One of the displays at Bitcoin 2023 was a toilet, featuring the logos of altcoins being flushed away. But Elias Ahonen also found a surprising level of acceptance from most attendees of Ordinals and shitcoins on Bitcoin. (Via CointelegraphZN)
In March 2023, an anonymous developer named “domo” introduced the BRC-20 system, which uses Ordinals to enable users to mint and transfer tokens on Bitcoin, in a simplistic take on Ethereum’s ERC-20 standard.According to BRC-20.io, at one point, the market cap exceeded $1 billion, although after the initial hype died down, the 187 tracked tokens fell to half a billion, and in the midst of the SEC-derived bear market, they’re worth around $132 million with a daily volume around $47 million .
The rift that Ordinals has caused in the Bitcoin community may well be summed as a conflict between the wizards and the laser-eyes — the former representing the experimental and fun-loving early ethos of Bitcoin, while the latter conveys intensity, seriousness and an unyielding focus on their vision for the greatest form of money known to man.
While some in the laser-eyes camp have raised the possibility of a fork to roll back the Taproot upgrade that enables Ordinals, Golema thinks it’s unlikely. Recalling the block-size wars that were a key driver in the Bitcoin Cash fork led by “We’ve seen for one of the first times that the fee reward was bigger than the block reward — that’s very important for the future of Bitcoin’s security.”
“These are Bitcoin guys — these are people who had to figure out how to run an entire node to ‘inscribe’ stuff on Bitcoin, the mother chain.” “These Bitcoin wizards understood early on that the block space on Bitcoin is prime real estate — it’s forever immutable and censorship-resistant data,” he adds, not forgetting to add that Ethereum is “semi-centralized.”The phenomenon also appears to be growing the Bitcoin user base.
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