Those %$@#& ordinals, how popular are they?

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Quote from: tread93 on November 04, 2024, 02:58:23 PM

Quote from: examplens on November 01, 2024, 10:37:03 AM

Quote from: franky1 on November 01, 2024, 01:59:29 AM

usefulness of opreturn vs script.. well script is just treated as appended junk data to end of tx thats not blockchain ruled associated with any unspent utxo of said same tx.. however opreturn is just dead immovable(unspendable) junk data too, just with limited space.. in short, both worthless

We certainly cannot ignore the fact that they occupied a part of Bitcoin history, regardless of whether they ended up in the trash. I can't say that I feel bad about it, I'm quite against the tokenization of the Bitcoin network.

I think that it’s pretty creative and roundabout way of using the Bitcoin network although I don’t think it quite adds much value or anything it’s more so just for fun and the fees spike up because they do take up so much of the block size and bandwidth of the network! Can’t agree more though about your history comment. It’s a fun time in bitcoin’s youth haha

Speculation on something worthless in reality - the worst enemy of a person who likes to try and see how it goes Grin

Still, I agree with the fact that it's part of the history as of now.

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Quote from: examplens on November 01, 2024, 10:37:03 AM

Quote from: franky1 on November 01, 2024, 01:59:29 AM

usefulness of opreturn vs script.. well script is just treated as appended junk data to end of tx thats not blockchain ruled associated with any unspent utxo of said same tx.. however opreturn is just dead immovable(unspendable) junk data too, just with limited space.. in short, both worthless

We certainly cannot ignore the fact that they occupied a part of Bitcoin history, regardless of whether they ended up in the trash. I can't say that I feel bad about it, I'm quite against the tokenization of the Bitcoin network.

I think that it’s pretty creative and roundabout way of using the Bitcoin network although I don’t think it quite adds much value or anything it’s more so just for fun and the fees spike up because they do take up so much of the block size and bandwidth of the network! Can’t agree more though about your history comment. It’s a fun time in bitcoin’s youth haha

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Ordinals have indeed had an impact on Bitcoin, including record highs in block sizes of over 2.5MB since their early 2023 arrival. This so-called "blockchain bloat" has become a controversy. While they briefly inflated transaction fees and generally made the blockchain heavier, the fervor cooled, and they now level off between 4-10 SATs/vB. That would indicate Ordinals aren't creating a constant fee problem, but they do take up precious real estate in each block, making Bitcoin more than simply a currency network, excessively supporting NFTs among other content, too.

The most common debate around Ordinals is that they either add value or simply consume resources pointlessly. Miners, though, are enjoying some extra revenue in processing these transactions, hinting at a financial reason to keep Ordinals on. Currently, Ordinals don't pose a huge problem of "blockchain real estate," but if they keep growing, they could continue pushing block sizes up and probably elevate fees over time as more users compete for space.

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Quote from: ABCbits on November 04, 2024, 03:53:14 AM

FYI, BRC-20 which use Ordinal usually have script size below 100 bytes. So if Bitcoin Core devs actually wanted to stop Ordinals, they could've make OP_FALSE OP_IF ... OP_ENDIF non-standard since the script never executed.

That's true, Runes transactions are much smaller in size. Unless you are attaching data to the Rune, in which case the initial issuance transaction can be quite large.

Seems like an easier fix would be putting a limit on the taproot script length, rather than adding new definitions of what is or isn't standard.

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Quote from: ? on November 04, 2024, 01:24:08 AM

It won't end simply because of course there would be people who want to hold it.
Anything related to BTC as time goes on would be more and more lucrative, especially for those who love to speculate and spend their days in degen trenches.

The idea that it will end also seems wrong because we can see from the aesthetic point of view that it will not end. Many people will see many kinds of comments but it will never end it will continue like this hopefully it will continue better in the future.

Thinking that everything related to BTC will be more profitable seems to me to be a good idea. Because Bitcoin has become so popular at the moment that everything associated with it seems to be worth more. At present it appears that BTC is considered to be a very valuable asset and therefore everything associated with it will be in a good position going forward.

It is generally seen that when the price of BTC goes up, all the coins in the market start to go up and from there it can be said that everything associated with Bitcoin will get better as the condition of Bitcoin improves.

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Quote from: nutildah on November 04, 2024, 01:18:00 AM

Quote from: lixer on November 03, 2024, 01:56:19 PM

So if we all get together, and revamp the blockchain to block these people, then we could all agree to it and be finally rid of them as well. This isn't really that impossible, it can be done and I believe we could potentially see this as well. Remember how we moved away from legacy to now segwit, we could totally make that kind of change, but this time to get rid of all these BRC20 or whatever people, no more ordinals or anything like that ever in bitcoin, so we can have easier transactions.

We're not doing anything, except for shitposting. The Bitcoin Core devs could put a limit on the taproot script length and that would solve a lot of the "problem", but "problem" is in quotes because its not actually a problem.

Transactions are currently 1 sat/byte. It literally doesn't get any "easier" to transact on Bitcoin.

FYI, BRC-20 which use Ordinal usually have script size below 100 bytes. So if Bitcoin Core devs actually wanted to stop Ordinals, they could've make OP_FALSE OP_IF ... OP_ENDIF non-standard since the script never executed.

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Quote from: ? on November 04, 2024, 01:24:08 AM

It won't end simply because of course there would be people who want to hold it.
Anything related to BTC as time goes on would be more and more lucrative, especially for those who love to speculate and spend their days in degen trenches Grin

FINALLY someone who GETS IT!

Its true that most (99%) NFTs/shittokens are meant for the short-term flip, and its a PvP mentality where everyone is trying to get in and out before the next guy. But collectibles on Bitcoin have more value simply via the prestige of its blockchain. Not all of them of course. No serious collector is gonna give two shits about holding NFTs/tokens on SOL for the long run. Degens will move some profits into more stable digital assets, like Rare Pepes, maybe some ETH NFTs, and I imagine low-number Ordinals. Though I've never purchased an Ordinal and don't really care if they succeed or not.

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Quote from: Ambatman on November 03, 2024, 11:12:49 AM

Quote from: FatFork on November 03, 2024, 06:20:55 AM

It's fun to try new ideas, no doubt. But we gotta remember where Bitcoin's real strength lies - its simplicity and security. If we tack on too many bell's and whistles we risk mucking up that security. I'm not saying we can't improve things down the line. But less is more in this case.

There's always an opportunity cost and security is not something we would want to be compromised.
Many know the impact, but they innit for the quick cash and not concerned about the future.

Quote from: DeathAngel on November 03, 2024, 10:23:16 AM

They’re a load of crap, they have no intrinsic value & they are totally speculative. They could severely oose value at any point. The craze around them has died down now & I expect them to become less & less popular as time goes on.

And something more stupid or outrageous may come up.
It's like a never ending circle
They come shine bright for some seconds and burn out to become things of the past.

Casey is on it again
https://coinmarketcap.com/community/articles/6724e770e4a5547fb088748e/

Memento Mori meaning“Remember you will die,”
Quite catchy right?
Sigh People are still buying-in

It won't end simply because of course there would be people who want to hold it.
Anything related to BTC as time goes on would be more and more lucrative, especially for those who love to speculate and spend their days in degen trenches Grin

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Quote from: seoincorporation on November 03, 2024, 04:51:08 PM

Quote from: DeathAngel on November 03, 2024, 10:23:16 AM

They’re a load of crap, they have no intrinsic value & they are totally speculative. They could severely oose value at any point. The craze around them has died down now & I expect them to become less & less popular as time goes on.

They are like the NTFs, they shouldn't have vale, but ID there is someone ready to pay for them then it will have a value.

Personally I don't like that tech and shouldn't be part of bitcoin, but take that technology out of blockchain will be Hard.

NFT and memes drive people to gamble their luck away.
But as you said - if there is a demand, there would be a supply.
Roll Eyes

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OMG Ordinals are destroying Bitcoin!!!!
.
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NOT

Quote from: lixer on November 03, 2024, 01:56:19 PM

So if we all get together, and revamp the blockchain to block these people, then we could all agree to it and be finally rid of them as well. This isn't really that impossible, it can be done and I believe we could potentially see this as well. Remember how we moved away from legacy to now segwit, we could totally make that kind of change, but this time to get rid of all these BRC20 or whatever people, no more ordinals or anything like that ever in bitcoin, so we can have easier transactions.

We're not doing anything, except for shitposting. The Bitcoin Core devs could put a limit on the taproot script length and that would solve a lot of the "problem", but "problem" is in quotes because its not actually a problem.

Transactions are currently 1 sat/byte. It literally doesn't get any "easier" to transact on Bitcoin.

seoincorporation

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Quote from: DeathAngel on November 03, 2024, 10:23:16 AM

They’re a load of crap, they have no intrinsic value & they are totally speculative. They could severely oose value at any point. The craze around them has died down now & I expect them to become less & less popular as time goes on.

They are like the NTFs, they shouldn't have vale, but ID there is someone ready to pay for them then it will have a value.

Personally I don't like that tech and shouldn't be part of bitcoin, but take that technology out of blockchain will be Hard.

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Quote from: franky1 on November 01, 2024, 01:59:29 AM

popular?.. not much, if any..
people need to realise its only a couple idiots creating all this junk, its not millions of individuals
what they do is they set up a false market. sell crap to themselves to st a fake price and hope scam victims then buy the crap from them ..

when a couple scam victims do buy this fake crap, this justifies them wasting fee's to create more junk to scam more people
..

usefulness of opreturn vs script.. well script is just treated as appended junk data to end of tx thats not blockchain ruled associated with any unspent utxo of said same tx.. however opreturn is just dead immovable(unspendable) junk data too, just with limited space.. in short, both worthless

The possibility of them doing this, basically the ability to be even able to do it, is the thing that I am against and majority of bitcoin world is against it as well. Now I know this is a decentralized market and we know what we are doing, but I honestly believe that we need to get rid of them all together because bitcoin isn't the place for this. Those few people who are trying to fool people by doing this, isn't doing a proper fair chain to us, and we need to do a lot better.

So if we all get together, and revamp the blockchain to block these people, then we could all agree to it and be finally rid of them as well. This isn't really that impossible, it can be done and I believe we could potentially see this as well. Remember how we moved away from legacy to now segwit, we could totally make that kind of change, but this time to get rid of all these BRC20 or whatever people, no more ordinals or anything like that ever in bitcoin, so we can have easier transactions.

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Quote from: FatFork on November 03, 2024, 06:20:55 AM

It's fun to try new ideas, no doubt. But we gotta remember where Bitcoin's real strength lies - its simplicity and security. If we tack on too many bell's and whistles we risk mucking up that security. I'm not saying we can't improve things down the line. But less is more in this case.

There's always an opportunity cost and security is not something we would want to be compromised.
Many know the impact, but they innit for the quick cash and not concerned about the future.

Quote from: DeathAngel on November 03, 2024, 10:23:16 AM

They’re a load of crap, they have no intrinsic value & they are totally speculative. They could severely oose value at any point. The craze around them has died down now & I expect them to become less & less popular as time goes on.

And something more stupid or outrageous may come up.
It's like a never ending circle
They come shine bright for some seconds and burn out to become things of the past.

Casey is on it again
https://coinmarketcap.com/community/articles/6724e770e4a5547fb088748e/

Memento Mori meaning“Remember you will die,”
Quite catchy right?
Sigh People are still buying-in

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They’re a load of crap, they have no intrinsic value & they are totally speculative. They could severely oose value at any point. The craze around them has died down now & I expect them to become less & less popular as time goes on.

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Quote from: NotFuzzyWarm on October 31, 2024, 08:37:14 PM

How popular are they? Enough that some fools are spending $$$$ on them - Block 868188 had 10.442 BTC in fees and the few before and after it were nothing to sneeze at either...

The latest halving block managed to collect 37.6 Bitcoin fees totally. Total fees in the previous block was 1 BTC, in the next block, 4 BTC. In one transaction with 1 input and 2 output (2nd output was OP_RETURN), someone even paid 3.6 BTC. Doesn't make sense, right? This is totally insane.

Quote from: franky1 on November 01, 2024, 01:59:29 AM

popular?.. not much, if any..
people need to realise its only a couple idiots creating all this junk, its not millions of individuals
what they do is they set up a false market. sell crap to themselves to st a fake price and hope scam victims then buy the crap from them ..

when a couple scam victims do buy this fake crap, this justifies them wasting fee's to create more junk to scam more people
..

usefulness of opreturn vs script.. well script is just treated as appended junk data to end of tx thats not blockchain ruled associated with any unspent utxo of said same tx.. however opreturn is just dead immovable(unspendable) junk data too, just with limited space.. in short, both worthless

It makes sense to say that couple idiots are doing all of this because I think that the whole process of creating a wallet, minting it and then sending, it's a little bit complicated for an average user but who knows, maybe Einstein was right and two things are infinite, the universe and human stupidity (he wasn't sure about universe).

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For as long as I have known about BTC, every year I see different predictions, sometimes it is surprising how people make such predictions. I have also seen that those who make predictions are not correct at all, they know best how to make predictions. Although each year can be identified according to a system that can happen but some predictions make it so that it is beyond imagination. Then it seems that Bitcoin will never be like this, it has a long term system according to which Bitcoin will progress.

Quote from: FatFork on November 03, 2024, 06:20:55 AM

It's fun to try new ideas, no doubt. But we gotta remember where Bitcoin's real strength lies - its simplicity and security. If we tack on too many bell's and whistles we risk mucking up that security. I'm not saying we can't improve things down the line. But less is more in this case.

When it comes to entertainment, I've seen people having a lot of fun with BTC too. Many entertain the hope that the price of Bitcoin will be much higher in the future. Many people are seen suffering from losing bitcoins and many people say that they made a mistake by selling it. Many people want to invest in BTC and make overnight profits. I have seen many types of predictions but what I have seen is that those who start investing for long term are in good position. In fact, I would like to say that people who talk about it more often than not really trust Bitcoin, so they make different comments about Bitcoin. It seems to me that BTC is becoming more and more like an asset and not a property.

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Quote from: FatFork on November 03, 2024, 06:20:55 AM

~snip~
It's fun to try new ideas, no doubt. But we gotta remember where Bitcoin's real strength lies - its simplicity and security. If we tack on too many bell's and whistles we risk mucking up that security. I'm not saying we can't improve things down the line. But less is more in this case.

However, in the whole story about what I call "ordinary nonsense" it doesn't matter at all what you, I or millions of others who might not like it think - because it's obvious that everyone can invent something of their own and parasitize Bitcoin as much as they want. In the end, it all boils down to profit, and that same profit mostly goes into the pockets of those behind such projects and of course the miners who don't mind taking extra fees from time to time.

I think that there will be more and more things like this in the coming years, because there is still relatively little BTC for mining, and the reward per block is already quite low.

FatFork

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I've heard some people say Bitcoin is just a bubble waiting to burst. But I don't think that's true - its held on a long time now. That said, stuff gets built on top of Bitcoin that maybe don't need to be there. All these ordinals and the whole idea of tokenizing the Bitcoin network - those feel like bubbles ready to burst to me.

It's fun to try new ideas, no doubt. But we gotta remember where Bitcoin's real strength lies - its simplicity and security. If we tack on too many bell's and whistles we risk mucking up that security. I'm not saying we can't improve things down the line. But less is more in this case.

pooya87

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Quote from: nutildah on November 03, 2024, 01:53:30 AM

Quote from: pooya87 on November 02, 2024, 12:55:54 AM

That "disease" has reached Bitcoin despite the fact that unlike token creation platforms you CANNOT create tokens on bitcoin blockchain and within its consensus rules.

You just contradicted yourself here. The "disease" has reached bitcoin even though according to you its not possible, LOL.

Token creation is not possible on Bitcoin simply because the protocol does not have that kind of capabilities (for good reasons). The disease is not token creation, it is the scammers creating a useless garbage (the arbitrary data being injected in to the blockchain in this case) and selling to newbies who don't know any better.

Of course, you already know this better than I do. You just love the scam opportunities the Ordinals Attack/exploit provided Wink

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They are not popular on my part. I never wondered what they are about, never had the need of using them, still don't know about them completely. I understand that they made the bitcoin fees more expensive and that's enough to make me hate them and for this reason I don't like whoever is using them too. It is a waste of resources and bandwith and block space.

I wish it never existed.

Bitcoin fees are cheap lately though. Hopefully it will stay like that. Otherwise people will leave btc for alts.

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Quote from: pooya87 on November 02, 2024, 12:55:54 AM

I wouldn't call them popular

But they are popular -- we're still seeing mempool spikes because of the fact that they are popular. For a long while Ordinals transactions were the brunt of Bitcoin transactions. They also onboarded a new breed of Bitcoin user. You don't have to like it but those are the facts.

Quote from: pooya87 on November 02, 2024, 12:55:54 AM

That "disease" has reached Bitcoin despite the fact that unlike token creation platforms you CANNOT create tokens on bitcoin blockchain and within its consensus rules.

You just contradicted yourself here. The "disease" has reached bitcoin even though according to you its not possible, LOL.

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Quote from: NotFuzzyWarm on October 31, 2024, 08:37:14 PM

How popular are they? Enough that some fools are spending $$$$ on them - Block 868188 had 10.442 BTC in fees and the few before and after it were nothing to sneeze at either...

Humans are quite creative in creating ways to scam one another
So this ain't the end of this parasitic dance.

Quote from: Darker45 on November 01, 2024, 11:36:25 PM

There must be something going on here. With all the inflated prices and the easy-money and get-rich-quick kinds of things, a lot of dirty money might have been washed clean in the process. Or perhaps I'm just underestimating the craziness of men.

A possibility but most just dive in because it promises overnight wealth(greed).
Never trusted and never would trust anything that promises getting risk quick.

Shitcoins, NFTs, ordinals and whatever they are called or would be called would come and would go
And people would get rich by extorting others and the extorted and future extortee would never learn.
TON tokens were hyped few months ago
Now check their pefomance.

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Quote from: NotATether on October 31, 2024, 04:05:48 AM

Quote from: ABCbits on October 31, 2024, 04:03:09 AM

Quote from: PepeLapiu on October 30, 2024, 06:15:53 PM

But I understand that an OP_Return tx can be a valid non-ordinal transaction, but an ordinal is always an OP_Return tx.

Actually Ordinals use Taproot's redeem script, while Runes use OP_RETURN. But both of them created by Casey Rodarmor.

Why, exactly, did he want to revert to using OP_RETURN for Runes after Taproot's redeem script was doing very well for Ordinals at the beginning?

I don't remember why. But Ordinals require you to create 2 TX, where 1st TX send Bitcoin to specific Taproot address (with custom script) and 2nd TX reveal the custom script which contain arbitrary data. Meanwhile Runes only require you to create 1 TX.

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Quote from: ABCbits on October 31, 2024, 04:03:09 AM

Actually Ordinals use Taproot's redeem script, while Runes use OP_RETURN. But both of them created by Casey Rodarmor.

IIRC nobody use either Ordinals or Runes to manage real estate. Those usually used to create NFT, token or add arbitrary data.

A same creator for both Ordinals and Runes to steal money from greed people who want to get rich but want to use bitcoins to purchases these tokens and useless NFTs than hold their bitcoins for profit and get richer.

Runes are now worthless and have killed Ordinals too.

The bull run is going so people are going with greed and chance to be rich with Ordinals and Runes. When a bear market comes in likely 2026 and 2027, they will be given hard lessons to learn. Useless tokens, NFTs will plummet in price in many bearish months and it's hard for me to believe they will be able to come back in a next market cycle.

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I wouldn't call them popular, it is the same hype cycle we saw with ICO scams. Initially when the ICOs became hyped up, there were a lot of gamblers buying into them and we saw a lot of pumps. But eventually it started dying because in reality they are useless garbage!

But that didn't mean the end of the scam/hype. They kept changing the name and making small changes to produce something that looked new but in reality it was the same useless garbage that encouraged newbies to "bet" on with their hard earned money!

Code:

ICO -> IDO -> IBO -> IEO -> ITO -> STO -> DeFi -> NFT

That "disease" has reached Bitcoin despite the fact that unlike token creation platforms you CANNOT create tokens on bitcoin blockchain and within its consensus rules.

Darker45

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They aren't popular. They come and go very quickly. If what's happening around is true, then perhaps there's a very tiny niche or community that truly loves and supports them. But since Ordinals and Runes and other NFTs are already reaching to the tens of billions, I smell something fishy. There must be something going on here. With all the inflated prices and the easy-money and get-rich-quick kinds of things, a lot of dirty money might have been washed clean in the process. Or perhaps I'm just underestimating the craziness of men.

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Quote from: FortuneFollower on November 01, 2024, 02:10:31 AM

Though I never looked at Runes closely.

Runes just seems like unapologetically full-tilt degen mode brought to Bitcoin. Absolutely zero pretense of any kind of utility whatsoever. Its just part of the hyper-gambling which has sadly defined crypto culture in 2024. Its not sustainable. I expect all Runes to trend to zero at a faster rate than ordinals.

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Quote from: franky1 on November 01, 2024, 01:59:29 AM

usefulness of opreturn vs script.. well script is just treated as appended junk data to end of tx thats not blockchain ruled associated with any unspent utxo of said same tx.. however opreturn is just dead immovable(unspendable) junk data too, just with limited space.. in short, both worthless

We certainly cannot ignore the fact that they occupied a part of Bitcoin history, regardless of whether they ended up in the trash. I can't say that I feel bad about it, I'm quite against the tokenization of the Bitcoin network.

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Quote from: nutildah on October 31, 2024, 10:11:52 PM

As a general rule of thumb, I would expect the "first" or early Ordinals to retain some value as collector's items whereas the rest will trend to zero along with 99.9% of all other NFTs. How many are considered to be early? Honestly I'd say the 1st 10,000 or so. It sounds like a lot but most of these aren't gonna be up for sale. There will always be a market for at least some of the early ordinals, especially those with single to triple digit inscription numbers.

Totally.
Just like with the memes, only the first going onto the board would be able at least to come off unscratched.
Others are going to the sharks Grin

Though I never looked at Runes closely.

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popular?.. not much, if any..
people need to realise its only a couple idiots creating all this junk, its not millions of individuals
what they do is they set up a false market. sell crap to themselves to st a fake price and hope scam victims then buy the crap from them ..

when a couple scam victims do buy this fake crap, this justifies them wasting fee's to create more junk to scam more people
..

usefulness of opreturn vs script.. well script is just treated as appended junk data to end of tx thats not blockchain ruled associated with any unspent utxo of said same tx.. however opreturn is just dead immovable(unspendable) junk data too, just with limited space.. in short, both worthless

nutildah

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As a general rule of thumb, I would expect the "first" or early Ordinals to retain some value as collector's items whereas the rest will trend to zero along with 99.9% of all other NFTs. How many are considered to be early? Honestly I'd say the 1st 10,000 or so. It sounds like a lot but most of these aren't gonna be up for sale. There will always be a market for at least some of the early ordinals, especially those with single to triple digit inscription numbers.

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How popular are they? Enough that some fools are spending $$$$ on them - Block 868188 had 10.442 BTC in fees and the few before and after it were nothing to sneeze at either...

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Quote from: ABCbits on October 31, 2024, 04:03:09 AM

Actually Ordinals use Taproot's redeem script, while Runes use OP_RETURN. But both of them created by Casey Rodarmor.

I don't care. It's all shitcoinery to me.
My hope is that those shitcoiners lose a lot of money and end up walking away from bitcoin. Go back to the kiddy table. Grown ups don't have time for them.
I listened to Rodarmor on a few podcasts. The guy is an idiot, or trying to be seen as an idiot.

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Quote from: NotATether on October 31, 2024, 04:05:48 AM

Quote from: ABCbits on October 31, 2024, 04:03:09 AM

Quote from: PepeLapiu on October 30, 2024, 06:15:53 PM

But I understand that an OP_Return tx can be a valid non-ordinal transaction, but an ordinal is always an OP_Return tx.

Actually Ordinals use Taproot's redeem script, while Runes use OP_RETURN. But both of them created by Casey Rodarmor.

Why, exactly, did he want to revert to using OP_RETURN for Runes after Taproot's redeem script was doing very well for Ordinals at the beginning?

Because implementing via OP Return is simpler and would boost adoption since most individual are familiar with the script code.

Quote

So how much room are ordinals taking up on an average block?

It depends on the popularity and network activity at the period
The more the interest
The higher the space occupied.
It can be checked in Block explorer.

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Quote from: ABCbits on October 31, 2024, 04:03:09 AM

IIRC nobody use either Ordinals or Runes to manage real estate. Those usually used to create NFT, token or add arbitrary data.

I didn't mean real estate in terms of buildings and land, but in terms of block space.

NotATether

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Quote from: ABCbits on October 31, 2024, 04:03:09 AM

Quote from: PepeLapiu on October 30, 2024, 06:15:53 PM

But I understand that an OP_Return tx can be a valid non-ordinal transaction, but an ordinal is always an OP_Return tx.

Actually Ordinals use Taproot's redeem script, while Runes use OP_RETURN. But both of them created by Casey Rodarmor.

Why, exactly, did he want to revert to using OP_RETURN for Runes after Taproot's redeem script was doing very well for Ordinals at the beginning?

ABCbits

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Quote from: PepeLapiu on October 30, 2024, 06:15:53 PM

Now, I don't understand what an OP_Return tx is for.

OP_RETURN is used to store arbitary data. It's used as measure to discourage people stop abusing address to store arbitrary data which create unspendable UTXO.

Quote from: PepeLapiu on October 30, 2024, 06:15:53 PM

But I understand that an OP_Return tx can be a valid non-ordinal transaction, but an ordinal is always an OP_Return tx.

Actually Ordinals use Taproot's redeem script, while Runes use OP_RETURN. But both of them created by Casey Rodarmor.

Quote from: PepeLapiu on October 30, 2024, 06:15:53 PM

So how much room are ordinals taking up on an average block?

Visit https://dune.com/cryptokoryo/runes and see chart "Share of transactions".

Quote from: PepeLapiu on October 30, 2024, 06:15:53 PM

How much of a blockchain real estate problem are they, really?

IIRC nobody use either Ordinals or Runes to manage real estate. Those usually used to create NFT, token or add arbitrary data.

PepeLapiu

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So those ordinals suddenly got very popular at the halveving, which caused fees to go way up for a little while. And on Mempool.space, you could see a lot of tx's were OP_Return tx.

And right now, fees are pretty good at around 4-10 SATs/vB. So I assume the ordinals craves subsided somewhat.

Now, I don't understand what an OP_Return tx is for. But I understand that an OP_Return tx can be a valid non-ordinal transaction, but an ordinal is always an OP_Return tx.

And so, we can pretty much visually gauge how many OP_Return tx's there are by clicking on each tx in a block. But that only tells me if a tx is OP_Return of not, it doesn't tell me if a tx is an ordinal or not.

So how much room are ordinals taking up on an average block? How much of a blockchain real estate problem are they, really?

Topic: Those %$@#& ordinals, how popular are they? (Read 481 times)