DecodeJar on Nostr: My thoughts on #Bitcoin #BRC20... Token distribution is completely fair, anyone can ...
My thoughts on #Bitcoin #BRC20...
Token distribution is completely fair, anyone can mint, supply is fixed and cannot be changed, and the whole thing is completely rug proof 🔥
So far so good, but trading is slow and cumbersome. I expect that experience with #Ordinals (jpegs), but it seems odd to me to have to handle a token in the same way. Of course a BRC20 token is actually an Ordinal, but there are simple things you expect, such a button that allows you to list at Market/Floor, with the exchange doing the work for you.
Here we have to first mint the amount we want to sell, wait for that to confirm back to the wallet, then multiply the floor price by the number of tokens we are selling, and list the minted tokens at that amount. That's not good UX and it's light years behind selling an #ERC20 token on #Uniswap.
I'm also a unsure as to what the majority of these tokens are actually for, if not just an Ordinal without a Jpeg? 🤷♂️ There's no product or utility behind them as far as I can tell, at least not yet, and all the top tokens are #memes🐸
I don't want to sound negative though, the use case explosion that is happening on Bitcoin is incredibly bullish for #BTC. A major shift on the major chain is a one off occurence, that has the power to reverse the narratives around falling dominance and diminishing returns.
So, while 'utility' may be the only meme for now, there is no other chain I want to be invested in over the long term.
Token distribution is completely fair, anyone can mint, supply is fixed and cannot be changed, and the whole thing is completely rug proof 🔥
So far so good, but trading is slow and cumbersome. I expect that experience with #Ordinals (jpegs), but it seems odd to me to have to handle a token in the same way. Of course a BRC20 token is actually an Ordinal, but there are simple things you expect, such a button that allows you to list at Market/Floor, with the exchange doing the work for you.
Here we have to first mint the amount we want to sell, wait for that to confirm back to the wallet, then multiply the floor price by the number of tokens we are selling, and list the minted tokens at that amount. That's not good UX and it's light years behind selling an #ERC20 token on #Uniswap.
I'm also a unsure as to what the majority of these tokens are actually for, if not just an Ordinal without a Jpeg? 🤷♂️ There's no product or utility behind them as far as I can tell, at least not yet, and all the top tokens are #memes🐸
I don't want to sound negative though, the use case explosion that is happening on Bitcoin is incredibly bullish for #BTC. A major shift on the major chain is a one off occurence, that has the power to reverse the narratives around falling dominance and diminishing returns.
So, while 'utility' may be the only meme for now, there is no other chain I want to be invested in over the long term.