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Author Topic: BRC20 tokens are altcoins  (Read 247 times)
FinneysTrueVision
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December 20, 2023, 10:22:00 AM
 #21

Any transferrable blockchain asset which isn't Bitcoin itself should be classified as an altcoin, this includes data within a Bitcoin transaction representing a tokenized value. There are some overlapping areas in which these instruments can be discussed within a Bitcoin context, such as their impact on fees or whether they should be filtered by miners, but in general Ordinals-related content where Bitcoin is a passive or irrelevant element should be relegated to the altcoin boards.

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Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a higher transaction fee.
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December 20, 2023, 10:29:05 AM
 #22

I'm pretty sure they know already that introducing a minimum transaction fee that's high enough to discourage the creation of these token would go a long way to solve this
Spammers already pay $40 to create dust transactions. How high do you want to set the minimum fee?

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December 20, 2023, 02:00:30 PM
 #23

I don't consider BRC20 tokens to be altcoins, but I consider them to be a SPAM on bitcoin blockchain.
Someone with lots of money can literally create some crap on any blockchain, pump it, and then pay few shills on social media to promote it.
It's still crap even if it is on bitcoin blockchain, and this crap is responsible for high transaction fees right now, but I don't see any miners complaining... it's just business for them Tongue

Lol if I were a miner, I wouldn't be complaining myself. Miners are the ones benefiting from this whole humongous transaction fees saga and that's why you don't see them complain about it or look for solutions to the problems and just leave the whole issue to get solve on its own.

I'm pretty sure they're aware that the network is congested because of these same SPAM tokens parading themselves on the Bitcoin Blockchain, and believe these miners know exactly how to solve the problem but it's all just business to them.
I'm pretty sure they know already that introducing a minimum transaction fee that's high enough to discourage the creation of these token would go a long way to solve this whole shit coin menace on the Bitcoin Blockchain causing such a congestion as never seen before, but they won't do nothing about it, lol.

Solutions for this are not on Layer 1, they're on L2.

Ark is close to making a prototype, it's like Lightning network but without direct client-to-client connections: https://www.arkpill.me/

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December 20, 2023, 02:24:27 PM
 #24

I don't consider BRC20 tokens to be altcoins, but I consider them to be a SPAM on bitcoin blockchain.
Someone with lots of money can literally create some crap on any blockchain, pump it, and then pay few shills on social media to promote it.
It's still crap even if it is on bitcoin blockchain, and this crap is responsible for high transaction fees right now, but I don't see any miners complaining... it's just business for them Tongue

Lol if I were a miner, I wouldn't be complaining myself. Miners are the ones benefiting from this whole humongous transaction fees saga and that's why you don't see them complain about it or look for solutions to the problems and just leave the whole issue to get solve on its own.

I'm pretty sure they're aware that the network is congested because of these same SPAM tokens parading themselves on the Bitcoin Blockchain, and believe these miners know exactly how to solve the problem but it's all just business to them.
I'm pretty sure they know already that introducing a minimum transaction fee that's high enough to discourage the creation of these token would go a long way to solve this whole shit coin menace on the Bitcoin Blockchain causing such a congestion as never seen before, but they won't do nothing about it, lol.

Solutions for this are not on Layer 1, they're on L2.

Ark is close to making a prototype, it's like Lightning network but without direct client-to-client connections: https://www.arkpill.me/

Decoupling client-to-client connections from the main Blockchain is undoubtedly a promising solution to the issue of Blockchain spam, as it could potentially allow for more efficient transactions and lower fees. However, don't you think that such a technology would take too long to become widely adopted, even if it were to eventually become the new standard for the Blockchain?
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