[WARNING] Stay away from BRC-20 tokens - they are doomed in the long term

[SlimShadyMmp]

Bitcoin MAXI dont really like BRC-20 aand they really have a point in not like them because basically the are just inscription with no value at all and just add to the weight of the network and making BTC looks like a joke I know its open source and that people are free to do the things they like but if you look at this Its basically doing more harm than helping BTC in anyway So I will stay away from it It wont last very much

[AmoreJaz]

I just don't think the hype will last as long as nft tokens on other networks like ERC20 or BSC20. However bitcoin is not oriented towards this technology, nft and token enthusiasts will not find a better efficiency solution (if they saw this sooner) despite migrating to the bitcoin network.
In conclusion, the hype isn't going to absorb more fans of past nft hype just by looking at the current average transaction fees.

NFTs are still hyping incase you don't know, in crypto nothing rarely faded out completely except the project stop existing because the devs stop development completely.

Same thing will apply to brc-20, this imo is just the beginning of many more projects that will sprang up in the btc network with the aim to catch the hype.  What is happening now is the testing phase, most of the projects are nft base, soon more indept projects will beginning to come up. I doubt this is going anywhere, rather, the earliest projects will die and much better advanced ones will come up. There is always a dev to create something.

brc20, erc20, nfts and all the other type of projects, we should always keep in mind that there will always be crappy projects that will emerge in any market. so it is up to the user how he will filter these projects. there are valuable brc20 or erc20 projects, so we cant totally discard their existence in this industry.

[Blitzboy]

I just don't think the hype will last as long as nft tokens on other networks like ERC20 or BSC20. However bitcoin is not oriented towards this technology, nft and token enthusiasts will not find a better efficiency solution (if they saw this sooner) despite migrating to the bitcoin network.
In conclusion, the hype isn't going to absorb more fans of past nft hype just by looking at the current average transaction fees.

NFTs are still hyping incase you don't know, in crypto nothing rarely faded out completely except the project stop existing because the devs stop development completely.

Same thing will apply to brc-20, this imo is just the beginning of many more projects that will sprang up in the btc network with the aim to catch the hype.  What is happening now is the testing phase, most of the projects are nft base, soon more indept projects will beginning to come up. I doubt this is going anywhere, rather, the earliest projects will die and much better advanced ones will come up. There is always a dev to create something.

brc20, erc20, nfts and all the other type of projects, we should always keep in mind that there will always be crappy projects that will emerge in any market. so it is up to the user how he will filter these projects. there are valuable brc20 or erc20 projects, so we cant totally discard their existence in this industry.

Certainly, your acquaintance's observation on the continuity of trends in the crypto sphere is rather astute. Despite the ephemeral nature of some projects, the technological concept behind them often resurfaces in a more refined form. To this end, the BRC-20 and ERC-20 standards are paradigms of this evolution, particularly within the sphere of DeFi and NFTs.

However, I feel the need to point out a slight shortcoming in your friend's argument. The "hype" he mentions is largely influenced by market dynamics and speculative behavior, not necessarily technological advancement. The blockchain space has seen many a project that initially created buzz, only to evaporate when the trend shifted. It is less about the death of early projects and more about the maturity and resilience of the ones that endure.

As for your comment about the ubiquity of "crappy projects", I agree wholeheartedly. The caveat emptor principle applies as much in crypto as it does in traditional finance. It is the responsibility of each investor to conduct their own due diligence.

[d5000]

As in the last months a new "wave" of Ordinal transactions was emerging, I think it's time to remind people about the character of BRC-20 and everything related to it.

Here's a graph about what happened:




You can see the original real-time graphs here.


As we can see, the green Ordinals transactions are by far the majority - and they should be almost all BRC-20 transactions and derived standards. But the current wave is a bit weaker, but longer in its duration, than the big wave in the northern hemisphere's spring months. On the other hand, the decrease of average and total size of all Ordinals transactions is still quite slow. They still take up significant block space.

I repeat to all newbies: I am almost sure that BRC-20 isn't a standard that will make you rich in the future. Most likely you'll lose money and everybody eventually will say "BRC-20 is so 2023"

Reasons are in the original post.

And of course look at the charts (Ordi token is one of the most popular ones):



Those who followed my recommendation in the OP haven't lost money. Even Bitcoin was a way better option in the last months Longer price evolution (e.g. 180 days) was even worse (Ordi once was worth $20).

[Dave1]

Bitcoin MAXI dont really like BRC-20 aand they really have a point in not like them because basically the are just inscription with no value at all and just add to the weight of the network and making BTC looks like a joke I know its open source and that people are free to do the things they like but if you look at this Its basically doing more harm than helping BTC in anyway So I will stay away from it It wont last very much

I think it's obvious though, just look at what happen to the mempool again. Recently there are spikes in the fees and it seems it was a blatant attack on the network and Bitcoin's blockchain.

I wouldn't call it though Bitcoin Maxi, I mean even newbies and average joe bitcoin investors is going to see what is really behind this BRC-20. Just another hype and fad and soon it will go away. But it might create problems with new investors, as the possibility of losing money here is huge.

[nutildah]

I repeat to all newbies: I am almost sure that BRC-20 isn't a standard that will make you rich in the future. Most likely you'll lose money and everybody eventually will say "BRC-20 is so 2023"

I agree with this sentiment: the same mentality used to hype ERC20 tokens and a lot of NFT projects is now applying to BRC20 -- the main marketing tactic is to tell people to buy them because its the "new hot thing," because "everyone is doing it," because xx token "is about to flip" this or that other token or coin. There's nothing inherently valuable about any of these tokens - they serve absolutely no purpose or function - just pure hype trains that will inevitably end in a crash.

Admittedly its a bit disappointing that we're headed toward the 4th quarter of the year and they're still a nuisance to the mempool... But the hype will fade away soon enough, guaranteed.

[d5000]

After it seemed for a couple of weeks that the community's IQ was rising again , unfortunately, this thread now needs to be revived. There seems to be a new wave of BRC-20 transactions which are again clogging the blockchain, probably related to a Rodarmor blog post commiting to stability in the Ordinals protocol.

Some BRC-20 tokens like ORDI are were bouncing:



But the (still small) 4% crash in the last few hours already may show what's ahead.

This is not FUD. There are lots of reasons why this kind of tokens is completely unviable - simply see the OP. They are not only unnecessary because there are lots of other token mechanisms, but also extremely inefficient.

What I noticed: The Ordinals websites newer show mid- to long-term charts - so they can hide how bearish the Ordinals and BRC-20 markets were. Probably they are run from desperate bagholders. Many people already lost a lot of money, like the longer term ORDI chart shows. And many people buying into this dead cat bounce will lose money too.

<rant>BRC-20 tokens are the most worthless thing the crypto space has ever produced (besides from outright scams). So you're buying, with TWO transactions, a token to show your friends that you own something called "ORDI"? And you need TWO transactions to sell them again, if you really find any greater fool than you?</rant>

[fzkto]

After it seemed for a couple of weeks that the community's IQ was rising again , unfortunately, this thread now needs to be revived. There seems to be a new wave of BRC-20 transactions which are again clogging the blockchain, probably related to a Rodarmor blog post commiting to stability in the Ordinals protocol.

Some BRC-20 tokens like ORDI are were bouncing:



But the (still small) 4% crash in the last few hours already may show what's ahead.

This is not FUD. There are lots of reasons why this kind of tokens is completely unviable - simply see the OP. They are not only unnecessary because there are lots of other token mechanisms, but also extremely inefficient.

What I noticed: The Ordinals websites newer show mid- to long-term charts - so they can hide how bearish the Ordinals and BRC-20 markets were. Probably they are run from desperate bagholders. Many people already lost a lot of money, like the longer term ORDI chart shows. And many people buying into this dead cat bounce will lose money too.

<rant>BRC-20 tokens are the most worthless thing the crypto space has ever produced (besides from outright scams). So you're buying, with TWO transactions, a token to show your friends that you own something called "ORDI"? And you need TWO transactions to sell them again, if you really find any greater fool than you?</rant>

Anything can happen. I have always been cautious about any tokens, because as a rule only a few of them can be promising. That's true of any blockchain. It's fair to say that not only tokens, but any altcoins can rarely ever grow consistently. But I think the hype around BRC could happen again, so I think those who bought these tokens will have a chance to sell it.