So how does this ordinals minting work exactly?

Mr. Magkaisa

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Quote from: adaseb on December 19, 2023, 12:06:44 AM

Checking the block explorer and I see people paying crazy amounts to mint their ordinals. Like one guy paid $500 and he minted 10000 amount of ORDI.

Right now ORDI is $50. So he got $500,000 worth of ORDI just for spending $500 in mining fees? It can’t be right.

I am completely new to this Bitmap, Ordinals thing. Can someone explain how it works?

- If you look at the $500 mining fee, it seems small compared to the $500,000 that will be deducted from it. Now, regarding your question on the topic you raised here, mate, we know that the minting ordinal requires unmatched transactions, and I think you know that too. Is that right?

And a transaction like that also has rules that are followed in the Bitcoin protocol, so the identified date becomes an ordinary minting transaction in my understanding and knowledge of how it works. And when it is added to the blockchain because it is a validated transaction, the inscribed data becomes permanently included in the ordinal number. This is what I know and understand.

adaseb

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Quote from: hugeblack on December 23, 2023, 02:28:43 AM

People believe that the value of this ORDI will rise over time, meaning that after a year, its value will increase, and therefore there is no harm in buying it now. It is like buying Bitcoin at a price of 50 thousand dollars now because you know that the price may be higher in the future.
Frankly, I do not know, but I think that over time, many will notice that ORDI is higher than its real value, just as happened in the first days with NFT, and then this spam will decrease, but the bad news is that the fees will remain higher than 10 sat/vB on average.

I'm not referring to buying it on an exchange. I am talking about the people minting Ordinals right now. Basically if they are paying $500 for a single transaction to mint, they obviously are making money somehow. This is what I don't understand.

It seems you can mine these somewhat by minting them, but you need to use extremely large fees. Obviously the fees still make it worth it. I am just trying to figure out how it works exactly. There isnt much online regarding these.

rhomelmabini

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Quote from: adaseb on December 19, 2023, 12:06:44 AM

Checking the block explorer and I see people paying crazy amounts to mint their ordinals. Like one guy paid $500 and he minted 10000 amount of ORDI.

Right now ORDI is $50. So he got $500,000 worth of ORDI just for spending $500 in mining fees? It can’t be right.

I am completely new to this Bitmap, Ordinals thing. Can someone explain how it works?

Yeah they are a thing and it's really new to me as well and still wondering what to do with this inscriptions too. I think you'll get the same results with those hyped and early projects but right now that almost anything are getting into it, I don't think that will generate the same results.

hugeblack

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People believe that the value of this ORDI will rise over time, meaning that after a year, its value will increase, and therefore there is no harm in buying it now. It is like buying Bitcoin at a price of 50 thousand dollars now because you know that the price may be higher in the future.
Frankly, I do not know, but I think that over time, many will notice that ORDI is higher than its real value, just as happened in the first days with NFT, and then this spam will decrease, but the bad news is that the fees will remain higher than 10 sat/vB on average.

adaseb

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I am still confused. Can someone explain like I am 5.

Why is the blockchain so full right now. If people are paying $500 for a transaction to confirm they obviously want to make a profit of more than $500. How do they do this?

Is minting like mining the ordinal tokens? If I mint ORDI can I sell it if I get the block successfully mined? This is the part I don’t understand yet.

borovichok

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Quote from: FinneysTrueVision on December 19, 2023, 01:34:43 AM

There are dedicated websites that make Ordinals inscriptions easy without having much technical knowledge. There is usually an interface with the option to mint BRC-20, add text, or attach an image to your transaction.

Depending on the type of inscription you want to create some metadata is added to the witness field of a transaction. Bitmap is a type of text inscription that allows you to claim ownership of a Bitcoin block in the Ordinals metaverse if I understand correctly.

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Latviand

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Quote from: FinneysTrueVision on December 19, 2023, 01:34:43 AM

There are dedicated websites that make Ordinals inscriptions easy without having much technical knowledge. There is usually an interface with the option to mint BRC-20, add text, or attach an image to your transaction.

Depending on the type of inscription you want to create some metadata is added to the witness field of a transaction. Bitmap is a type of text inscription that allows you to claim ownership of a Bitcoin block in the Ordinals metaverse if I understand correctly.

So basically it's like some kind of NFT but in this case it's not like NFT but like a vandalism on the NFT and you claim that vandalism? Is thst how ordinals inscription is like? Kind of weird and now I can understand why I hate ordinals, it's because I don't have love for NFT or anything like that. Does this contribute anything to the bitcoin network anything at all or not? It's just some sort of vanity for some people to throw away their money?

tbct_mt2

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Quote from: adaseb on December 19, 2023, 12:06:44 AM

Checking the block explorer and I see people paying crazy amounts to mint their ordinals. Like one guy paid $500 and he minted 10000 amount of ORDI.

Right now ORDI is $50. So he got $500,000 worth of ORDI just for spending $500 in mining fees? It can’t be right.

This hype from ORDI and how news spread that people got big money from easily minting BRC20 create a new trend. Mining xxx20 tokens, inscriptions on altcoin blockchains and I believe many people will lose their money with those useless inscriptions on altcoin blockchains.

Even Inscriptions on Bitcoin blockchain, with BRC20, are useless and I have no way to believe inscriptions from altcoin blockchains actually have good value.

ZAINmalik75

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Quote from: adaseb on December 19, 2023, 12:06:44 AM

Checking the block explorer and I see people paying crazy amounts to mint their ordinals. Like one guy paid $500 and he minted 10000 amount of ORDI.

Right now ORDI is $50. So he got $500,000 worth of ORDI just for spending $500 in mining fees? It can’t be right.

I am completely new to this Bitmap, Ordinals thing. Can someone explain how it works?

I don;t had any idea about ORDI but many new inscriptions are ongoing as I have read some in the airdrop telegram groups I am in, but to mint those tokens I have to pay some fee and I am not willing to pay them because if those airdrops would have made me some good money then $500 would be nothing for me to test my luck in these inscriptions.

To be honest, it is total bet, as far as I know, because if the profit would be so sure then everybody would millionaire now. But due to the risk involved not one actually wants to try there luck with the ransom amount of around $500.
If you want to go deep into such type of airdrops then I prefer you to join some airdrops groups either of telegram or WhatsApp. You have to be very selective and never fell to any other's scam or phishing scam.

FinneysTrueVision

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There are dedicated websites that make Ordinals inscriptions easy without having much technical knowledge. There is usually an interface with the option to mint BRC-20, add text, or attach an image to your transaction.

Depending on the type of inscription you want to create some metadata is added to the witness field of a transaction. Bitmap is a type of text inscription that allows you to claim ownership of a Bitcoin block in the Ordinals metaverse if I understand correctly.

adaseb

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Checking the block explorer and I see people paying crazy amounts to mint their ordinals. Like one guy paid $500 and he minted 10000 amount of ORDI.

Right now ORDI is $50. So he got $500,000 worth of ORDI just for spending $500 in mining fees? It can’t be right.

I am completely new to this Bitmap, Ordinals thing. Can someone explain how it works?

Topic: So how does this ordinals minting work exactly? (Read 134 times)