Annoyed by Ordinals and BRC-20 tokens? Here come the Orcs!!!

[stompix]

High fees? Checked!
Useless tokens printed in millions? Checked!
Hope the hype will die soon enough. Checked!

Despair at the possibility of another hype? In progress...

So, let's hear it first from the fans:
ORC-20: Revolutionizing The Bitcoin Network With Enhanced Features For BRC-20 Tokens
https://www.tronweekly.com/orc-20-revolutionizing-the-bitcoin-network/
So much improvement, just look at these features:



Of course, if we also read the story from the other side:
https://thebitcoinmanual.com/articles/orc-20-tokens/
it starts looking less hypy and more like the same thing wrapped in a different package with extra ribbons.

How will this affect the mempool, will these gain more traction than the previous brc-20, will they die even before making a few more headlines, will a new protocol come out of nowhere and flood the mempool again? I'm sure nobody has a working crystal globe to answer them all precisely.

But I'm curious about what others think the future holds!
And one thing, there is a tiny difference between what you think will happen and what you hope will!
So please focus on the first!

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[348Judah]

Useless tokens printed in millions? Checked!
Hope the hype will die soon enough. Checked!

And I think this is already showing signs about happening already, it's very important that we let the newbies know this that going for such hype or overrated token fast rising will come down soon the way it rises, If you're the type that always think about going for NFTs as the best option for you, then take this recent occurrence from the Pepe memecoin experience and learn something from someone's story
https://twitter.com/Cointelegraph/status/1655441660975910912?t=Ip4WcV4vx4J3fQP97mbfVg&s=19 any sudden rise on memes comes down the way it surges as the investors withdraws their asset from it, all these were to just to gain distractions on users to invest more and regret later on their decision on token, the more this happens the more the bitcoin network remain stronger.

[OcTradism]

Interesting resources for me to read.

I think it is possible and from the past, from expensive transaction fees of USDT on Bitcoin blockchain (OMNI layer), Ethereum blockchain (ERC-20), TRON team developed TRC-20 and deploy USDT TRC-20 for community. It worked and before the appearance of Binance Smart Chain and BSC, BUSD, USDT TRC-20 was a very favorite choice for cryptocurrency users if they need to move USDT stable coin.

However, if this news is real, the attacks from BSV team won't stop soon.

https://twitter.com/WuBlockchain/status/1655793726474838016

[darkv0rt3x]

High fees? Checked!
Useless tokens printed in millions? Checked!
Hope the hype will die soon enough. Checked!

Despair at the possibility of another hype? In progress...

So, let's hear it first from the fans:
ORC-20: Revolutionizing The Bitcoin Network With Enhanced Features For BRC-20 Tokens
https://www.tronweekly.com/orc-20-revolutionizing-the-bitcoin-network/
So much improvement, just look at these features:



Of course, if we also read the story from the other side:
https://thebitcoinmanual.com/articles/orc-20-tokens/
it starts looking less hypy and more like the same thing wrapped in a different package with extra ribbons.

How will this affect the mempool, will these gain more traction than the previous brc-20, will they die even before making a few more headlines, will a new protocol come out of nowhere and flood the mempool again? I'm sure nobody has a working crystal globe to answer them all precisely.

But I'm curious about what others think the future holds!
And one thing, there is a tiny difference between what you think will happen and what you hope will!
So please focus on the first!

I posted about ORC-20 earlier this morning and to comment on your post... They will both die at the same time. I just thope that time comes soon enough so that I can resume my DCA!

[stompix]

And I think this is already showing signs about happening already,

Not really,
The market cap of brc-20 tokens just passed 1 billion in value, it was 900 mils yesterday.

Total Market Cap: $1,027,464,504
Volume last 24 hours:
$207,222,153

They would still be in the top 20 coins by trading volume, which is nuts!

I just thope that time comes soon enough so that I can resume my DCA!

I don't get it, what stops you from doing DCA? Besides, if you make breaks in the buying patter it stops beings average at all and more speculation!

[thecodebear]

Sorry for the ignorance but I have some basic questions.

I heard about ordinals a few months ago, but the past week or so I see all this talk about brc-20.

I don't even know what these are. So is this some non-standard way to create tokens on Bitcoin? So like people are creating tokens (just useless meme tokens I assume) on Bitcoin with some non-standard ordinal-specific wallet or something? How are they trading them? As far as I know there aren't any decentralized exchanges like on Ethereum where you can trade anything, since tokens haven't really existed on Bitcoin before except a few old examples. Or is there some non-standard brc-20 wallet that lets you swap them? Or are there some exchanges that are actually listing these random tokens? Where do you even see what the brc-20 tokens are? Are there any popular ones? Are there a lot of them?


I don't know how new these things are but I just started hearing about them like a week ago and I was like wtf where did this come from lol??
Also I see there has been an spam attack on Bitcoin this past week, and especially I guess on Sunday and Monday. Does this have to do with brc-20? Seems like that's what people are saying. Are people like just minting tons of these random tokens and that is what is flooding the mempool? Or is the spam attack entirely separate?

Thanks for any answers, this ordinals thing that popped up a few months ago was weird and pointless enough, now I see meme tokens suddenly apparently being created on Bitcoin and I'm just like what is going on where did this come from?!

[rahulzx]

Does brc-20 are solution to bitcoin higher fee issues?

[Coyster]

Does brc-20 are solution to bitcoin higher fee issues?

You seek a panacea from the cause of the problem, that is ironic. Brc-20/ordinals/inscriptions is what's causing this clogging in the mempool/Bitcoin network. Well the end of this brc-20 tokens/ordinals would be the solution to this present issue of high transaction fees caused by this BS.

[Helena Yu]

This mean ORC-20 tokens is just an another form of BRC-20 tokens which is still run in Bitcoin network? I think the project want to mislead the newbies by using "Revolutionizing The Bitcoin Network" words, which they will think it's decentralized. But according to the picture this chain allow partial tx and cancellation which is a centralized thing. I think the  ORC-20 tokens would fail because people are still believe the original one e.g. BRC-20 tokens.

[darkv0rt3x]

I just thope that time comes soon enough so that I can resume my DCA!

I don't get it, what stops you from doing DCA? Besides, if you make breaks in the buying patter it stops beings average at all and more speculation!

And at what price? And when do I see my orders confirmed?

[stompix]

I don't even know what these are. So is this some non-standard way to create tokens on Bitcoin? So like people are creating tokens (just useless meme tokens I assume) on Bitcoin with some non-standard ordinal-specific wallet or something? How are they trading them? As far as I know there aren't any decentralized exchanges like on Ethereum where you can trade anything, since tokens haven't really existed on Bitcoin before except a few old examples. Or is there some non-standard brc-20 wallet that lets you swap them? Or are there some exchanges that are actually listing these random tokens? Where do you even see what the brc-20 tokens are? Are there any popular ones? Are there a lot of them?

Let's see if I can mash all the answers to this tsunami of ? without sending you to read a link   

People found a way to mint tokens (brc20) which theoretically are fungible tokens on the bitcoin protocol, replicating some features of erc20 tokens but with a ton of serious flaws, in short, they are using basically the same let's call it ordinal exploit to mint them.
As for trading them, I have no idea if there is a marketplace for them other than https://brc-20.io/ which looks like some 90s cms shop to me. Same for the wallet, I know there are 3 wallets that allow you to mint ordinals, like Xverse but no idea if they support brc-20 tokens, instead, you have a ton of web services where you can mint them quite cheaply if we take into account the fees we pay right now for a normal tx.
The bad news:
https://twitter.com/TheBinanceNFT/status/1655885586853425152?cxt=HHwWgMCzkeDK8fotAAAA
Binance is planning on adding ordinals, so from here just a step to adopt brc20 as the smell of cash and fat fees is probably too much for CZ.

For the numbers, OMG, just go to
https://brc-20.io/
there are nearly 15k of them, no idea about "popularity" but there must be some with an overall trade volume for 200 million a day!

Also I see there has been an spam attack on Bitcoin this past week, and especially I guess on Sunday and Monday. Does this have to do with brc-20? Seems like that's what people are saying. Are people like just minting tons of these random tokens and that is what is flooding the mempool? Or is the spam attack entirely separate?

Yes to all of them! And is it really a spam attack, users are simply using what's available to them, if some want to pay $1000 to mint a frog meme with their own coins, it's their right, right? 

And at what price?

That's why I've asked!

[franky1]

remember folks trade volume and market cap are meaningless. anyone can manipulate those numbers
remember its a small group of idiots with thousands of different 4 letter word jsons they spam and spend to themselves to appear as a real market but its all fake.

any other idiot handing over value for these is being scammed

[Mr. Magkaisa]

I posted about ORC-20 earlier this morning and to comment on your post... They will both die at the same time. I just thope that time comes soon enough so that I can resume my DCA!

   -  It is not advisable to apply DCA now, and it is good that you stopped it before the hype on brc20 tokens is over which is the reason for the increase of fees on the blockchain.

Then I also noticed that most of the tokens or coins also under BRC20 have fallen and it looks like the hype of these coins will end and the deduction for bitcoin will soon return to normal. To end this headache of ours.

[darkv0rt3x]

I posted about ORC-20 earlier this morning and to comment on your post... They will both die at the same time. I just thope that time comes soon enough so that I can resume my DCA!

   -  It is not advisable to apply DCA now, and it is good that you stopped it before the hype on brc20 tokens is over which is the reason for the increase of fees on the blockchain.

Then I also noticed that most of the tokens or coins also under BRC20 have fallen and it looks like the hype of these coins will end and the deduction for bitcoin will soon return to normal. To end this headache of ours.

I know it's not advisable. That's why I'm pissed off with this whole crap of Ordinals and shit tokens in the blockchain!
I just want this all to go away and go back to the harmony before this!

[darkv0rt3x]

Will the shitty meme coins or whatever that crap is already going down?
I just seen some tweets of people saying that their tokens vanished from their wallets!

This is already from yesterday but I only saw it today.
https://twitter.com/m__btc/status/1655818523887689728?s=20

Please, that all crap disappear from all wallets...

[franky1]

Will the shitty meme coins or whatever that crap is already going down?
I just seen some tweets of people saying that their tokens vanished from their wallets!

This is already from yesterday but I only saw it today.
https://twitter.com/m__btc/status/1655818523887689728?s=20

Please, that all crap disappear from all wallets...

i know i should feel sympathy for scam victims. but these brc were even from day one obvious scams.. and so it makes me laugh reading the tweet examples of people saying they lost their scamcoin which cost them $100-$300 and then ask who do they contact

rule one know who your handing funds to BEFORE handing them funds. then you can slap them if they rip you off

i see its idiots spending money on things they dont understand and spending it with people they dont know. those people are not investors, they are victims that learn the hard way

ask yourself if someone you dont know walked upto you on the street and offered you something you never seen before and dont know what it is for $100-$300 would you give them the money, knowing you will never see them again

people really need to do their research and learn what they are getting themselves into