Bitcoin

The attention-grabbing comments continue to come about the Ordinals area, which entered our lives in May and became increasingly popular over time. According to this, <a href="https://en.coin-turk.com/whats-next-for-bitcoin-current-predictions-and-targets-for-cryptocurrencies/" data-wpel-link="internal">Bitcoin</a> developer and co-founder of the Ocean mining pool, Luke Dashjr, sparked criticism of products such as Ordinals and BRC-20 tokens and described them as a spam attack exploiting a security vulnerability in the Bitcoin ecosystem. 
<h2 class="p1" style="text-align: justify" id="what-do-miners-want">What Do Miners Want?</h2> 
Bob Bodily, co-founder and CEO of the Ordinals marketplace Bioniq, stated that Bitcoin miners cannot afford a moral war on this issue and disagreed with Luke Dashjr. He made the following statements: 
<blockquote> 
 “From the miners’ point of view, removing high-fee transactions from the mempool reduces miners’ income. Who will actively adopt a new software update to earn less? This year, together with Ordinals, there is more demand for Bitcoin block space, and over 100 million dollars in network fees have been paid with these transactions. Miners want more income, and Ordinals has created a renaissance in Bitcoin with high demand for block space.” 
</blockquote> 
Assuming that miners have decided to limit Bitcoin’s data storage capacity, Bodily argued that by choosing to earn less income, they would be actively waging a moral war on what should be included in Bitcoin. He said that such a move would overshadow many benefits of the Taproot and Segwit upgrades and eliminate valid Bitcoin use cases. 
<img decoding="async" class="aligncenter wp-image-285978 size-full" src="https://coin-turk.com/wp-content/uploads/2023/12/ocean.png" alt="" width="1140" height="760"> 
<h2 class="p1" style="text-align: justify" id="demand-for-ordinals-will-continue">Demand for Ordinals Will Continue</h2> 
Bodily believes that even in a scenario where limitations are imposed, demand for meta-protocol transactions such as Ordinals will continue in the Bitcoin ecosystem. The famous figure made the following statements on this issue: 
<blockquote> 
 “People will start storing data on Bitcoin elsewhere. Of course, it may cost 2 or 4 times more, but it won’t stop anyone. Stamps have always stored data in multisig transactions instead of witness data and will not be affected by these limitations.” 
</blockquote> 
A Bitcoin mining pool that disagrees on this issue was Ocean, launched by Luke Dashjr, who raised a $6.2 million seed round last week led by Block CEO Jack Dorsey to support its launch and other decentralized mining decentralization projects. Continue Reading: <a href="https://en.coin-turk.com/bitcoin-developers-criticism-of-ordinals-and-brc-20-tokens/" data-wpel-link="internal">https://en.coin-turk.com/bitcoin-developers-criticism-of-ordinals-and-brc-20-tokens/</a>

Bitcoin Developer’s Criticism of Ordinals and BRC-20 Tokens

Table of Contents

COINTURK NEWS

Other articles published on Dec 7, 2023

Cryptocurrency Is Legalized in 119 Countries, According To Report

Thailand overtakes giants, emerges a crypto titan – HashKey Report

BNB’s failure to capitalize on crypto rally reflects Binance’s troubles

The Future Landscape of Small Businesses in Adapting Technological Change

Jack Dorsey-Backed Bitcoin Mining Pool Refuses To Process Ordinals Transactions – What’s Going On?

Sui Joins DeFi Leaders, Topping $100M in Bridged USDC

Join our free newsletter for daily crypto updates!