Here's why there are deep incentives for a Bitcoin fork with the Ordinals people.
Ordinals/BRC-20/Inscriptions are now VC funded. And they're going to be pressured to keep growing, no matter what. Yet the hype around their stuff will inevitably fade. And whatever profits they had will dry up. So what will they do?
There are two paths. One is to increase revenue, the other is to reduce costs. The first will be very difficult to do without some new narrative. And they might try that, but it's going to be very difficult on Bitcoin... At least as it currently stands. They could move to another chain, but then, their whole reason for existence, being built on Bitcoin will be no more. Hence the incentive to create new narratives around their stuff and to add "features" to generate interest means some sort of fork.
The other path is to reduce costs. The most obvious cost is the fees being sent to miners. And to reduce that, you need to increase block size or make the blocks more frequent. Either way, this is incentivizing a fork.
The point is that once VC funding entered the picture, the path was set. There will be a conflict of visions and a "peaceful coexistence" was never going to be the outcome.
Replies (65)
CTV 2x
This is a little different causally (and less conspiratorial π) but was the outcome I was concerned about when posting this.
View quoted note β
View quoted note βBlocksize wars 2.0
It doesnβt really matter why ordinals people want a soft fork. Bitcoin needs a soft fork or it will never be private p2p digital cash that destroys the central banks. Is this something you want Bitcoin to do?
Lightning with RGB is everything etherium ever dreamed of. Lets hope they move there
vote with your feet. patch node to ignore jpegs, and direct hashing power towards pools that follow suit.
Ordinals. Proof that thereβs a shit ton of dumb money still floating around.
Same could be said about lightning β‘οΈ even more so.
I think ordinals/inscriptions/stamps/brc20s are regarded but if they willing to pay the l1 fee then I have no problem with it.
Fees go to bitcoin miners. Bitcoin miners care about the longevity of the network so are more likely to find solutions that bring down l1 fees like move activity to layer 2s.
you can just use monero bro, it's private bro
Ordinals ππΌππΌππΌ
As the price of Bitcoin increases the incentives for Ordinals will most likely change. Higher price
I am in the Saylor camp, allow things to work themselves out. Observe these edges before acting, watch the pattern and cycles.
so, is the question then, which fork would be more profitable for miners? or do miners have backbone and believe in bitcoin the global money?
Who is funding the custodial bitcoin projects?
memba Opensea pump, pump, pump, POMP and dump, dump, dump, dump and DOMP? so WEF cuckturds Rainbow eric wall, Udi ordturd the fakecoiner, Marry Christmas all, lmaooooooooooooooooooooooooooooooooooooooooooooooo
No changes to bitcoin to get ahead of pure hypotheticals.
The VCs you cite here behave wholly uncharacteristic of pump and dumpers. Let them fork if it comes to that. Theyβll lose.
So far that has been Michael Saylor and Peter Todd's answer, so maybe thatβs what they expect
There will be forks.
The best thing that you can do to prepare, is to understand what Bitcoin is & is not.
To be able to act decisively should a fork emerge.
Remember that you get to decide which version of Bitcoin to validate. No external authority should be doing this for you.
In my opinion, the presence of ordinals is temporary, but if the presence of ordinals becomes permanent, the solution to this problem is to use L2 for those who have a small amount of bitcoin. In other words, these intruders do not go anywhere, but bitcoiners migrate to L2.
Could they move to Liquid BTC to reduce cost?
Does this tell you that in X years, there'll be another decision/drama/crisis. Then again there'll be another
Evolution not revolution
Isn't operating on a forked bitcoin essentially just another independent chain? The bitcoin affinity scam wouldn't really work because it would be real bitcoin in the same way bitcoin cash is (i.e., not at all). I think some kind of pegged side chain makes more sense for them.
Isn't BTC slowly morphing into BSV but kicking and screaming?
Ecosystem means circulation within in the system, anything is Limitedly Quantified! The point is whether you could figure out how to verify the flow is only generated from the system itself?!
No need to be surprised when more greed driven items are desperately trying to get involved.
Thatβs the nature.
Nah, a fork is like a cleansing. Like sweating out toxins. Once the fork is out, bitcoin continues to be bitcoin.
Yeah, but it can still be a BRC because it is a bitcoin Blockchain. Call it bitcoin ordinals, it's still called bitcoin something. Get my drift?
It's a bit better than creating a new shitcoin or rebranding something else with the bitcoin name because you can at least say that it has bitcoins history and is born from bitcoin.
This node ainβt forking!
Interesting perspective
big blocks were forked many times already. pretty sure it's not that easy now
everyone understands you could do inscriptions on bch or bsv
The state sponsored blob will support these projects.
The biggest risk to Bitcoin is if they can pull miner/pool incentives toward anything other than the Bitcoin token itself. Real world assets or financial assets on the Bitcoin chain that earn revenue for miners will give regulators a hook.
Miners will support forks that protect their revenue stream - if that stream has "bonus" revenue (merge mining) from other assets such as stable coins, they will care less about the decentralized and uncensorable benefits of BTC.
Ordinals as jpegs are not a threat, but tokens for regulatable assets are.
More discussion of controversial issues...
I boost such when I find it so all sides get as wide an airing as possible. π
View quoted note βFreedom tech is hope, clown tech is a joke.
View quoted note βBitcoin Magazine is a Propaganda Narrative Machine
If you look in to who sits on the Board of Directors of the Parent Company BTC Inc. You will understand that Vitalik Buterin never left BTC Mag, He became a silent owner of BTC Inc. Thru a Proxy
Vitalik Buterin also coined the phase Bitcoin Maximalist right when Bitcoin Mag was building it Brand π€
Market segmentation
Process of dividing a broad consumer market into sub-groups with shared characteristics
#Bitcoin is one segment/property in a larger Crypto Industy
The "suits" had at least 80% of the economic power during the first blocksize war and they lost hard. they'd never get even close to that kind of a majority this time around. I think the danger of a blocksize increase is extremely low.
they should just move to BCH lol
is it possible to build ordinal on lightning? or sife chain like liquid?
The US regulators are making non-custodial L2 (LN) very hazardous, and self custodial L2 has very difficult UX.
BSVers are behind a lot of the ordinals spam, whatever the stripe.
A fork towards bigger blocks is always what they wanted. Peace was never an option.
They came here from BSV, their goal was always to co-opt the real chain. They already had a shitty knockoff, that wasn't enough for them.
You calculated a valid prediction. But other possibilities have higher probabilities.
The thing that youre missing is that the market likes inscriptions because theyre on Bitcoin. People can (and have) made inscriptions on other chains. Litecoun, dogecoin, eth, solana all have then now. The market isnt moving there. Being on bitcoin is a feature. Its not likely that community will fork off to a smaller chain.
I'm just gonna leave this here π
What actions are needed? Why not just ignore it?
wait
i thought you liked ordinals
We would have bitcoin sv and bitcoin vc
Everyone that ever followed your advice is broke as fuck.
Your followers are the biggest losers
what about people who followed jimmyβs advice?
Much better off.
How many referrals did you send to FTX ? Thousands ?
You have financially ruined so many. I guess they had it coming for not recognizing you as a scam artist
Maybe one of them will solve the l2 UX problem.
View quoted note βPools and miners should just mine the biggest fees. If they start filtering, they introduce censorship in Bitcoin. I don't want that. I don't care if they block ordinals or sanctioned wallets or whatever, I don't like censorship.
- BTC fork right at the moment when spot ETFs launch....
- BlackRock and friends decide the ordinals for is the "real" bitcoin.
- then massive marketing pump to generate and funnel bitcoin buyer interest into the ETF.
- original bitcoin gets left behind in market cap.
View quoted note βFork--->ETF launch--->BlackRock & VC funded media pump on the fork--->Original(current) BTC left behind?
Unless it's a malicuous attack....
Considering most action in the space is sponsored by VCs they might want more control eventually. They won't get it in bitcoin. That's when a bitcoin VC fork could happen. At leas that is my understanding of his point. It agrees the market chose bitcoin for now. It doesn't mean that bitcoin as it is will work for selling jpegs for ever.
meet the forkers ππβ
View quoted note βI think they are going to push BIP 300 and 301.
Maybe the least obvious answer is to fix the way ordinals are being put together on chain.
Why havenβt you at least just tried using it yet?
> How many referrals did you send to FTX ? Thousands ?
3 lol
Scumbag liar
i severely doubt they have never used it
Agreed
Ignoring it is a legitimate action to choose.
You will become a holder of both bitcoin & a shitcoin. You don't risk choosing the wrong bitcoin since you continue to hold both.
If you decide to sell the shitcoin to buy more bitcoin, then the timing will effect how many sats you acquire. Doing nothing & then choosing to sell later may not be the best path.
If suits were ever going to be able to pull something like this then they would have pulled it with Segwit2x.
Basically every miner, every exchange, every bitcoin-related suit was in on it and they got fucking wrecked.
It was glorious.
