Question about Bitcoin network spammer

[NotATether]

Its sad that you accept BTC as a new form of wealth but that you can't accept the value of a new art form

There's a reason the NFT market crashed so hard. It's not art, and it's not rare. It's a scam created to convince gullible people to hand over their money hoping to get rich quick.

Ordinals are just a scam to convince people to pay much more money for Bitcoin dust.

Some things just don't work when digitalized.

The thing that makes physical art fetch so much money at auctions is the fact that you can't just draw it from scratch (or use a 100 megapixel camera to try to replicate it on an A0 sheet of paper).

But an NFT can just be screenshoted, byte-copied, ... etc. and while people will (correctly) argue that this does not make a genuine copy of the NFT, the average person who knows nothing about crypto couldn't care less because they can't tell the difference anyway.

Unlike for example a real Louis Vuitton handbag and a fake one. Or two pairs of Nike shoes.

[dansus021]

You think NFTs will gain popularity again?

Yes  just look at the the transaction of ordinal there is bunch of transaction back and forth meaning the NFT still alivveeeee guysss hahaha but seriously recent news said that open sea laid off his employee https://fortune.com/crypto/2023/11/07/opensea-layoffs-50-percent-mansion-katy-perry-russell-brand-hollywood-9-million/

Ordinals are just a scam to convince people to pay much more money for Bitcoin dust.

It is not a scam it is actually a tool so the miner gets a lot of money from it hahah but who knows? 

I can sell you a can of expired Unox chicken soup for $500 right now That doesn't make it art.

That chicken soup is pure art Loycev  especially if you sell it on ordinal it can even be worth more than 100K usd 

So the conclusion is this not gonna stop right guys? till we can solve the ordinal problem? 

[apogio]

So the conclusion is this not gonna stop right guys? till we can solve the ordinal problem? 

I don't think it is not gonna stop. Over-paying fees is a problem for all of us. At some point people will realise they keep losing money in fees and things will go back to normal. This is my estimation.

[LoyceV]

At some point people will realise they keep losing money in fees and things will go back to normal. This is my estimation.

I thought we reached that point at the start of last month. The fact that fees suddenly dropped to the minimum and a month later suddenly went up again makes me think there are only a few who create millions of "Ordinals".

[apogio]

The fact that fees suddenly dropped to the minimum and a month later suddenly went up again makes me think there are only a few who create millions of "Ordinals".

So don't you think it is going to stop? I mean, how many ordinals are those few people willing to create?

[seek3r]

The fact that fees suddenly dropped to the minimum and a month later suddenly went up again makes me think there are only a few who create millions of "Ordinals".

So don't you think it is going to stop? I mean, how many ordinals are those few people willing to create?

As long as there are people who fall for this crap and give away their sats for it, there will probably be no end to it.
It has always been the case that demand determines supply. I don't know why so many people get involved in such a gamble. Some of these ordinal NFTs have really amazing floor prices.

I just hope that this “emerging market” goes away quickly. Firstly because of the fees but mainly to protect unsuspecting soldiers of fortune. 

[apogio]

As long as there are people who fall for this crap and give away their sats for it, there will probably be no end to it.

But Bitcoin has a huge advantage against this. It is finite. So it may last long, but it is deterministic that at some point it must end. Am I wrong? My question is genuine, I don't mean to cause impressions. But I sincerely fail to realise why this madness keeps going on.

[seek3r]

But Bitcoin has a huge advantage against this. It is finite. So it may last long, but it is deterministic that at some point it must end. Am I wrong? My question is genuine, I don't mean to cause impressions. But I sincerely fail to realise why this madness keeps going on.

Thats right. But let's not hope it doesn't take too long.

Why does this madness continue? With such hype, it can be easily described with one word: GREED
The great weakness of many people is that at a certain point, greed wins over reason. This is no longer a secret and is being shamelessly exploited.
Cant wait for the next bullrun, Can't wait for the next bullrun, where every second post is about FOMO. (Fear of missing out)

[apogio]

Why does this madness continue? With such hype, it can be easily described with one word: GREED
The great weakness of many people is that at a certain point, greed wins over reason. This is no longer a secret and is being shamelessly exploited.
Cant wait for the next bullrun, Can't wait for the next bullrun, where every second post is about FOMO. (Fear of missing out)

Ok, but if people want to buy NFTs, for any reason (even if I don't understand it), why would they choose ordinals against other chains? This is why I believe it is somewhat of an organised attack.

[LoyceV]

So don't you think it is going to stop? I mean, how many ordinals are those few people willing to create?

How many spam emails are spammers willing to create? Answer: billions. As long as it's profitable, it won't stop.

Ok, but if people want to buy NFTs, for any reason (even if I don't understand it), why would they choose ordinals against other chains?

Because "Bitcoin" sounds a lot better than any shitcoin they can use.

[apogio]

How many spam emails are spammers willing to create? Answer: billions. As long as it's profitable, it won't stop.

But sending an email is free. Inscribing ordinals isn't. Am I wrong?

[LoyceV]

But sending an email is free. Inscribing ordinals isn't. Am I wrong?

Nothing is free. Sending a billion emails is expensive. All that matters is profitability. As long as someone earns from this, it won't stop.

[Synchronice]

They basically created a fake market where scammers create garbage and sell it to newbies who think they can make a profit. Because that garbage (the Ordinals) has a separate value in that market, the newbies don't mind paying a high fee on-chain to transfer that garbage around trading it for possible profits.

This makes things difficult for normal bitcoin users wanting to send bitcoin transactions since a spam attack with incentive to spam is going on.

I am completely frank right now, I just don't understand why someone creates garbage and why someone pays tons of money on it?

I found this ordinal on okx.com
Can anyone really explain, why does it have value and why does someone buy it? Is it a masterpiece? No, it's a piece of garbage. Why should someone pay bitcoins in it? And if we keep in mind that mempool is spammed, then it means that tens of thousands of people create this garbage every day. I have never seen any masterpiece listed on NFT marketplace, there are only pixelated shits everywhere.


Everyone please check this: https://ordiscan.com/inscription/40034415
What's the point of this ordinal? It has text $OG$ only. Do people really pay money to gain the ownership of $OG$ on blockchain? I'm losing my mind.

Also, why are pixelated arts popular instead of arts like Da Vinci's Last Supper, Salvador Dali's The Persistence of Memory, The tower of babel by Pieter Bruegel the elder and so on.

[seek3r]

I am completely frank right now, I just don't understand why someone creates garbage and why someone pays tons of money on it?

I found this ordinal on okx.com
Can anyone really explain, why does it have value and why does someone buy it? Is it a masterpiece? No, it's a piece of garbage. Why should someone pay bitcoins in it? And if we keep in mind that mempool is spammed, then it means that tens of thousands of people create this garbage every day. I have never seen any masterpiece listed on NFT marketplace, there are only pixelated shits everywhere.

Looks like you grabbed some pictures of the "Goosinals" NFT-Collection.
You can check magiceden.io for some other collections aswell - the Bitcoin Frogs for example have a floor price of atleast .0604BTC and people are still buying them.

The bad thing is that in addition to the original rip-off, there are other scams with fake markets. If you don't pay attention and sign it incorrectly, the entire wallet will be drained.
It might sound primitive at first but newcomers in particular often fall victim to it.

Also, why are pixelated arts popular instead of arts like Da Vinci's Last Supper, Salvador Dali's The Persistence of Memory, The tower of babel by Pieter Bruegel the elder and so on.

It's just kind of a fake market that has been artificially inflated by the creators. Many people are blinded by supposed sales and dont realize that they are also manipulated.
You cant seriously believe that some prices have actually been realized.

Newcomers in particular are blinded by these quick transactions. And then the trap snaps.

[philipma1957]

At some point people will realise they keep losing money in fees and things will go back to normal. This is my estimation.

I thought we reached that point at the start of last month. The fact that fees suddenly dropped to the minimum and a month later suddenly went up again makes me think there are only a few who create millions of "Ordinals".

exactly as there are wealthy people playing multiple pow algos.
spamming the btc chain by any means possible is good for the other pow algos.

We will repeat this pattern over an over and over. It is tough reality for us. we need to adapt as much as we can.

[digaran]

How can I remove and purge all of these garbage data from a full node? Is that even possible? I consider Bitcoin's blockchain as a sacred ground, or as an ancient monument which should not be vandalized by these  garbage spams.
I honestly blame developers for allowing such atrocities and now by not trying to stop it. Let's go use doge guys, who is with me? Lol

[Synchronice]

Looks like you grabbed some pictures of the "Goosinals" NFT-Collection.
You can check magiceden.io for some other collections aswell - the Bitcoin Frogs for example have a floor price of atleast .0604BTC and people are still buying them.

Yes, I can check them and save them in JPG. In the end, my jpg file and paid NTF will be exactly the same in pixels. I just googled and 29,983 people paid a sum of $91 800 000 in The Merge NFT.

Everyone please check this: https://ordiscan.com/inscription/40034415
What's the point of this ordinal? It has text $OG$ only. Do people really pay money to gain the ownership of $OG$ on blockchain? I'm losing my mind.

Actually you get ownership of BRC-20 token called $OG$. And i expect few people actually betting their money on such token.

And then what? What benefit do I get? Is there really anyone in this world who cares about whether I own BRC-20 token called $OG$ or not? And what benefit do I get by owning that stupid text $OG$? It's stupid, right? That's what I am saying, I don't understand why people bring value to that an why is there money made in nonsense.

[logfiles]

Yes, I can check them and save them in JPG. In the end, my jpg file and paid NTF will be exactly the same in pixels. I just googled and 29,983 people paid a sum of $91 800 000 in The Merge NFT.

Like the old adage goes, "A fool and his money are soon parted"

I don't really give a damn about how the gullible ordinal or BRC20 battalion spend their Bitcoins. The issue is, they are making it harder for an average person to use and maintain the Bitcoin network. Yes, miners are happy but for how long if most regular user stop using bitcoin and opt for centralized shitcoin networks like BNB.

As an example, I have not used Ethereum network for a long time now and to this date I don't even think of it, but at the beginning I actually liked the smart contract nature of Ethereum network and used it regularly as an average user.

[DaveF]

Yes, I can check them and save them in JPG. In the end, my jpg file and paid NTF will be exactly the same in pixels. I just googled and 29,983 people paid a sum of $91 800 000 in The Merge NFT.

Like the old adage goes, "A fool and his money are soon parted"

I don't really give a damn about how the gullible ordinal or BRC20 battalion spend their Bitcoins. The issue is, they are making it harder for an average person to use and maintain the Bitcoin network. Yes, miners are happy but for how long if most regular user stop using bitcoin and opt for centralized shitcoin networks like BNB.

As an example, I have not used Ethereum network for a long time now and to this date I don't even think of it, but at the beginning I actually liked the smart contract nature of Ethereum network and used it regularly as an average user.

Look at it as enforced savings. You don't want to move your BTC to buy something since it costs so much in TX fess so you don't spend it. More for you later :-)

But, seriously. This too shall pass. No idea when, but sooner or later the 'next big thing' in crypto will appear and BRC20 will stop being used and fees will drop and things will get back to normal. Next week? Next month? Next year? No idea, but it will happen.

-Dave

[philipma1957]

Yes, I can check them and save them in JPG. In the end, my jpg file and paid NTF will be exactly the same in pixels. I just googled and 29,983 people paid a sum of $91 800 000 in The Merge NFT.

Like the old adage goes, "A fool and his money are soon parted"

I don't really give a damn about how the gullible ordinal or BRC20 battalion spend their Bitcoins. The issue is, they are making it harder for an average person to use and maintain the Bitcoin network. Yes, miners are happy but for how long if most regular user stop using bitcoin and opt for centralized shitcoin networks like BNB.

As an example, I have not used Ethereum network for a long time now and to this date I don't even think of it, but at the beginning I actually liked the smart contract nature of Ethereum network and used it regularly as an average user.

Look at it as enforced savings. You don't want to move your BTC to buy something since it costs so much in TX fess so you don't spend it. More for you later :-)

But, seriously. This too shall pass. No idea when, but sooner or later the 'next big thing' in crypto will appear and BRC20 will stop being used and fees will drop and things will get back to normal. Next week? Next month? Next year? No idea, but it will happen.

-Dave

and those that want the higher fees will find a new method to jack the fees up.

High fees will come back time and time and time again.

one reason is scrypt has a vested interest in high btc fees. So they mine 1.2 million in coin a day.

give them 100 days and they can jack fees on the btc chain for a while.  which in turn makes ltc/ doge look better.

Basically it is like an advertisement for ltc and doge.

So if 120 million gets mined spending 1 million to promote ltc/doge every 100 days is worth it.

obviously it does not have to be every 100 days it could be every 200 days.