Bitcoin’s BRC-20 Mania: Is It Sustainable? – Ep. 493
Ordinal theory has unleashed a new wave of NFTs, memecoins and innovation on Bitcoin — but not without controversy. Bitcoin educator Dan Held and Bitcoin Frontier Fund Managing Partner Trevor Owens join the show to discuss the breakneck rise of BRC-20s and why they’re both bullish on what memecoins mean for the original blockchain.
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Show highlights:
🔹 what ordinal theory is and how it enabled Bitcoin “NFTs”
🔹 how the Ordinals Protocol differs from the ERC-721 token standard used by many Ethereum NFTs
🔹 how BRC-20s work by relying on some off-chain mechanisms
🔹 why Bitcoin is not a “dinosaur chain,” according to Dan
🔹 why Trevor says BRC-20 memecoins are superior to those on Ethereum
🔹 what the practical utilities of BRC-20s are, if any
🔹 why transaction fees in Bitcoin rose so much and why it’s healthy for the network
🔹 whether innovation is coming back to Bitcoin
🔹 whether Satoshi Nakamoto would have approved of Bitcoin NFTs
🔹 the role of speculation in fueling bitcoin adoption
🔹 the current and future state of layer 2s on Bitcoin
🔹 why Dan says BRC-20s “absolutely” solve the problem with Bitcoin’s security budget
🔹 why it’s hard to determine an “appropriate” amount for the security budget of Bitcoin
🔹 how the NFT market could be shaped after the rise of Ordinals and BRC-20s
🔹 what needs to be developed so that BRC-20s can flourish
Thank you to our sponsors!
🔹 Crypto.com
Guests:
🔥 Dan Held, Bitcoin educator and marketing advisor at Trust Machines
🔥 Trevor Owens, managing partner at Bitcoin Frontier Fund
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Time Stamps:
00:00 Introduction
00:54 Ordinals
07:52 BRC-20s
23:36 Bitcoin transaction fees
32:27 Mempool
44:38 Layer 2s
47:27 Bitcoin’s security model
51:32 Market speculation
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#bitcoin #ethereum #crypto #cryptocurrencies
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Anyone else really off-put by Dan saying the whooooooole community expected fees to go up so high on BTC Core to make it uneconomical to send micro transactions? Like, excuse me but no.
Michael saylor didn't have a choice but to say it was bullish for btc. Whatever his opinion they were going to build it all anyway. What was he going to say, what he really thought? which would influence potential buyers away from btc. Instead it's in his interest to get people to buy bitcoin so he will just say its a good thing no matter what…..cmon you don't really believe what you are saying.
Solana is looking real pretty at the moment when the story of every other chain seems to be ridiculously high transaction fees, that the average user will not be willing to pay, nor will new blood coming into the eco system be willing to entertain…1st stop solana
This is such a bad idea for bitcoin….I think bitcoins useless, but it's supposed to be useless. I don't buy bitcoin, but there wasn't any competition if that was the type of thing I was after. Now btc is in competition with chains that are built from the ground up to write smart contracts etc. Its not digital gold anymore, even though that analogy was bs anyway it just another bs layer 1. Edit: also the elevated transactions fees are low in comparison with how much they will cost with further adoption, with a billion people using the network, that's if the bitcoin chain adopt that many users. I certainly won't be one of them.
so by Dan opinion at the current state, bitcoin will be kinda the same as fiat, those who can afford will be able to do transactions on layer 1, and everyone else will have to go through centralized entities running the lightning channels. So again the unbanked will be unbanked but by the lightning operators 🤷♂ because there is no way an average person to run it with these high fees https://youtube.com/shorts/E-t0gr2qGrw?feature=share
Held is unfortunately quite long time narrow minded maxi. Fixed mindset tunnel vision guy
L1’s like Flare do not have any of this ridiculous nonsense 😂
This is why BTC is such a bad idea. Burning the ideas of the Whitepaper I madness. There was never meant to be L2’s 😢😢😢
Dan Held's comments about the high transaction fees affecting Africa and the developing world are really quite tone deaf. One of Bitcoin's biggest use cases is financial inclusion of the ~two thirds of the world that is unbanked, having such high transaction fees has a very negative affect, and should not be described as "this was expected". Again, very tone deaf comments from Dan in my opinion.
BTC is centralised lego in a sense
$corn BRC-20 has the perfect narrative. BitCorn memecoin and early Ordinal community
Dogeparty is definitely still functioning just fine Laura, just FYI.
Who's to say that the files attached to Satoshis and interpreted using Ordinal Theory don't get pruned by Bitcoin nodes at some point? What guarantees permanence as long as BTC still exists? Also don't understand why this is so much better than Counterparty. I feel like I'm missing something.
Dan Held busting out the Red Bull. Way to get after it Dan!
RIBBIT
33
"Should have anticipated" lol….26:00
I wish Dan Held were more nuanced in his response to criticism of high transaction fees. He kept saying "everyone knew" Bitcoin wouldn't scale for peer-to-peer transactions, but "everyone" include Satoshi?
Dan Held is a clown lmao.
Does anyone know the article from chris burniske about bitcoin security
that they mention here?:
47:27 Bitcoin's security model
There's no such think as BTC-20. Ordinals fill spare space of blocks, not dominate the block. The term is hijacking Ethereum's benefits
❤ Trump/Shin 2024!
Hello Laura.
I only got into trading crypto because I wanted to get -in on the big returns that everyone was talking about. But since then I haven't even been able to make the fortune I had in mind