Damus
jimmysong profile picture
jimmysong
@jimmysong
Here's why there are deep incentives for a Bitcoin fork with the Ordinals people.

Ordinals/BRC-20/Inscriptions are now VC funded. And they're going to be pressured to keep growing, no matter what. Yet the hype around their stuff will inevitably fade. And whatever profits they had will dry up. So what will they do?

There are two paths. One is to increase revenue, the other is to reduce costs. The first will be very difficult to do without some new narrative. And they might try that, but it's going to be very difficult on Bitcoin... At least as it currently stands. They could move to another chain, but then, their whole reason for existence, being built on Bitcoin will be no more. Hence the incentive to create new narratives around their stuff and to add "features" to generate interest means some sort of fork.

The other path is to reduce costs. The most obvious cost is the fees being sent to miners. And to reduce that, you need to increase block size or make the blocks more frequent. Either way, this is incentivizing a fork.

The point is that once VC funding entered the picture, the path was set. There will be a conflict of visions and a "peaceful coexistence" was never going to be the outcome.
3726❤️61🤙51👀4💜4♥️2❤️2
Carman · 120w
CTV 2x
BTCapsule 🏴 · 120w
It doesn’t really matter why ordinals people want a soft fork. Bitcoin needs a soft fork or it will never be private p2p digital cash that destroys the central banks. Is this something you want Bitcoin to do?
ZDoxed · 120w
Lightning with RGB is everything etherium ever dreamed of. Lets hope they move there
Meridian · 120w
vote with your feet. patch node to ignore jpegs, and direct hashing power towards pools that follow suit.
nobody · 120w
Ordinals. Proof that there’s a shit ton of dumb money still floating around.
Sovereign Matt · 120w
Same could be said about lightning ⚡️ even more so. I think ordinals/inscriptions/stamps/brc20s are regarded but if they willing to pay the l1 fee then I have no problem with it. Fees go to bitcoin miners. Bitcoin miners care about the longevity of the network so are more likely to find solut...
nobody · 120w
Ordinals 👎🏼👎🏼👎🏼
syntaxerrs · 120w
As the price of Bitcoin increases the incentives for Ordinals will most likely change. Higher price I am in the Saylor camp, allow things to work themselves out. Observe these edges before acting, watch the pattern and cycles.
NewBeliever · 120w
so, is the question then, which fork would be more profitable for miners? or do miners have backbone and believe in bitcoin the global money?
/dev/fd0 · 120w
Who is funding the custodial bitcoin projects?
ew0k · 120w
No changes to bitcoin to get ahead of pure hypotheticals. The VCs you cite here behave wholly uncharacteristic of pump and dumpers. Let them fork if it comes to that. They’ll lose.
Zach · 119w
I'm just gonna leave this here 😘 https://m.primal.net/HVIy.jpg
Udi Wertheimer 🧙‍♂️ · 119w
wait i thought you liked ordinals https://image.nostr.build/28384ea441afb3253a3a4b3afc5747f85dd5b7cf0dce40e8afe2c240ee81aeeb.jpg
Leurico8 · 119w
We would have bitcoin sv and bitcoin vc
3j2009 · 119w
Fork--->ETF launch--->BlackRock & VC funded media pump on the fork--->Original(current) BTC left behind?
Financial Parasites · 119w
I think they are going to push BIP 300 and 301.
BadWolfHODL · 119w
Maybe the least obvious answer is to fix the way ordinals are being put together on chain.