TomerStrolight on Nostr: Besides “they’re idiots and grifters” can anyone explain to me what the premise ...
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.
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.