] https://help.coinbase.com/en/how-to-make-a-payment
[3] https://www.coinbase.com/commerce/faq

In hindsight it was obvious -- anyone involved in the NFT craze of 2021-2022 should have seen it coming. Liquidity dries up after the next new & shiny thing is no longer so new & shiny. What's interesting is the price of a Bored Ape (BAYC) is now almost back down to its mint price, meaning just about everybody who ever bought one is currently sitting on a loss. Casey tried to make Runes the next shiny thing but the gleam has already fallen off the cube, if that's an expression. The power of his head honcho influencer, Leonidas, is weaning by the day as more and more people finally figure out for themselves that he is not much more than a grifting scammer.

Anyways, its all good for normal bitcoin users, and even not so no normal bitcoin users themselves, like me, who have used Counterparty to make non-standard transactions for nearly a decade now and can see myself doing the same 10 years from now.

when you use the coinbase card, you're using fiat to buy something not crypto. they even say it right here on their website:
https://www.coinbase.com/card

Where is Coinbase Card accepted?
Coinbase Card is accepted anywhere Visa® debit cards are accepted, at over 40M+ merchants worldwide. If you choose to spend crypto, Coinbase will automatically convert all cryptocurrency to US Dollars for use in purchases and ATM withdrawals.


and guess why they have to do that conversion? that's right because NO ONE TAKES BTC. most merchants only take fiat. we all know that...but anyhow it's off topic to the thread i know.


i didn't even realize binance had ordinals the support was not longlasting! i think they just started supporting them in summer 2023. wow they really got rid of them quick! flash in the pan. but i guess binance was never one of the big ordinals marketplaces. there's still a handful and i am guessing opensea still supports them but i haven't looked in a long time.  

so people still looking to unload their monkeys probably have options but this is "bearish" news.

Crazy. I'm all for their decision of course. The reason why its crazy is this whole Runes thing was launched only a month or two ago and I guess its completely collapsed in popularity already. Looks like its finally the beginning of the end of the Ordinals Era in Bitcoin.

No reason for off-chain unless the high demand for on-chain transactions fill the mempool and/or block space to its full capacity. Ethereum has built off-chain layers, which proves that on-chain, nothing can defy the limitations of hardware and bandwidth. Plus DYOR on Solana's congestion. Their assumptions flawed and laughable. Their developers are not telling their users/community the actual truth on how their design will not work unless they increase bandwidth and hardware requirements while block space demand surges- which would also centralize the network. A fee market must also exist to prevent attackers from spamming the network - currently the surge of spam in Solana is causing transaction failures.

I don't understand why you bring up debit card when he talked about payment processor where you can pay directly using Bitcoin and merchant can choose either keep the coin or convert the coin to fiat.


It's obvious they dropped it since it doesn't make them much money anymore.

Where did I say that?
I'm just responding to your speculation that "pretty much no one takes bitcoin as payment" with the most solid statistic that can be found which happens to be from centralized services.

Otherwise as I said in my comment above, a lot more transactions are happening on-chain (without these centralized middle men) where a lot or people are taking bitcoin as payment but there is no solid statistic about that because it is hard to analyze.

are you seriouis that bitpay and coinbase are the best use cases for bitcoin you can think of just because they offer some type of crypto debit card that converts your bitcoin into fiat so you can actually buy something? you'll have to do better than that. find a more compelling use case.

in my opinion, all those people with bitpay and coinbase debit cards know that their crypto has no real world use. which is why they got the debit cards in the first place so they could actually get rid of it. and buy something from someone that would not take their crypto direcly...you know what i'm saying. to say nothing of the fact that how do you trust some company to hold your bitcoin for you while you go about figuring out ways to get rid of it by using a debit card?  

Anyhow, I thought you might be happy to know that binance has decided to no longer support Ordinals:

Binance to cease support for all Bitcoin NFTs
https://coinjournal.net/news/binance-to-ceases-support-for-all-bitcoin-nfts/


Binance announces end to Bitcoin NFTs support
A blog post published on Thursday noted that the trading of Bitcoin NFTs on the Binance NFT marketplace ends on April 18. The exchange has advised all users to to withdraw all their Bitcoin NFTs via the BTC network before May 18.

Don't forget it's possible to perform atomic swaps on LN.


I think it's also already happen, which is why Bitcoin Core perform XOR obfuscation on it's files.