Coinbase on the defensive about these bitcoin ordinal centralized meme coins

[Reid]

^I still cannot understand how a value would go up with a simple text based NFT or let's say it's an image. Why not just buy Bitcoin itself. That's easier.

Here is a good read too.
https://blog.bitfinex.com/education/what-are-runes-in-bitcoin/
I don't know anything about Runes but I like the way they explained about Stamps.

In the case of Stamps, the data is stored on-chain and cannot be pruned, meaning that it permanently takes up space on the blockchain. This is different from other systems where additional data could potentially be stored off-chain or pruned to save space.

We have already experienced the sudden increase in fees because of the heavy the traffic and I don't want to be in that position again just because of these ordinals.

Each satoshi being tagged with new information to become unique. Oh yes, that will be an added information in the Bitcoin blockchain which means more data and also means slower transactions.
I am not a Bitcoin maximalist but for me Bitcoin is still a baby, and the growth for supporters should be the focus and not dissecting it's blockchain by these ordinals. What happened during the higher fees months ago may have a bad effect on its supporters and investors. IMHO.

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[rdbase]

With the debacle of friend-tech recently, the cryptocurrency users of these nft-based rewards blockchains have seen how maniacal the whole & entire space can become.
As anyone can see the nft marketplace has also suffered and is not going to recover to what they were a few months ago.
Same will occur with these ordinals inscribed on the bitcoin blockchain.
They are just a passing fad and with recent events had been confirmed of adding no substance to cryptocurrency as a whole.

[Volgastallion]

With the debacle of friend-tech recently, the cryptocurrency users of these nft-based rewards blockchains have seen how maniacal the whole & entire space can become.
As anyone can see the nft marketplace has also suffered and is not going to recover to what they were a few months ago.
Same will occur with these ordinals inscribed on the bitcoin blockchain.
They are just a passing fad and with recent events had been confirmed of adding no substance to cryptocurrency as a whole.

I hope so, i dont like what they brought in to the market or to the blockchain itself. Plus they start a war against the normal users of the BTC for example, it was a mini "civil war" between pro-ordinals and anti ordinals user, between conservatives form of user and new way of uses for the blockchain.

I think NFT can reamin in a niche or in the big industry like when you buy a car, shoes, art, etc and they were registered in some blockchain as a NFT so you can know they are original.

[Reid]

Coinbase Says SEC Is Attempting to ‘Redefine Definition of an Investment Contract’

Coinbase (COIN) has filed a response to the Securities and Exchange (SEC) to get an enforcement action against the exchange dismissed, arguing that the tokens don’t necessarily represent the definition of an investment contract.

Coinbase argues that assets like paintings, baseball cards, and cryptocurrencies can be investments but aren’t securities unless they offer a contractual claim related to a business’ future profits or assets, and the SEC hasn’t shown that trades on Coinbase’s platform confer such claims or a financial stake in an enterprise.

Maybe Coinbase should start becoming the new SEC.
But I do think that SEC will do anything to make the false to be true. Upon reading other articles about this, it seems like they "SEC" is really out of line because they are supposed to handle securities while other investment activities should fall to the Congress.
But SEC is like a rock, they are still arguing that other cryptocurrencies listed in Coinbase falls in their jurisdiction. This might become a very long fight.

[Sophokles]

Maybe Coinbase should start becoming the new SEC.
But I do think that SEC will do anything to make the false to be true. Upon reading other articles about this, it seems like they "SEC" is really out of line because they are supposed to handle securities while other investment activities should fall to the Congress.
But SEC is like a rock, they are still arguing that other cryptocurrencies listed in Coinbase falls in their jurisdiction. This might become a very long fight.

SEC is not that vocal about Coinbase that they are about binance though i don't think they are biased about Coinbase. They are very upset about FTX and there is a rumor that FTX is going to relaunch so it can be SEC who is doing all this. They are not giving clear legislation about how a crypto will be considered as security, but they are very explicit about which crypto currencies they think are securities!

[Volgastallion]

Not fully related to this one but in the recent days we have some declarations of Gary Gensler about BTC, and when i always listen or read him is the same feeling is like he spoke in one direction as Gary person and in the complete opposite way in Gary SEC employment.

Everyone can be diferent in your work than in your life, but in his case ocupying so important place i dont think he can play both profiles.

[rdbase]

So something about Bitcoin Ordinals from BRC20Hub_ on X yesterday.
"Closing in on #Ethereum 🚀The #Bitcoin Ecosystem is rapidly expanding with a diverse range of projects fueling its growth!
Kudos to all contributing to the evolution of #BTC. Let's celebrate their innovative efforts!"

https://twitter.com/Brc20Hub_/status/1724819817985875970

So it does look like Ordinals are here to stay whether we as crypto journeymen like it or not!

[Reid]

Another Oracle project is working its way up. After the big airdrop of Pyth Network they are gaining more attention because of the promise of a faster data price feed.
A new competitor versus Chainlink.
The PYTH Airdrop Is Finally Here. But What Is Pyth Network?

We’re excited to announce that Pyth data feeds are now available on Base, a new Ethereum Layer 2 incubated by Coinbase. Base will serve as a home for Coinbase’s on-chain products and an open ecosystem where anyone can build!

https://pyth.network/blog/pyth-launches-price-oracles-on-base-testnet

It is said to be the Chainlink killer and Coinbase don't want to be late, so they integrated Pyth with their Base project.

[rdbase]

Another Oracle project is working its way up. After the big airdrop of Pyth Network they are gaining more attention because of the promise of a faster data price feed.
A new competitor versus Chainlink.
The PYTH Airdrop Is Finally Here. But What Is Pyth Network?

We’re excited to announce that Pyth data feeds are now available on Base, a new Ethereum Layer 2 incubated by Coinbase. Base will serve as a home for Coinbase’s on-chain products and an open ecosystem where anyone can build!

https://pyth.network/blog/pyth-launches-price-oracles-on-base-testnet
It is said to be the Chainlink killer and Coinbase don't want to be late, so they integrated Pyth with their Base project.

The Pyth network seems to be in the news lately with it reaching out to other chains the latest being the cronos chain which powers crypto.com's protocol of dapps and ecosystem.

After doing some research they have come up with BaseMax for Coinbase's base protocol now:

https://twitter.com/PythNetwork/status/1729079545469206794

[KiaKia]

Whether the masses like it or not, some projects will still do so well than our beloved Bitcoin, I have said this not once and not twice that it's a new opportunity in front of us, we don't like these new kids, I get it, but that doesn't stop them to achieve billions in market cap, it's left for you though, as for me, I am here to make some insane money and use that to buy the safest digital asset, Bitcoin.

Pyth will do well, Ordinals aren't going nowhere for now, even the shitty meme coins will all pump, but taking profits off the table is the ultimate goal for smart investors, at the end of the day, these profit are going into Eth and Bitcoin.

We are all here to make money, while we hold Bitcoin it's even wiser to make more money from other assets too, I have missed some good ones in 2020 and 2021 but I promise it's not happening anymore.

[Volgastallion]

Whether the masses like it or not, some projects will still do so well than our beloved Bitcoin, I have said this not once and not twice that it's a new opportunity in front of us, we don't like these new kids, I get it, but that doesn't stop them to achieve billions in market cap, it's left for you though, as for me, I am here to make some insane money and use that to buy the safest digital asset, Bitcoin.

Pyth will do well, Ordinals aren't going nowhere for now, even the shitty meme coins will all pump, but taking profits off the table is the ultimate goal for smart investors, at the end of the day, these profit are going into Eth and Bitcoin.

We are all here to make money, while we hold Bitcoin it's even wiser to make more money from other assets too, I have missed some good ones in 2020 and 2021 but I promise it's not happening anymore.

Yes, but the main problem is, they are so many out there, and you need to know in wich one is really good, or wich proyect is gonna reach any level of capitalization. Is not so easy, a lot ended up losing money if you dont enter in the very early stages, and in some other really good one, you cant enter so early.

[rdbase]

Wondering why the blockchain is so congested and the bitcoin transaction fees are so high lately?
While some call for purging the NFT-like inscriptions, others say they are good for the network.


Rising Bitcoin Fees Prompt Renewed Battle Over Ordinals, BRC-20 Tokens
"Bitcoin is booming, and so are network fees. Alongside the euphoria among investors over Bitcoin’s recent surge above $44,000—a 20-month high—increased network congestion is prompting another battle over the NFT-like Ordinals project and BRC-20 tokens."
source: https://decrypt.co/208945/rising-bitcoin-fees-prompt-renewed-battle-over-ordinals-brc-20-tokens

Interesting post on X from a professional on what these interference to the bitcoin network could impose further down the rabbit hole:
““Inscriptions’ are exploiting a vulnerability in Bitcoin Core to spam the blockchain,” Dashjr wrote on Twitter, adding that Bitcoin Core lets users limit the size of extra transaction data. “By obfuscating their data as program code, inscriptions bypass this limit.”

https://www.x.com/LukeDashjr/status/1732204937466032285

[Reid]

Rising Bitcoin Fees Prompt Renewed Battle Over Ordinals, BRC-20 Tokens
"Bitcoin is booming, and so are network fees. Alongside the euphoria among investors over Bitcoin’s recent surge above $44,000—a 20-month high—increased network congestion is prompting another battle over the NFT-like Ordinals project and BRC-20 tokens."
source: https://decrypt.co/208945/rising-bitcoin-fees-prompt-renewed-battle-over-ordinals-brc-20-tokens

Yeah, these fees are really hurting our wallets. I bet they are all going to point fingers on the Ordinals and BRC-20 tokens. Well, where else would they point it?
Then this happened.
Early Bitcoin Ordinals Art Sells for Record $450,000
https://decrypt.co/209032/early-bitcoin-ordinals-art-sells-for-record-450000

Honey Badger inscription number eight, created on Jan. 15, sold on Magic Eden on Thursday for 10.4 BTC.

The inscription was purchased by pseudonymous Twitter user “OG General,” Magic Eden said, tagging the account. Already the number one marketplace for NFTs on the Solana blockchain, Magic Eden launched an Ordinals NFT marketplace in March as the hype around Ordinals inscriptions took off.

https://x.com/TheOG_General/status/1732936469164048573?s=20
That I am speechless with because I am not the type who will waste such huge amount of money for an NFT or whatever they call it now. Up until now I still don't understand the real value of those digital arts. IMO, it's a waste of money that could've been used to just buy other important stuff or keep the Bitcoin as an asset.

[rdbase]

So bitcoin developers are up in arms against how the bitcoin blockchain has been used by ordinals and see it as digital graffiti which needs to be wiped clean from anything to be done with bitcoin and its usage going forward.

Here is an article which describes what a hinderance these inscriptions can be to the future of the blockchain:


Will ORDI Price Go to Zero If Bitcoin Ordinals Are Censored by bitcoin developers
https://beincrypto.com/bitcoin-ordinals-inscriptions-ordi-price

[SquirrelJulietGarden]

So bitcoin developers are up in arms against how the bitcoin blockchain has been used by ordinals and see it as digital graffiti which needs to be wiped clean from anything to be done with bitcoin and its usage going forward.

Here is an article which describes what a hinderance these inscriptions can be to the future of the blockchain:


Will ORDI Price Go to Zero If Bitcoin Ordinals Are Censored by bitcoin developers
https://beincrypto.com/bitcoin-ordinals-inscriptions-ordi-price

Without the proposal to censor Ordinals, Inscriptions on Bitcoin blockchain to reduce congestion in Bitcoin mempools, those BRC20 tokens and NFTs will fall to zero with time.

They will not have different endings than NFTs from Ethereum or Binance Smart Chain blockchains. Art NFT was sold in a half of million dollar, it's insane and in my opinion, there is no such value for those NFTs that were created as hooks to steal money from greedy people.

[rdbase]

Have you heard of the lately and greatest thing in the meme space today?
BONK run on the Solana blockchain.
Not sure if this has to do with BRC-20 tokens as I have not followed the Solana technology at all. Since FTX and their blockchain going down multiple times. Only blockchain that is secure is BTC.
Remember this number one law of the blockchain.
But it must be making moves in the cryptocurrency space. Solana came out with a phone and it sold out due to them airdropping this BONK token on every phone that from today's markets is worth more than buying than the phone itself. So those who managed to get one got paid to purchase this phone.
They were selling out within hours of multiple units in a course of being released yesterday.
Now that is a way to sell a product in the cryptoverse.

[philipma1957]

Have you heard of the lately and greatest thing in the meme space today?
BONK run on the Solana blockchain.
Not sure if this has to do with BRC-20 tokens as I have not followed the Solana technology at all. Since FTX and their blockchain going down multiple times. Only blockchain that is secure is BTC.
Remember this number one law of the blockchain.
But it must be making moves in the cryptocurrency space. Solana came out with a phone and it sold out due to them airdropping this BONK token on every phone that from today's markets is worth more than buying than the phone itself. So those who managed to get one got paid to purchase this phone.
They were selling out within hours of multiple units in a course of being released yesterday.
Now that is a way to sell a product in the cryptoverse.

why did you think only btc blockchain is secure?

scrypt LTC/Doge chains are secure.

[owengtam09]

Have you heard of the lately and greatest thing in the meme space today?
BONK run on the Solana blockchain.
Not sure if this has to do with BRC-20 tokens as I have not followed the Solana technology at all. Since FTX and their blockchain going down multiple times. Only blockchain that is secure is BTC.
Remember this number one law of the blockchain.
But it must be making moves in the cryptocurrency space. Solana came out with a phone and it sold out due to them airdropping this BONK token on every phone that from today's markets is worth more than buying than the phone itself. So those who managed to get one got paid to purchase this phone.
They were selling out within hours of multiple units in a course of being released yesterday.
Now that is a way to sell a product in the cryptoverse.

Actually, this is the 1st time I have seen this BONK token but after seeing how it moves and how it dips it is surely Amazing now because I have seen that many buyers of BONK when it dips are now getting profited and it is crazy hearing that but this is just a meme coin that doesn't have any possibility of reaching the price of Bitcoin and that is for sure,

Solana technology is something really well-known right now, for sure those phones are not any other Android phones and that is called the Solana Saga that phone is like a cold wallet that is living inside the phone but a cold wallet that can be used for a transaction using just a finger print and that is called the seed vault for sure it is not like the other phones but it got to build in a cold wallet that is why it is really unique, while it looks amazing it only runs on Solana blockchain so maybe a $1000 USD price tag for this phone now it is $600 USD now, it is really worth it if the Blockchain is just Solana,

[YuginKadoya]

Have you heard of the lately and greatest thing in the meme space today?
BONK run on the Solana blockchain.
Not sure if this has to do with BRC-20 tokens as I have not followed the Solana technology at all. Since FTX and their blockchain going down multiple times. Only blockchain that is secure is BTC.
Remember this number one law of the blockchain.
But it must be making moves in the cryptocurrency space. Solana came out with a phone and it sold out due to them airdropping this BONK token on every phone that from today's markets is worth more than buying than the phone itself. So those who managed to get one got paid to purchase this phone.
They were selling out within hours of multiple units in a course of being released yesterday.
Now that is a way to sell a product in the cryptoverse.

Right now the meme coin you are talking about is plummeting down right now and for some weird cases there are people buying it, and they believe in buying this coin's dip, in my opinion, if the other token or coins have the same great community as Bonk just like Shiba Inu did back then this could become a potential stay in the Crypto, but this is running on Solana Blockchain right now and in some weird reasons because of the Solana Platform there are many still investing and believing the Bonk Inu right now actually I have bought Shiba Inu back then and my profit has raised on that Coin, but right now it didn't get up since then but it has some potential Right now there might be a burning that is happening right now and because of Bonk maybe Shiba Inu might get the hype again, and I am still hoping for that to happen,

Actually, this is the 1st time I have seen this BONK token but after seeing how it moves and how it dips it is surely Amazing now because I have seen that many buyers of BONK when it dips are now getting profited and it is crazy hearing that but this is just a meme coin that doesn't have any possibility of reaching the price of Bitcoin and that is for sure,

Solana technology is something really well-known right now, for sure those phones are not any other Android phones and that is called the Solana Saga that phone is like a cold wallet that is living inside the phone but a cold wallet that can be used for a transaction using just a finger print and that is called the seed vault for sure it is not like the other phones but it got to build in a cold wallet that is why it is really unique, while it looks amazing it only runs on Solana blockchain so maybe a $1000 USD price tag for this phone now it is $600 USD now, it is really worth it if the Blockchain is just Solana,

I have seen the Solana Saga and right now there are people who misunderstand the Mobile device that has a Solana Saga system in it, for sure they are just comparing it to a normal Mobile device which is not a full review of what you know about an android device, which is some reviewer is taking off the main thing the Solana Saga phone made in purposed, and that was for people that wants a faster transaction using Solana, and a safer tool that has an easy access on your assets on this phone, and for sure biased people are not seeing the real purposed for this phone and I think it is a great addition for some players of a crypto game that wants easy access on their games assets,

[tread93]

This is really such a wild thing happening with bitcoin right now. Could ordinals become an even bigger hindrance and could the transactions keep becoming more and more expensive to process if this prolongs on the blockchain?