All these tokens have been put on the Bitcoin chain with BRC-20 which uses the ordinals protocol.
As long as all this shit keeps going up in price forget about the chain being emptied.
The effect of ordinals has been much more serious even than we thought at the beginning.
From my point of view, it is an attack on the fundamentals of Bitcoin and with those fees it is not even feasible to open small LN channels.
We were told Taproot was important and necessary and had to be approved urgently and to not stand the way of progress. Now we have to live with it. Eventually these shitcoins will die off, but it won’t happen overnight.
Taproot has been one of the worst decisions ever made in Bitcoin.
It’s supposed to have all these privacy upgrades, but we should have never allowed smart contact support to be included.
The problem is the discount that the witness segment has with respect to the rest of the block, approximately 75%.
I see it as a good idea to increase the space to be able to execute more complex contracts, but that they pay the same as the rest.
Taproot is a soft-fork which means you can run your node without it and not validate taproot transactions. I'm thinking about doing it temporarily because taproot adoption is mostly ordinals as of now.
Holders: no one.
How do they even trade this shit? Are there exchanges dealing with this crap?
I'm actually having trouble on my day of day because I use BTC on my day to day so my transactions are taken way longer than usual I. I am not happy.
This is only temporary.
This will be good for bitcoin.
With batching, opening small channels seems feasible.
The making of this ordinal rubbish instead of many other more useful features shows Casey Rodamore et al to incompetent and stupid as Bitcoin developers, but fees were high several times before.
The mempool was going to fill up sooner or later, if Bitcoin became popular. The cure for high prices of anything is high prices.
Lightning layer works.
Not good
This too will pass.
