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Following Bitcoin Cash on its rise to global reserve currency.

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Saturday, 11th February 2023

#71:

BTC Ordinals &

Social Schism

feat. Emergent Reasons,

Dinopawnz, Imaginary Username

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Chugging along

USD $124.80 (up). 1 BTC = 175.2 BCH (down slightly).

1 ETH = 12.2 BCH (down).

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Swagme.cash Giveaway

  • Nobody submitted a story?!
  • Twodickpete wins by being a default loyal viewer in Twitch chat, congratulations!!

https://swagme.cash/

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NFTs on BTC? Ordinals.

  • Casey Rodarmor and some other BTC people discovered an “exploit” in Taproot
  • Up to 4MB files (images, audio, video) can be jammed into a single output
    • 75% witness discount on fees
  • This allows BTC NFTs called “Ordinals”
  • This is already live on the network, no one can turn it off

https://ordinals.com/

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Ordinals become popular

  • Ordinals have exploded in activity
  • Up to 22k in a day, >50% of block space
  • No fee crisis has been triggered yet, but the potential is there.
  • P2P cash transactions are certainly under elevated fee pressure as a result
  • BTC has suddenly become “BSV-lite”, nodes now storing previously unheard of 3.5 - 4MB blocks with lots of Taproot / Inscriptions data

https://dune.com/maloikka/ordinals

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Drama begins: Censoring miners?

  • In the initial reaction to Ordinals, Adam Back suggests miners begin censoring transactions
  • This is the antithesis of Bitcoin, so he quickly deleted and backtracked
  • Bitcoin Core truly appears to be floundering with this unexpected turn of events
  • Is the narrative going to break?

DELETED!! tweet

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“Taproot Wizards”: Pro-Ordinals

  • Former BTC maxis who have already been sounding the alarm & drifting into other coins, especially ETH
  • Eric Wall, Nic Carter, Udi Wertheimer
  • Celebrating the fun & new demand for BTC transactions
    • Also, sticking it to Classic Maximalist rivals

https://twitter.com/fr00tflie/status/1622384133442789376

https://twitter.com/ercwl

https://twitter.com/nic__carter

https://twitter.com/udiWertheimer

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“Classic Maximalists”: Anti-Ordinals

  • Adam Back, Luke JR, shinobi, many other laser eyes types
  • “Ordinals are an attack on Bitcoin”
  • Luke JR released a patch for node operators to not transmit Ordinals transactions
  • “Ordisrespectors” trying to rally to influence the situation by updating their nodes & via proof of social media

https://twitter.com/GhostOfPashka/status/1623197203475963905

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“Neutrals”: Backtracking / Cope

  • Also John Carvalho, others
  • Tolerating this sudden turn of events

https://twitter.com/stephanlivera/status/1623558292256555008

https://twitter.com/BitcoinPierre/status/1622764961578598402

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What to do? BTC perspective

    • BTC community is now in a mess about what should they / can they do?
      • “Wizards” are happy
      • “Undecideds” are tolerant and/or rationalising larger blocks
      • “Maximalists” are unhappy and looking for a way to intervene
    • Status quo advantage favours the ongoing existence of Ordinals
    • Will we see a forced BTC Core upgrade? A soft-fork? A hard fork? Pruned nodes?

https://twitter.com/nvk/status/1621688066812350464

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What will they do? Perspective

  • Implied assumption that there needs to be a BTC Core clapback
    • Is doing nothing feasible?
  • What do guests think is the likely BTC Core response, and will it work?

https://twitter.com/kurtwuckertjr/status/1622574806108438528

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Community comment of the week

https://twitter.com/kzkallisti/status/1624108440997007360

​

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Ramifications for BCH?

  • BTC narrative is falling apart all over the place
    • SegWit rebranded a “4MB increase”
    • Decreased storage costs, pruning nodes
  • CashTokens is looking perfectly placed in May
  • We can push forward while BTC flounders

https://twitter.com/kurtwuckertjr/status/1622574806108438528

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Can this happen on BCH?

  • No TapRoot hack for a 4MB output, needs to be done in individual dust limit UTXOs
  • No 75% witness discount
  • Filling 90% full 1 MB BTC blocks !== Filling 10% full BCH 32 MB blocks
    • Can bump to 256 MB
  • Fee rates from 1 > 3 sat / byte screws NFT spam but not everyone else

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Meme of the week

https://twitter.com/songadaymann/status/1620214292216971265

Lying & Tricking Code

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MESSAGE TO

THE COMMUNITY

Open platform to speak to the Bitcoin Cash community, with any thoughts, advice, feedback, criticism, encouragement, story or point of view you feel should be more prominent or appreciated.

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Patrons!

  • Ricky
  • HP

Start guide, FAQs, links at www.bitcoincashpodcast.com

Thanks to donators, Podcash streamers, Patrons

Shoutouts for the show

bitcoincash:qqln25g3lfw0my5l4a5ew73dpszrv4shf50kzrzsjy

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