Bitcoin Ordinals on the edge of getting canceled

[Outhue]

If we are asked by the Bitcoin devs to vote and choose between allowing ordinals to keep doing their thing on Bitcoin or they should cancel ordinals what will you be voting for?  

Today I read a news on Twitter and it looks like the Bitcoin devs want to cancel ordinals



I am not sure if this have been confirmed yet or they are still trying to make a choice but I will like to hear your thoughts, a good move or a bad one?

Also is it advisable to start receiving Bitcoin payment straight to your exchange? What disadvantages comes with doing so?

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[Nwada001]

If this can be voted for and immediately implemented, then it's a very welcome development. This is just to fix the bug; it will not affect the BRC-20 token holders since they already have nearly a billion dollars in market capitalization, according to the last statistics I saw online. But it's for the best; let the network be free, and stop this who whose transaction is to be recorded first on the block competition.

Also is it advisable to start receiving Bitcoin payment straight to your exchange? What disadvantages comes with doing so?

About the direct payment into an exchange wallet, not everyone likes paying to an exchange wallet; a lot of people are highly against centralized exchanges and, as such, don't want to engage in anything that will promote them in any way.

Another thing is that once payment is received, not everyone will want to exchange their payment immediately, so sending them all to an exchange account is unwise. I might want to spend and reserve part of my payment on my private wallet, but sending it directly to an exchange account will kill that motive.

[retreat]

This ordinal has saturated the Bitcoin network and it should be regulated or even if it needs to be stopped because it is detrimental for people who want to transact Bitcoin but are subject to unreasonable fees. Even from the sources I read, Domo himself actually created this just for experimentation and people don't need to take this seriously. However, this seems to have stimulated many people to develop it, especially from a miner's point of view, with the existence of this ordinal, it has made them quite profitable as transactions and fees have skyrocketed. Some even claim that this ordinal effect has caused a "civil war" between BTC Core developers, miners, and ordinal holders.

-snip-

Also is it advisable to start receiving Bitcoin payment straight to your exchange? What disadvantages comes with doing so?

Actually it doesn't matter, but are you willing to exchange platform holding your money? are you sure that it will be safe on the exchange? are you ready to accept the risk that at any time the exchange will go bankrupt and your bitcoin assets will be lost? Of course there are many reasons why accepting payments directly on exchanges is not wise, although according to some people it is more efficient because they can directly exchange their bitcoins without sending them, but I personally prefer to hold them myself in my personal wallet.

[SamReomo]

That would be a great step taken by developers if they agree to cancel the ordinals because there isn't a need for such protocol in Bitcoin blockchain and it's just an extra burden on the blockchain. The useless tokens and NFT's have no place in the Bitcoin blockchain and developers should definitely take some actions to prevent those useless protocols.

I believe that it's a great move if accomplished because it will reduce the burden on blockchain and the transaction fees will be fixed with the implementation. The ordinals are just a way to spam the blockchain with useless transactions and there is no need for such things in Bitcoin blockchain.

Well, that depends on the preference of a users if someone is willing to receive Bitcoin payments straight to his/her exchange account then there isn't anything wrong in that approach. The disadvantage that I can currently think of is the withdrawals that the exchanges can put on. Without their permission the user can not withdraw the bitcoins and that's a huge drawback. Other than that I don't think that anything is wrong when someone takes payments directly into the exchange accounts.

Even in some cases it is the preferable choice for the payments as it's very easy to exchange the bitcoins into stable coins through the exchanges. And, with p2p trading one can easily withdraw that money into their bank account without any worries. But, if someone is strongly against exchanges and don't want to be controlled by anyone then it's better to withdraw the funds in his/her personal wallet.

[cryptoaddictchie]

I doubt it would be easy but Id definitely vote for it if ever but could they really make a consensus on a number 1 decentralized platform? Id love the ordinals to slow down a bit but its probably impossible now its getting a lot of eyes on different field.

Seeing Binance posted about it will make it more wide to more users.

https://twitter.com/TheBinanceNFT/status/1655866866814820355?t=zS8-du5it-dnee-3vM1OFA&s=19

[Jet Cash]

I vote that we should stop the ordinals. Id even vote to move their rotten, useless transactions onto a side chain if that was possible, but I don't see how that could be done.

[Merit.s]

This will be the best thing that will happen presently to bitcoin block chain to stop ordinals and I hope that bitcoin developers are serious with this issue of taking this token out of bitcoin block chain. I vote for it.

Also is it advisable to start receiving Bitcoin payment straight to your exchange? What disadvantages comes with doing so?

As for using exchange to get paid,it is a good idea because when you think of the high fee that you will pay to transfer your coins from your private wallet to an exchange and the time taken. On the other hand,you should also know that these exchanges are centralized and can't be trust with your funds because we have seen so many crashes of some exchanges and even banks,so how are you sure that your bitcoin will be safe with them. Can you still remember that Binance is also passing through this ordinals attack and Binance wants to embrace Lightening Network for them to overcome this congestion in the mempool. It is only a better idea,if you want to withdraw all your weekly pay in your local currency. If you are the type that only accumulates your weekly pay,then it is a very bad idea.

[franky1]

If this can be voted for and immediately implemented, then it's a very welcome development. This is just to fix the bug; it will not affect the BRC-20 token holders since they already have nearly a billion dollars in market capitalization,

BRC is not a real proof of transfer system with proper security to lock value. its a json junk of text
even cypherpunks that spent decades trying to create currency would not design or think basic json data passes the simple monetary policies tests

also the market cap is false measure too. someone creating 21m numbers and scammed 1 person to buy it for a small single unit amount creates a large cap

anyone can make a better altcoin of a blockchain premined 21m real tokens and sell 0.0001 unit for $100 and cause a market cap of $210billion
they can then sell back to the seller and the seller sell back to the buyer(becasue both are same person with 2 accounts) 1000 in a day to make a volume of $10k volume. and then make other accounts to move other units of the same token with no real fiat cost to increase the volume

[NotATether]

I know it's getting fashionable to assume that is going to happen right now but please read this topic and also understand that dashjr can't just say whatever he wants and it gets implemented. In fact, nothing has been decided upon yet (I was part of the discussion but the news doesn't credit me for starting it and in fact it even clipped out my message).

[Helena Yu]

If we are asked by the Bitcoin devs to vote and choose between allowing ordinals to keep doing their thing on Bitcoin or they should cancel ordinals what will you be voting for?  

Dude, you should need to create a poll before you post this thread, now how we can vote it?

Well I think most of users in this forum will vote Yes, but not really sure if this thread is moved to altcoins section, it might change the result because there are a lot bounty hunters there and looking to make a huge amount profit through shitcoins

useless transactions onto a side chain if that was possible, but I don't see how that could be done.

It's possible, someone had open a thread about it yesterday, the name is ORC-20 Annoyed by Ordinals and BRC-20 tokens? Here come the Orcs!!!

[stompix]

Today I read a news on Twitter and it looks like the Bitcoin devs want to cancel ordinals

Not devs! Luke!
Luke is the one that wants to censor everything he doesn't like, and there is actually more, he's the one advocating for years that we should reduce the block size:
https://bitcointalk.org/index.php?topic=5109169.0

[franky1]

I know it's getting fashionable to assume that is going to happen right now but please read this topic and also understand that dashjr can't just say whatever he wants and it gets implemented. In fact, nothing has been decided upon yet (I was part of the discussion but the news doesn't credit me for starting it and in fact it even clipped out my message).

luke already had some fixes coded months ago but core didnt even want it listed as a bip on bitcoin core github so he had to implement it in his own 'knots' full node. it just goes to show that the main core team of merge/maintainer capability dont want to fix it.
the main team(sponsored devs) of bitcoin core (with maintainer keys) were paid to change bitcoin to allow these opcodes that are now being abused

[Aanuoluwatofunmi]

I am not sure if this have been confirmed yet or they are still trying to make a choice but I will like to hear your thoughts, a good move or a bad one?

Developers were already having serious deliberations on this to either remove it or provide a solution to it, but what seems to be the majority choice is the total elimination becsu they don't want bitcoin to be associated with anything that has to do with NFT first, secondly they are also playing smart to avoid any chances that could prevent the bitcoin network attacked through this, so if we are going by the vote or individual support on this, almost everyone will kick against ordinals.

Also is it advisable to start receiving Bitcoin payment straight to your exchange? What disadvantages comes with doing so?

Why should you make use of an exchange when you can own a private wallet of your own like electrum multisig bitcoin wallet or get a hardware wallet, exchanges are best for converting your money a d not for holding them in it.

[hd49728]

Today I read a news on Twitter and it looks like the Bitcoin devs want to cancel ordinals

Not devs! Luke!
Luke is the one that wants to censor everything he doesn't like, and there is actually more, he's the one advocating for years that we should reduce the block size:
https://bitcointalk.org/index.php?topic=5109169.0

I did not know Luke Dash Jr. wanted to reduce the capacity of Bitcoin block and its network to handle transactions and meet bigger demand from community.

I only knew about Luke months ago when he announced that he lost his bitcoins by his carelessness. Weird that his Twitter account was suspended
https://twitter.com/lukedashjr/status/1609613748364509184

Before that, I did not know about Luke. After that accident, he was removed as a forum staff.

[Artemis3]

He has been a bitcoin dev for ages... Just not one of the main ones.

And yeah, lets kick the spam out.

[Alpha Marine]

Also is it advisable to start receiving Bitcoin payment straight to your exchange? What disadvantages comes with doing so?

My personal opinion:
I don't think receiving payment straight to your exchange is a wise decision. Exchanges are a place to exchange bitcoin, not a place to store bitcoin, whether it's a centralized or decentralized exchange. When you receive payment with fiat currency, it goes straight to your bank account, it should be that way with BTC.
See your wallet as your own personal account that you own and control, it's also your responsibility to keep it safe, so all payments should go to your wallet first, then if you want to trade/exchange you can move them to the exchange you use.

[Ben Barubal]

If we are asked by the Bitcoin devs to vote and choose between allowing ordinals to keep doing their thing on Bitcoin or they should cancel ordinals what will you be voting for?  

Today I read a news on Twitter and it looks like the Bitcoin devs want to cancel ordinals



I am not sure if this have been confirmed yet or they are still trying to make a choice but I will like to hear your thoughts, a good move or a bad one?

Also is it advisable to start receiving Bitcoin payment straight to your exchange? What disadvantages comes with doing so?

    The Bitcoin developers should really act or else if they don't do something, many bitcoin holders might suddenly full out their holdings. Then the Brc20 or ordinals are actually not applicable for Bitcoin.

    they appear to be confusing to the concept of bitcoin, Bitcoin is not designed for that kind of thing, in my opinion even what was done by brc20 or ORC20 they are more applicable in ERC20. Then, that's why the bitcoin developers actually put a stop to that. That's good they'll do that in my opinion.

[Renampun]

I vote that we should stop the ordinals. Id even vote to move their rotten, useless transactions onto a side chain if that was possible, but I don't see how that could be done.

the ordinal should be stopped immediately, there is no reason to support its development, it will only destroy the bitcoin ecosystem, inserting files every sats is the idea of people who fail to find buyers in their trash NFT.

[avikz]

This BRC-20 madness needs to stop asap. This is making bitcoin almost unusable and thousands of transactions are affected. The current fees is way too high to handle and it makes no sense to make bitcoin transactions now. I honestly wanted to buy an e-commerce gift card through Bitrefil because I have some upcoming shopping list. I had to pay through ETH just because the bitcoin fees was too high.

I will be more than happy to vote if this will stop such nonsense with immediate effect.

[mindrust]

Ordinals should stop. It was a big mistake and now the devs should do whatever necessary. We already have a platform for this kind of stuff and it is called ETH/BNB. BTC should do what it does best and that is being a currency and a store of value. I understand that the devs are working hard to improve bitcoin but this clearly didn't work. There is nothing to be ashamed of. We all make mistakes. Now it is time to fix this.