Clown JPEG on #BTC breaking the network?
Continuing our clown series on #HIVE we are talking about #BTC today! So apparently people are minting all sorts of stupid pictures on the BTC network paying stupid sats fee's for what seems to be no reason. Miner's are making huge bank with these stupid BRC-20 and ordinal incriptions.
"The majority of the new meme coin projects are using the BRC-20 concept to grab popularity in the Crypto sector.
BRC-20 is not a standard like ERC-20 or BEP-20. BRC-20 is only an attractive name to grab popularity to show off cool. Under the concept of BRC-20 protocol, people can mint, and deploy any named & supply of coins on the Bitcoin Ordinals, i.e., NFT-like inscriptions on the blockchain. The first time, BRC-20 was introduced in Jan 2023 and in a short period it grabbed huge popularity.
The current market cap of BRC-20 tokens/NFTs is standing at around $120 million, which is a 600% increment between March to the date. "
"Ordinal Inscriptions, similar to NFTs, are digital assets inscribed on a satoshi, the lowest denomination of a Bitcoin (BTC). Inscribing on satoshis, named after the pseudonymous creator of Bitcoin, Satoshi Nakamoto, is possible thanks to the Taproot upgrade launched on the Bitcoin network on November 14, 2021"
So today we are seeing a backlog of transactions on the BTC network at around 400k. People are paying stupid fee's to have ordinal's incribed on a satoshi and it's clogging it all up. This brings up a lot of questions on #BTC in terms of scaling to larger audience, but it also questions why #BTC is used this way.
Shitcoins are created every day using many different kinds of blockchains. You could argue these are all derivatives of #BTC but now they want BTC itself to act like a shitcoin network. #Binance has stopped withdrawal of BTC stating it is simply to help with the clog in the network. Binance has as well stated they are instituting the lightning network to clear up many withdrawal's.
Back to El Salvador! People who wanted to pay for simple things have to pay enormous fee's for things like a coffee. I was against turning Bitcoin into some national currency as it is speculative and flip flops in price to be anything close to a stable currency. Now people have to deal with crazy network fee's.
Will Bitcoin fork to stop taproot meme inscriptions? BTC was never supposed to behave like Ethereum and yet here we are. Will BTC increase block sizes to allow such stupidity? Time will tell. In any case I'm still long term bullish on #BTC, but with the state of the current economy I'm very bearish.The good thing is BTC is constantly being tested and perhaps manipulated. Unless the backlog stops (which it theoretically should), BTC will take a very long time process these wasteful transactions. Who or what is doing this? Well they have a lot of BTC to waste and to give to the miners. Perhaps it's the miners themselves? Greed has no bounds!