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Besides “they’re idiots and grifters” can anyone explain to me what the premise is behind all these “brc-20” json entries being recorded on the bitcoin blockchain as inscriptions tied to ordinals are meant to do?

Yesterday, for example, there were only 209 jpegs inscribed on the blockchain (down about 99% from the over 20,000 inscribed 6 days earlier.)

But there were a record 307,046 text inscriptions, and nearly all as far as I can tell were these. Here’s an example of what one looks like:

{"p":"brc-20","op":"mint","tick":"xing","amt":"1000"}

It seems people are minting arbitrary tokens (now costing about $2 worth of sats per mint), presumably with the intent of transacting with them at some point in the future (again at the cost of an on-chain bitcoin transaction, because ordinals can’t be moved on lightning).

But this doesn’t make any sense. It’s cheaper and easier to just mint a fresh batch of tokens if one needs any for any purpose, because anyone can mint any amount of any brc-20 at any time.

So can anyone explain or point to some podcast or anything why anyone believes this to be a useful thing. They’re spending hundreds of thousands of dollars a day on fees.

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Discussion

The Bald Guy ⚡ 2y ago

Let them, as far as I'm concerned they deserve too. Bitcoin is about about personal responsibility if people want to overpay let them. The miners don't descriminate.

Bitcoin for President! ⚡️🔥⚡️🍌🍞 2y ago

It is an attack by the confused gubment entities. Rogue agencies are actively trying to take the network down anyway they can! Translation:

We are in the third phase. The fight.

1st epoch:

Ignore you.

2nd epoch:

Laugh at you.

3rd epoch:

They fight you!

₿k 2y ago

Where can I read more about this epochs

Bitcoin for President! ⚡️🔥⚡️🍌🍞 2y ago

Epoch is a 4 year period.

Rich Nost 2y ago

Ordinal (ugh) "theory", to me, is neither bad nor good. It is like picking your nose or being obsessed with anime. It's an unproductive, off-putting habit that I think some broken people are just compelled to participate in, no matter how much it diminishes their status as an adult. At least it keeps them from roving the streets while they do it, and miners are getting paid to boot.

Timechain 2y ago

So, there seems to be big a big market in this. In some Json script what they do is they give it a ticker name, a max supply and then a cap on how much you can grab at once. The grabbing is actually free at first, like an airdrop, giving 'some' distribution. Hopefully, it becomes valued for... reasons. After this, the coins are then up for grabs elsewhere on specific brc20 sites (they exist already) or inscriptions exchanges. The thing about NFTs is that although collections may have floor prices, nothing can beat 20 seconds of work on 1 line of code creating 1 million tokens of uniform price.

Timechain 2y ago

But you get it? They make some coins free to grab grab a bunch themselves and hope the market values it. It's like a premine in a way.

Tomer Strolight 2y ago

So useless shitcoins on Bitcoin.

The complexity of relying on a single ‘creation of the meme coin’ inscription/ordinal (which can be disputed by creating another one making the same claim), and then relying on tracking ordinals to track ownership of the tokens is itself a rube-goldberg structure bound to be exploited repeatedly.

The Daniel 🖖 2y ago

Where is this website that keeps track of these shitcoins? I want to add this to my presentation deck for tomorrow’s meetup.

Slipstream 2y ago

It's gambling / FOMO. Even the website with the protocol docs has a reminder that these are pointless/worthless and something like Taro is a better technical implementation

Brisket 2y ago

I can't explain it Tomer.

It seems like dysfunction.

Complexity for the sake of it.

In time I suspect the miners will be the only beneficiaries of this and I'm ok with that.

BitcoinSandy 2y ago

Is it just more attacks ?

Bitcoin for President! ⚡️🔥⚡️🍌🍞 2y ago

Bingo! 💯🎯

Mattyverse Gmᴳᵐ 2y ago

Well you can't just mint more $meme or $ordi or any BRC-20 token because the 4 letter identifier is already used.

Tomer Strolight 2y ago

I mean, first of all, it’s just people making up their own rules as they go along. There’s hardly anyone who has signed up for any consensus in the BRC-20 standard. And secondly, since anyone can create any unique ticker symbol, and none of them have any actual unique utility, there’s really no scarcity whatsoever. The whole idea is completely idiotic.

It is a test of letting idiots destroy themselves without intervening to try to stop them. The stupidity benefits miners who earn the higher fees caused by the stupidity but it also hurts ordinary users who must now pay higher fees due to this.

9acc3dff... 2y ago

Hey, there's a gamefi related project that might interest you.

VWX uses the user's public information from Steam to determine their authenticity.

Eligible users can then mint tokens by accessing https://glhf.life and obtaining the required information for minting.

The earlier a user mints, the more tokens they will receive.

There are more detailed instructions on my posts.

For more detailed instructions, nostr: note182ws4mkm604yj8eal8jh6te3p8tpg2ms690e5uhjxc725khp086ssmc3u3.

This project was developed anonymously and cannot be promoted via centralized social media platforms.

If you like VWX, please help us promote it. Thank you.