How to value bitcoin bitmap ordinals and what do you think about them?

[Bulista]

****UPDATE**** this website sums it all up: https://bitmap.community/explorer

Bitmap ordinals can be hard to value, what concepts are you using to value them?

And what's your opinion on them?

I guess it's interesting to hear what the community has to say.

Here the conclusions I found on how to value them

1. 1 digit blocks (most valuable ones)

2. 2 digit blocks

3. 3 digit blocks

4. Blocks sub 10000

5. Blocks sub 100000

6. Blocks sub 32486 (2009 blocks, first year of bitcoin)

7. Palindromic Numbers (they are rare numbers, see here)

Nr of digits |	Range of Numbers |	Total numbers |	Palindromic numbers in range
1	0-9	10	10
2	10-99	90	9
3	100-999	900	90
4	1000-9999	9000	90
5	10000-99999	90000	900
6	100000-999999	900000	900

Examples: 828, 1001, 33633, 641146, 772277

8. Sequence numbers like 123456 or 654321

9. Repeating numbers like 11111, 21111, 100000 or 201201

10. By block value, see https://bitfeed.live/ for example block 395337 has a value of 1,067,392.4 bitcoin

Sites I use to check block details

https://bitfeed.live/

https://btcbitmap.com/verify

For trading

https://magiceden.io/ordinals/marketplace/bitmap

https://ordinalswallet.com/collection/bitmap

To analyze the market data

I extract all the data from magicdeden and ordinalswallet and then run some scripts on the data

To get all the bitmaps data from magiceden I get the data from their api directly, example url

For ordinalswallet data I download all their data via their api, example url

(don't open it via the browser the file is too large, download it as a file, analyze it with a script)

For bitfeed api, first get the block hash (example url) and then call the api (example url)

[unpluggedcoin]

Someone bought some serious amount of bitmap land before people like us who've missed mighty Bitcoin even touched it. On July 13, yes 3 days ago. Now there is no land available that can be claimed. What a pity.

[Eternad]

Someone bought some serious amount of bitmap land before people like us who've missed mighty Bitcoin even touched it. On July 13, yes 3 days ago. Now there is no land available that can be claimed. What a pity.

What’s it’s usecase aside from spamming the Bitcoin network. There’s a lot of blockchain which this kind of NFT can done instead they are spamming Bitcoin network by attaching useless piece of shit on every transaction and called a BRC20.

Go to marketplace. There’s tons of them available in the market being sold on a ridiculous hype price for a piece of garbage in blockchain network.

[BTC_Backdoor]

What’s it’s usecase aside from spamming the Bitcoin network. There’s a lot of blockchain which this kind of NFT can done instead they are spamming Bitcoin network by attaching useless piece of shit on every transaction and called a BRC20.

Go to marketplace. There’s tons of them available in the market being sold on a ridiculous hype price for a piece of garbage in blockchain network.

Don't you think bitcoin Mixers have done more damage to bitcoin than all others combined?

[sesterceshop]

Ordinals associated with significant events or milestones, such as blocks from the early days of BTC, may also hold greater value due to their historical context. I personally find them to be an interesting and unique aspect of the Bitcoin Metaverse.

[mk4]

Don't you think bitcoin Mixers have done more damage to bitcoin than all others combined?

Why would they? Negative press aside, mixers provide better privacy(to a certain extent) both for criminals and non-criminals. It's a tool — expect people with various moral and ethical levels to use it.

As for pricing ordinals, it's like pricing any NFT — it will solely be based on how much people are willing to pay for them for speculation reasons.

[odolvlobo]

Bitmap ordinals can be hard to value, what concepts are you using to value them?

I don't think there really is a good way to determine the value something with such an arbitrary rarity. Ultimately, all satoshis are unique using ordinals, so they are all equally rare.

In the end, I don't think satoshis enumerated using Ordinals will hold any collectible value.

But, I am confused. You are using the perceived rarity of the satoshis to value them, so what do images associated with them have to do with it?

[Bulista]

Bitmap ordinals can be hard to value, what concepts are you using to value them?

I don't think there really is a good way to determine the value something with such an arbitrary rarity. Ultimately, all satoshis are unique using ordinals, so they are all equally rare.

In the end, I don't think satoshis enumerated using Ordinals will hold any collectible value.

But, I am confused. You are using the perceived rarity of the satoshis to value them, so what do images associated with them have to do with it?

The way I see it, first bitmaps are a NFT limited to around 800k supply as of now. Compare that with the supply of bitcoin + the cap of all the metaverse projects out there and you see the potential. It is possible that the floor price for bitmaps will reach a high value. Also a bitmap with the number 999999 will have a higher value then a common number like 718291, so yes I think they can be valued by the rarity of their numbers. The points I listed in the main post are the ones I found that people are using, if you analyze the market data you see there is a tendency for rare numbers to be traded at a higher price.

[DooMAD]

Objectively, based on utility, they have a value of zero. 

Subjectively, based on how someone feels about them, that's down to the individual.  But still zero for me, personally.

If what you're inscribing doesn't represent something tangible, it's probably worthless in my view.

Also a bitmap with the number 999999 will have a higher value then a common number like 718291, so yes I think they can be valued by the rarity of their numbers.

What the hell kind of math did they teach you in school?  Mathematically speaking, if you list every number in order, without repeats, then every number is equally common.  They will all appear once and once only.  '718291' won't appear more often than '999999'.  It's all just a lame attempt to sell junk to idiots. 

[Bulista]

Objectively, based on utility, they have a value of zero. 

Subjectively, based on how someone feels about them, that's down to the individual.  But still zero for me, personally.

If what you're inscribing doesn't represent something tangible, it's probably worthless in my view.

Also a bitmap with the number 999999 will have a higher value then a common number like 718291, so yes I think they can be valued by the rarity of their numbers.

What the hell kind of math did they teach you in school?  Mathematically speaking, if you list every number in order, without repeats, then every number is equally common.  They will all appear once and once only.  '718291' won't appear more often than '999999'.  It's all just a lame attempt to sell junk to idiots. 

And who are you to decide if it has value or not? the market says it has value, that’s a fact. You talk as if the markets are mathematical (they are not, rather irrational).  People are valuing repeating numbers over normal numbers. In case you didn’t read properly what I said, I repeat: the data I presented in my posts are based on the results of the analysis of the market data. Bitmaps that fall on those categories that I listed are being traded at higher prices than the floor price, some of them at $1000+ each. And not just listed for sale, actual trades.

[serveria.com]

Bitmap ordinals can be hard to value, what concepts are you using to value them?

And what's your opinion on them?

I guess it's interesting to hear what the community has to say.

Here the conclusions I found on how to value them

1. 1 digit blocks (most valuable ones)

2. 2 digit blocks

3. 3 digit blocks

4. Blocks sub 10000

5. Blocks sub 100000

6. Blocks sub 32486 (2009 blocks, first year of bitcoin)

7. Palindromic Numbers (they are rare numbers, see here)

Nr of digits |	Range of Numbers |	Total numbers |	Palindromic numbers in range
1	0-9	10	10
2	10-99	90	9
3	100-999	900	90
4	1000-9999	9000	90
5	10000-99999	90000	900
6	100000-999999	900000	900

Examples: 828, 1001, 33633, 641146, 772277

8. Sequence numbers like 123456 or 654321

9. Repeating numbers like 11111, 21111, 100000 or 201201

10. By block value, see https://bitfeed.live/ for example block 395337 has a value of 1,067,392.4 bitcoin

Sites I use to check block details

https://bitfeed.live/

https://btcbitmap.com/verify

For trading

https://magiceden.io/ordinals/marketplace/bitmap

https://ordinalswallet.com/collection/bitmap

To analyze the market data

I extract all the data from magicdeden and ordinalswallet and then run some scripts on the data

To get all the bitmaps data from magiceden I get the data from their api directly, example url

For ordinalswallet data I download all their data via their api, example url

(don't open it via the browser the file is too large, download it as a file, analyze it with a script)

For bitfeed api, first get the block hash (example url) and then call the api (example url)

That's simple! I'll tell you how to value them: their value is zero (0). And will always stay that way. Just remember this and stay away from ordinals and you'll thank me later.   

[BlackHatCoiner]

And what's your opinion on them?

Really stupid concept, almost dangerous if lots conceived satoshis like that. It'd damage fungibility. Every satoshi is equally rare, and everyone should grasp that if we want bitcoin to be good money.

Mathematically speaking, if you list every number in order, without repeats, then every number is equally common.

Mathematically speaking means objectively speaking, which is definitely not the case in here. Completely subjectively speaking, and with lots of logic missing, 1 can be even equal with 2. Ordinals is pretty much a product of the latter.

[DooMAD]

And who are you to decide if it has value or not?

Someone with a healthy dose of skepticism.  Someone who has seen it enough times before (see below).  Someone who likes to make sure people aren't getting suckered into buying crap so some unscrupulous vultures can get rich exploiting them.

the market says it has value, that’s a fact. You talk as if the markets are mathematical (they are not, rather irrational).  

No kidding.  It's the same market that said every shitcoin ICO supposedly had value.  And maybe they did for as long as their '15 minutes of fame' lasted.  And then they took on their true value.  Zero.  This is no different.  It's just some opportunists looking to make a quick buck and leave a bunch of bagholders in their wake (again).  All that's left to be be seen is what the next snake oil pitch will be after this latest fad runs its course.



//EDIT:  And in response to the following reply from franky1, keep in mind he's an illiterate halfwit.  He can't understand a fraction of what anyone writes here.  If he ever accurately comprehends my stance on anything, I'd be genuinely amazed.

[franky1]

funny thing is although doomad is correct this time.. (because ordinals is a scam.. (rare event to see him admit to fact)), but for the last 6 months doomad has been presenting an opinion that these ordinal scams should continue and pretending they do have value... so very very surprised to see him change his tune and finally admit to something

so it appears doomad is now taking only 6 months instead of 6 years to wise up to crap happening to the network.. but knowing doomad, next week he will flip the script and start supporting the scams continuation again. as previously witnessed many times..

lets hope this is a rare moment for doomad to actually stick with facts that these ordinals are just used to scam people and sticks with it.. its just a shame it takes him this long with his flip floppy scripts back and forth inbetween before he finally sees the truth

[Bulista]

And who are you to decide if it has value or not?

Someone with a healthy dose of skepticism.  Someone who has seen it enough times before (see below).  Someone who likes to make sure people aren't getting suckered into buying crap so some unscrupulous vultures can get rich exploiting them.

the market says it has value, that’s a fact. You talk as if the markets are mathematical (they are not, rather irrational).  

No kidding.  It's the same market that said every shitcoin ICO supposedly had value.  And maybe they did for as long as their '15 minutes of fame' lasted.  And then they took on their true value.  Zero.  This is no different.  It's just some opportunists looking to make a quick buck and leave a bunch of bagholders in their wake (again).  All that's left to be be seen is what the next snake oil pitch will be after this latest fad runs its course.



//EDIT:  And in response to the following reply from franky1, keep in mind he's an illiterate halfwit.  He can't understand a fraction of what anyone writes here.  If he ever accurately comprehends my stance on anything, I'd be genuinely amazed.

You realize that 52% of the crypto market are those ICO coins right? Ethereum was ICO too, there is plenty of value there. You have your mind stuck in 2009/2010? Open your mind, even tho ordinals seems to be a stupid concept, finally the market decides what has value or not, you shouldn’t be that arrogant to call everything except bitcoin a zero value thing.

Even tho bitmaps aren’t unique (you can mint the same text over and over again), but the market organized itself to count only the first mints as the valid ones, floor price of bitmaps went up more than 500% in the past weeks. Obviously there is value here even tho it looks technically stupid.

You look like those old men that don’t tolerate young kids with smartphones, just because in their time they used playing with rocks or something. Actually smartphones are the greatest invention of all time, you have access to all the knowledge in the world whenever you want and immediately.

Perhaps in the future when the metaverse becomes a real thing, those who were getting bitmaps at this time will the super rich of the future, same as those who bought bitcoin/ethereum years ago, who knows

[unpluggedcoin]

Perhaps in the future when the metaverse becomes a real thing, those who were getting bitmaps at this time will the super rich of the future, same as those who bought bitcoin/ethereum years ago, who knows

You rightly and correctly said it. Everyone here is getting technical around bitmap ordinals and not being humans. Being a human what you do with bitmap ordinals. Well you wish to join the ride and have a piece of it.. I've been looking for unclaimed bitmap ordinals and found out that all metaverse has been claimed. I wish if could have one! Alas!

[franky1]

value and price are not the same thing

many people can price any crap. doesnt mean it has value

when things in concepts of crypto currency dont even use proper proof of ownership/transfer nor get locked into a TXID which then becomes part of the merkle tree of a block.. then its not immutable. its prunable crap so does not even get locked into th security of blockchains.. thus not even secure or a token or any of the native features of what makes cryptocurrency special..
meta data appended to the end of a tx has no purpose or function and does not have the proper transfer/ownership security. so its junk

anyone can put a price on junk.. but its still valueless junk

dont be scammed into buying valueless junk

[DooMAD]

You realize that 52% of the crypto market are those ICO coins right?

Yep.  And out of those, I would describe the vast majority of them as "solutions looking for a problem".  No one actually needs those coins for anything, other than gambling with.  They don't have any real purpose.  They don't have any network effects or anything resembling a userbase.  You can't spend them on goods and services because there's no merchant acceptance.  They're just speculative playthings.  If people want to gamble on them, that's their prerogative.  But I wouldn't ascribe value to them.

Actually smartphones are the greatest invention of all time, you have access to all the knowledge in the world whenever you want and immediately.

Yes.  Things that have real-world utility and actually serve a purpose are often considered worthwhile inventions.  But this topic is about speculative playthings with no utility, no purpose.  Ergo, no value.


Incidentally, you did ask us what we think, so you have to accept that not everyone is going to be as excited about this stuff as you seem to be.  I'm not here to bolster anyone's confirmation bias.  I just call it like I see it.

[odolvlobo]

Yes.  Things that have real-world utility and actually serve a purpose are often considered worthwhile inventions.  But this topic is about speculative playthings with no utility, no purpose.  Ergo, no value.

Value doesn't require utility. There are many things that have no real utility but still have value. What is the utility of the Mona Lisa?

It's silly to argue that something has no value simply because it has no value to you.

It seems to me that you don't like ordinals and inscriptions because they don't fit your belief of what Bitcoin should be. Why not just say that instead of making these silly arguments about what should or should not have value.

[Pmalek]

Personally, I see no use in the Ordinals bull crap, and I don't like them spamming the network and clogging the blocks. But they are a reality and we have to live with them. Hopefully those involved with this hype will realize it's useless and has no future. I am hoping it doesn't. I can't comment on the value of these things as I have never done any research on it nor do I plan to do it.

I am not for banning or somehow forking them out because that goes against the ethos of a network that should be against censorship. Let them ride the Ordinals hype wave and hopefully they will go away voluntarily.