Coinbase on the defensive about these bitcoin ordinal centralized meme coins

[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.

why did you think only btc blockchain is secure?
scrypt LTC/Doge chains are secure.

Yes but there are some real nonsense going on with those chains right now.
You seen this BEL token business that has been going on lately?
The creator of Doge coin had announced on his X feed what it is all about and it has skyrocketed the scrypt hashrate for the past few days only on the hype that it is backed by this: It was created before Litecoin and Doge.

Creator of Doge on X https://twitter.com/BillyM2k

https://twitter.com/_Bellscoin/status/1735236630414344546

Can you really take a project seriously when they are basing their altcoin on a Nintendo Switch game targeted between tweens?
Think there is a thread on here from 2013 for this BEL token which I believe was before the creation of Dogecoin.

[1714246497]

1714246497

[1714246497]

1714246497

[TrustedBitcoiner]

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?

as long as there is demand to create and transfer ordinals at these fee levels then ya probably.
and even if it dies down and fees come down, that just means its now "cheep" to produce and trade ordinals, which might cause new poeple to mint more ordinals!

and its not just ordinals, we are entering a bull market for bitcoin and with that comes higher deamand for legit tranactions... fees are going to be out of this world pretty soon.

[rdbase]

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?

as long as there is demand to create and transfer ordinals at these fee levels then ya probably.
and even if it dies down and fees come down, that just means its now "cheep" to produce and trade ordinals, which might cause new poeple to mint more ordinals!

and its not just ordinals, we are entering a bull market for bitcoin and with that comes higher deamand for legit tranactions... fees are going to be out of this world pretty soon.

There are something in the works so to have inscriptions banned from the bitcoin blockchain all together.
Think it can be done with an upgrade such as taproot. I briefly heard about this bandage solution just recently by lobbying an association who is overseeing the actions of blockchain technology.
So at this point all we can do is wait and see.
But I do agree with you, it is definitely causing such congestion as of now and causing the fees for sending a transaction to rise with fighting for placement.

[Reid]

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?

Yes, that's possible and we have seen it when PEPE was on the hype. We don't want something like that to happen in Bitcoin blockchain anymore because it might ruin it's reputation.

Can you really take a project seriously when they are basing their altcoin on a Nintendo Switch game targeted between tweens?
Think there is a thread on here from 2013 for this BEL token which I believe was before the creation of Dogecoin.

Trying to mimic that pet game Axie Infinity maybe? It worked out for them, but I don't think it can be repeated. Yes, according to the tweet it was made at that time, so they will be using a revived coin. Crap.

Phantom adds support for Bitcoin, Ordinals and BRC-20 tokens

Phantom, originally a Solana wallet created by Ethereum developers, announced users can now trade and transfer bitcoin, Ordinals, and BRC-20 tokens.

I don't know if this is good news or not because somehow it invites more investors to buy Ordinals even the stupidest ones.

The wallet's new optionality is "currently in beta so it’s 100% opt-in," Phantom said in a post to X. "Without Bitcoin  BTC +3.06%
, there’d be no Solana, Ethereum, or web3. And for that, we’re forever grateful for Bitcoin and thrilled to launch it (in ₿eta) on Phantom," it also said.

Phantom, known for being a Solana wallet, took its first steps toward becoming multichain when it added support for the Ethereum and Polygon blockchains. "We believe that the future of digital asset management lies in cross-chain interoperability," Brandon Millman, co-founder and CEO of Phantom, said at the time.

https://www.theblock.co/post/268707/phantom-adds-support-for-bitcoin-ordinals-and-brc-20-tokens

[dzungmobile]

Phantom adds support for Bitcoin, Ordinals and BRC-20 tokens

Phantom, originally a Solana wallet created by Ethereum developers, announced users can now trade and transfer bitcoin, Ordinals, and BRC-20 tokens.

I don't know if this is good news or not because somehow it invites more investors to buy Ordinals even the stupidest ones.

The wallet's new optionality is "currently in beta so it’s 100% opt-in," Phantom said in a post to X. "Without Bitcoin  BTC +3.06%
, there’d be no Solana, Ethereum, or web3. And for that, we’re forever grateful for Bitcoin and thrilled to launch it (in ₿eta) on Phantom," it also said.

Phantom, known for being a Solana wallet, took its first steps toward becoming multichain when it added support for the Ethereum and Polygon blockchains. "We believe that the future of digital asset management lies in cross-chain interoperability," Brandon Millman, co-founder and CEO of Phantom, said at the time.

https://www.theblock.co/post/268707/phantom-adds-support-for-bitcoin-ordinals-and-brc-20-tokens

It is a smart decision from Phantom wallet team because this adoption for BRC20 tokens that are on fire, will help the wallet becomes more famous and can help it to get new users.

I am curious that what will benefit Phantom wallet more. According to their Terms, they can charge fees on some services. I am not sure about the wallet because I never used it but a quick search shows, they are a multi-chain wallet so it is not technical problem for them to accept BRC20 tokens.

For users, who use Phantom wallet to mint and store BRC20 tokens, they will pay service fee to Phantom team but it is not a risk. The risk is how many BRC20 tokens can survive when the hype gone?

I hope those greed people actually did some research about deaths of altcoins and altcoin NFTs in the last bull run to two latest bearish years.

[rdbase]

Phantom adds support for Bitcoin, Ordinals and BRC-20 tokens

Phantom, originally a Solana wallet created by Ethereum developers, announced users can now trade and transfer bitcoin, Ordinals, and BRC-20 tokens.

I don't know if this is good news or not because somehow it invites more investors to buy Ordinals even the stupidest ones.

The wallet's new optionality is "currently in beta so it’s 100% opt-in," Phantom said in a post to X. "Without Bitcoin  BTC +3.06%
, there’d be no Solana, Ethereum, or web3. And for that, we’re forever grateful for Bitcoin and thrilled to launch it (in ₿eta) on Phantom," it also said.

Phantom, known for being a Solana wallet, took its first steps toward becoming multichain when it added support for the Ethereum and Polygon blockchains. "We believe that the future of digital asset management lies in cross-chain interoperability," Brandon Millman, co-founder and CEO of Phantom, said at the time.

https://www.theblock.co/post/268707/phantom-adds-support-for-bitcoin-ordinals-and-brc-20-tokens

It is a smart decision from Phantom wallet team because this adoption for BRC20 tokens that are on fire, will help the wallet becomes more famous and can help it to get new users.

I am curious that what will benefit Phantom wallet more. According to their Terms, they can charge fees on some services. I am not sure about the wallet because I never used it but a quick search shows, they are a multi-chain wallet so it is not technical problem for them to accept BRC20 tokens.

For users, who use Phantom wallet to mint and store BRC20 tokens, they will pay service fee to Phantom team but it is not a risk. The risk is how many BRC20 tokens can survive when the hype gone?

I hope those greed people actually did some research about deaths of altcoins and altcoin NFTs in the last bull run to two latest bearish years.

Very interesting developments on this new blockchains and this is how it should of been in the first place:
Have these networks such as ethereum/solana do these smart contracts and devving into web3 things such as NFT/Ordinals and leave the bitcoin network be a store of value for what it was intended to do.
With what has happened recently with network congestion cause the higher than usual sender's fee to transfer, this just shows bitcoin and it's blockchain was not meant for doing this sort of thing.
It is just not an efficient way to be using the network if it can be more effective to use those other blockchains instead.

[Reid]

@rdbase About the network congestion and high transaction fees. It actually divided Bitcoin supporters because there are still investors who would like to keep Bitcoin blockchain clean and I am actually one who supports that idea.
It sucks when you are a Bitcoin user, what more without those merchandise are being transacted with the use of Bitcoin? How about El Salvador? It will be difficult to say Bitcoin is really a currency if these things are happening. It will be kept as an asset like gold which I don't think is a good thing.

About those fees, here is the recent experiment of the article I bumped into and they are also blaming it to the ordinals which I believe is a fact.
https://decrypt.co/210168/bitcoin-fees-continue-to-surge-thanks-to-ordinal-mania

Case in point: Decrypt tried to make a transaction using a mobile wallet, but the fee would’ve been 42% of the amount of BTC selected to send.

Bitinfocharts data shows that it today costs on average $37.58 to make a transaction. The last time it was that high was back in April 2021. Fees have been exploding since May this year ever since interest in Ordinals took off. At one point they reached $31.14 per transaction.

It's too high and it's an eyesore to see this kind of expensive fees.

[rdbase]

@rdbase About the network congestion and high transaction fees. It actually divided Bitcoin supporters because there are still investors who would like to keep Bitcoin blockchain clean and I am actually one who supports that idea.
It sucks when you are a Bitcoin user, what more without those merchandise are being transacted with the use of Bitcoin? How about El Salvador? It will be difficult to say Bitcoin is really a currency if these things are happening. It will be kept as an asset like gold which I don't think is a good thing.

About those fees, here is the recent experiment of the article I bumped into and they are also blaming it to the ordinals which I believe is a fact.
https://decrypt.co/210168/bitcoin-fees-continue-to-surge-thanks-to-ordinal-mania

Case in point: Decrypt tried to make a transaction using a mobile wallet, but the fee would’ve been 42% of the amount of BTC selected to send.

Bitinfocharts data shows that it today costs on average $37.58 to make a transaction. The last time it was that high was back in April 2021. Fees have been exploding since May this year ever since interest in Ordinals took off. At one point they reached $31.14 per transaction.

It's too high and it's an eyesore to see this kind of expensive fees.

Believe it or not those investors aren't who you would think they are.
In China there are conferences trying to onboard grandmas into this hype of ordinals.
When I first heard about it right before Chirstmas I thought it was a complete and utter joke.
But then these images surfaced showing another thing from those BONK tokens called WHEE:


https://twitter.com/markjeffrey/status/1736671688455254113

You can imagine how much money these elderly have from life savings and those individuals who promise them the world with these how to get rich fast schemes are just wolves in doge's clothing

https://twitter.com/MacnBTC/status/1734963829992288664

[Reid]

Believe it or not those investors aren't who you would think they are.
In China there are conferences trying to onboard grandmas into this hype of ordinals.
When I first heard about it right before Chirstmas I thought it was a complete and utter joke.
But then these images surfaced showing another thing from those BONK tokens called WHEE:


https://twitter.com/markjeffrey/status/1736671688455254113

You can imagine how much money these elderly have from life savings and those individuals who promise them the world with these how to get rich fast schemes are just wolves in doge's clothing

https://twitter.com/MacnBTC/status/1734963829992288664

The first thing that I noticed is the "Bitcion". Was this spelled right or are they trying to build a hype by spelling it wrong?
I read about this BONK thing somewhere in the Altcoin Discussion, I think one forum member made a thread about it.

"Getting dumped by a Chinese Grandma." Hilarious. That will be disrespectful for the traders of this ordinals listed by Binance.

I've just read this recently so I think I gotta share it.
https://news.bitcoin.com/coinbase-2024-outlook-marks-end-of-crypto-winter-ordinals-leading-nft-shift-heralds-era-of-prosperity
Coinbase 2024 Outlook Marks End of Crypto Winter, Ordinals Leading NFT Shift, Heralds Era of Prosperity

This momentum, the report explains, is expected to carry into 2024, with BTC potentially benefiting from broader economic trends and pressures on traditional financial systems. Additionally, Coinbase touches upon the Ordinals and Atomicals trend alongside Rootstock, Stacks, RGB, and implementations of BitVM. Coinbase also believes that “a large portion of NFT activity has shifted to Bitcoin Ordinals.”

NFT was not a successful project and I think that's the reason why investors will switch to something different but near same the project they supported and those are Ordinals. But I have big doubts that it will be successful  just because of that. There's a chance it will end the same way as NFT's.

[rdbase]

@Reid
Not all projects are just rugpulls like these ones which are obvious to the well informed.
Coinbase is looking to list some which are doing well and have been around for several years now. The ones I have been watching are on the very network which I had mentioned earlier last month. And announced today they will be making a listing of them in the future.
This most certainly will increase the popularity of those projects and the pump in price will also follow.

[Reid]

@Reid
Not all projects are just rugpulls like these ones which are obvious to the well informed.
Coinbase is looking to list some which are doing well and have been around for several years now. The ones I have been watching are on the very network which I had mentioned earlier last month. And announced today they will be making a listing of them in the future.
This most certainly will increase the popularity of those projects and the pump in price will also follow.

Yeah, I do believe so too. There are good projects out there but let's take into account the percentage of that. I think it's very low.

And here comes another one.
Bitcoin Ordinals Welcomes Trump with Limited Edition Mugshot NFT Trading Cards

https://www.crypto-news-flash.com/bitcoin-ordinals-welcomes-trump-with-limited-edition-mugshot-nft-trading-cards/

Donald Trump digital trading cards are coming to Bitcoin Ordinals according to an announcement by CollectTrumpCards on the X platform.

This development follows previous successful NFT launches by the former U.S. President and is a show of the popularity of the market.

I don't know. I won't buy it. But I guess Donald Trump's followers will not miss this one and I bet that will increase the demand of this certain ordinal.

Announced on the X platform, the team notes that only 200 of these 1/1 Trump Digital Trading Cards MugShot Edition Bitcoin Ordinals will EVER exist in the world.

Oh limited edition. Like Babe Ruth cards.

[Rayser]

Ordinals/NFTs are just a waste of time and space.

[rohang]

Ordinals/NFTs are just a waste of time and space.

Never got into them and never will
If theres anything thats a rugpull scam in this world, its NFT's

[rdbase]

@Reid
Not all projects are just rugpulls like these ones which are obvious to the well informed.
Coinbase is looking to list some which are doing well and have been around for several years now. The ones I have been watching are on the very network which I had mentioned earlier last month. And announced today they will be making a listing of them in the future.
This most certainly will increase the popularity of those projects and the pump in price will also follow.

Yeah, I do believe so too. There are good projects out there but let's take into account the percentage of that. I think it's very low.

And here comes another one.
Bitcoin Ordinals Welcomes Trump with Limited Edition Mugshot NFT Trading Cards

https://www.crypto-news-flash.com/bitcoin-ordinals-welcomes-trump-with-limited-edition-mugshot-nft-trading-cards/

Donald Trump digital trading cards are coming to Bitcoin Ordinals according to an announcement by CollectTrumpCards on the X platform.

This development follows previous successful NFT launches by the former U.S. President and is a show of the popularity of the market.

I don't know. I won't buy it. But I guess Donald Trump's followers will not miss this one and I bet that will increase the demand of this certain ordinal.

Announced on the X platform, the team notes that only 200 of these 1/1 Trump Digital Trading Cards MugShot Edition Bitcoin Ordinals will EVER exist in the world.

Oh limited edition. Like Babe Ruth cards.

Funny how you mentioned about Trump and his involvement into crypto.
A development team who created his Trump coin airdropped $6000 worth of the memecoins at the time and became $1 million worth in the cryptocurrency.
https://en.cryptonomist.ch/2024/01/23/donald-trump-earns-1-million-dollars-with-the-memecoin-that-bears-his-name
Who doesn't think he didn't cash that out and didn't care to dump the price to near zero.

[rohang]

@Reid
Not all projects are just rugpulls like these ones which are obvious to the well informed.
Coinbase is looking to list some which are doing well and have been around for several years now. The ones I have been watching are on the very network which I had mentioned earlier last month. And announced today they will be making a listing of them in the future.
This most certainly will increase the popularity of those projects and the pump in price will also follow.

Yeah, I do believe so too. There are good projects out there but let's take into account the percentage of that. I think it's very low.

And here comes another one.
Bitcoin Ordinals Welcomes Trump with Limited Edition Mugshot NFT Trading Cards

https://www.crypto-news-flash.com/bitcoin-ordinals-welcomes-trump-with-limited-edition-mugshot-nft-trading-cards/

Donald Trump digital trading cards are coming to Bitcoin Ordinals according to an announcement by CollectTrumpCards on the X platform.

This development follows previous successful NFT launches by the former U.S. President and is a show of the popularity of the market.

I don't know. I won't buy it. But I guess Donald Trump's followers will not miss this one and I bet that will increase the demand of this certain ordinal.

Announced on the X platform, the team notes that only 200 of these 1/1 Trump Digital Trading Cards MugShot Edition Bitcoin Ordinals will EVER exist in the world.

Oh limited edition. Like Babe Ruth cards.

Funny how you mentioned about Trump and his involvement into crypto.
A development team who created his Trump coin airdropped $6000 worth of the memecoins at the time and became $1 million worth in the cryptocurrency.
https://en.cryptonomist.ch/2024/01/23/donald-trump-earns-1-million-dollars-with-the-memecoin-that-bears-his-name
Who doesn't think he didn't cash that out and didn't care to dump the price to near zero.

Alot of people made millions and millions from Nft's and these meme coins out of gullible newbies

Do u guys think crypto would be in much better place of nfts were never a thing?

[rdbase]

@rohang Don't think it would be actually.
My ideas about the whole craze has shifted since the Ordinals are of course driving up the bitcoin fees for transmitting on the network with excessive congestion but then it does give those gains to the miners for their work.
With the recent outage of the Solana network, it does show to secure the network further the more it is used no matter how it is used.
Bitcoin is the only network which hasn't had a major outage to the point of shutting it completely down like it has to so many other blockchains.

So in my view: "Let Them Cook!"

[rdbase]

What I am seeing with the use of ordinals on the blockchain are causing chaos without using a better way to transfer payments via the bitcoin blockchain such as the lightning network.
Something called Quantum Cats created by Taproot Wizards processed millions of payments on the bitcoin blockchain with of course the cost amounting in high fees.

Taproot Wizards reveal Bitcoin's Onchain Payment struggle during multi-million dollar sale

https://news.bitcoin.com/taproot-wizards-reveal-bitcoins-onchain-payment-struggles-during-15m-sale/

[OgNasty]

It seems like more and more tech is going to start taking advantage of the Lightning loophole to offer unique tokens on the Bitcoin blockchain.  I was just reading about the "first" ever ICO on the Bitcoin blockchain.  Sure, it's probably nonsense or a useless scam, but interesting that people keep building on this tech to offer new products.

Don't go investing in this because it's most likely worthless or a flat out scam, but for those interested in knowing what the heck I'm talking about: https://bitcoindogs.club/ - They seemed to spend a great deal of money on press releases, which is suspect in itself, but shows that people are still trying to build new classes of assets inside our crypto world.

[bettercrypto]

With the BRC-20 tokens taking up the majority of the block size on transactions sent to the bitcoin blockchain in the past three weeks causing chaos and having users of bitcoin paying enormous fees, one of the first exchanges in the US have had enough.
They sent their customer base newsletter out in an email late yesterday about a certain token known as pepe.
The email entails and describing the Pepe meme as a hate symbol co-opted by alt-right groups has drawn significant ire from the PEPE memecoin community.
source: https://cointelegraph.com/news/coinbase-calls-pepe-a-hate-symbol-prompting-calls-to-boycott-the-exchange
Only 24 hours ago the pepecoin backers with the community on twitter were asking Coinbase to list the BRC-20 token on their exchange with screen captures of the symbol on their own webpage, either real or photoshopped on several of crypto influencers twitter feeds.
But now they are all up in arms against the American exchange with these mass emails being sent out with no hope in sight for their beloved green frogfaced meme which was created back in 2005 and made the rounds on huge online media sites such as reddit and 4chan.
https://www.coindesk.com/business/2023/05/11/coinbase-newsletter-flags-rise-of-pepecoin-and-brc-20-tokens-irks-crypto-twitter

Since then, there was some news about pepe & memecoins topping Coinbase in trading volume just today.
Uniswap Volume Leapfrogs Coinbase Thanks to Pepe and Meme Coins
https://decrypt.co/139594/uniswap-volume-leapfrogs-coinbase-pepe-meme-coins
"Uniswap still looks to be slightly ahead of Coinbase, with $1.2 billion volume compared to the San Francisco-based exchange’s $948 million."

Very interesting how these tokens which have no utility or intrinsic value except to the one's holding it, has up ended the king of all crypto and has caused a flurry of problems for the over 14 year cryptocurrency.

Well, honestly speaking, even though there are a lot of haters on Pepe Coin, it is getting even hotter in this field. Actually, there are only two meme coins that I have, and they are Pepe and Shiba Inu. I also think that these two are okay to give me profit.

Especially in the Pepe coin, it will face the bull run that is coming for the first time in reality. No matter what others say that pepe coin is not good, I will still hold for it because many people have been humiliated for saying that pepe coin is not good.

[rdbase]

With the BRC-20 tokens taking up the majority of the block size on transactions sent to the bitcoin blockchain in the past three weeks causing chaos and having users of bitcoin paying enormous fees, one of the first exchanges in the US have had enough.
They sent their customer base newsletter out in an email late yesterday about a certain token known as pepe.
The email entails and describing the Pepe meme as a hate symbol co-opted by alt-right groups has drawn significant ire from the PEPE memecoin community.
source: https://cointelegraph.com/news/coinbase-calls-pepe-a-hate-symbol-prompting-calls-to-boycott-the-exchange
Only 24 hours ago the pepecoin backers with the community on twitter were asking Coinbase to list the BRC-20 token on their exchange with screen captures of the symbol on their own webpage, either real or photoshopped on several of crypto influencers twitter feeds.
But now they are all up in arms against the American exchange with these mass emails being sent out with no hope in sight for their beloved green frogfaced meme which was created back in 2005 and made the rounds on huge online media sites such as reddit and 4chan.
https://www.coindesk.com/business/2023/05/11/coinbase-newsletter-flags-rise-of-pepecoin-and-brc-20-tokens-irks-crypto-twitter

Since then, there was some news about pepe & memecoins topping Coinbase in trading volume just today.
Uniswap Volume Leapfrogs Coinbase Thanks to Pepe and Meme Coins
https://decrypt.co/139594/uniswap-volume-leapfrogs-coinbase-pepe-meme-coins
"Uniswap still looks to be slightly ahead of Coinbase, with $1.2 billion volume compared to the San Francisco-based exchange’s $948 million."

Very interesting how these tokens which have no utility or intrinsic value except to the one's holding it, has up ended the king of all crypto and has caused a flurry of problems for the over 14 year cryptocurrency.

Well, honestly speaking, even though there are a lot of haters on Pepe Coin, it is getting even hotter in this field. Actually, there are only two meme coins that I have, and they are Pepe and Shiba Inu. I also think that these two are okay to give me profit.

Especially in the Pepe coin, it will face the bull run that is coming for the first time in reality. No matter what others say that pepe coin is not good, I will still hold for it because many people have been humiliated for saying that pepe coin is not good.

There has and will always be traffic on uniswap.
That is a given when it comes to swapping out tokens to another in the transferring of value.
Where it shows is the increase in their own cryptocurrency $UNI going from over $7 to just under $11.96 earlier on the other day/
That is a massive increase of nearly 40%.

Pepe coin forks have surfaced aswell and the one which was created by a major influencer in the space Pauly called $PORK.
Here is the video about it which doesn't seem to do anything just like pepe:
https://www.youtube.com/watch?v=S7jX15b7f9I