Hi, i have contacted your team 7 months ago because my data portfolio has dissapeared. AND YOUR TEAM HAS DONE NOTHING still, it's all my data here, please do something i will fill a legal complaint
As soon as you understand UTXOs, you'll realize that absolutely all Bitcoins are NFTs, which is a gigantic problem, if it actually wants to be a currency.
@@DylanWheeler92 When a Bitcoin gets Mined for the first time, a transaction giving the block reward to the miner is being created. It generates an UTXO (unspent transaction output) that gets sent to your recieving adress. You can think of a UTXO like a Bitcoin Fragment. Just like a Quarter is a Fragment of a Dollar. If you spend a part of this block Reward: lets say 1 BTC of the 6.25 BTC block reward, you send 1 BTC to the recipient and 5.25 BTC to yourself splitting the UTXO into 2 pieces. If the recipient now sends 2 BTC to someone else, because they already had one, they will send 1 BTC (the one you mined) and lets say a 0.2 BTC Fragment and a 0.8 BTC Fragment to another recipient. and recieve a 0.5 BTC fragment as change because they had to split a 0.7 BTC fragment in order to create a 0.2 BTC fragment. Where these UTXOs go is precisely documented in the blockchain (this is necessary for Bitcoin to work they way it does) for everybody to see. So each piece of a Bitcoin has its individual unhidable (not even by mixing) transaction history. If a UTXO is associated with a heist (lets say Binance gets hacked and 7000 BTC are being stolen, these 7000 BTC fully automatically get flagge/tainted as "dirty" by blockchain analysis companies like Chainalysis. This history cannot be erased by any mixer. Mixers only swap your dirty UTXOs for other UTXOs hiding where the buypower went because you now have different fragments with different UTXO histories after the mix. Fragments associated with something like a Binance hack or anything else criminal are considered less valuable because they can get you into legal trouble, even if you didnt even know what you owned was money that 1000 years ago was involved in something illicit. Meanwhile the hacker mixed his coins away for "clean" coins. The fact that a fragment can be considered less valuable because its "dirty" makes them non-fungible. Since Bitcoin is a Token, that makes all Bitcoins NFTs, which is bery bad for a currency, because in a currency every coin should be exactly the same value. In order to get such properties you either must not use a UTXO based concept like its the case on Ethereum (but Ethereum has its own issues, where whole addresses could be considered "dirty" if you interact with something like Tornado cash or with an address that interacted with Tornado cash, even if you are some celebrity, who got Tornado cash money withdrawn to the celebrities address for trolling purposes (yes, this happened)) or better like its managed in Monero, where its completely unclear in every transaction, who sent how many coins to who. The Monero community believes that tokens can only be fungible, when the blockchain offers privacy. I share this opinion. You might have a different one, but Bitcoins are still NFTs due to how they work.
@@DylanWheeler92a key function for currency is something called fungibility… meaning each unit is the same as another unit. You can trade dollar for dollar or oz of pure gold for oz of pure gold because they are the same. Inscriptions make Sats, and therefore Bitcoin, different values essentially killing Bitcoin as a viable currency.
can anyone point me to an actual serious explanation video? YT keeps recommending non-technical crap videos like these that dont get me any closer to answers
Illusion and confusion as always. They want to agree with them based on fluff. Bare in mind that this new system has been planned since 1980s. Bitcoin included. It's all a big new con.
Bollocks. This has nothing to do with tradition or religiously believing in Satoshi. If you don't understand btc, you'd better look for some other hobby. There is nothing positive about scamming the BTC network. BTC already has a scaling issue, and now it is made even worse. People who want to play around with NFTs can use any other blockchain. There is no need to threaten the purpose of Bitcoin, which is the most important pupose in the world by far.
This video is FUD, people who like both bitcoin and ordinals are the purists and maximalists, satoshi actually made the first inscriptions himself, so Ordinals inscribers are following in his footsteps. It sounds to me like either the research was fully one sided, or the author is anti ordinals and considers himself a maximalst but is antiordinal so doesnt want to admit that they are only a partial supporter of bitcoin's technology now that more uses cases have popped up. The opinion that maximalism and "satoshis vision" belongs to the anti ordinal crowd is beyond one sided, it's misinformation. Satoshi put an inscription in the very first block of bitcoin and may be responsible for other inscriptions after that, there is even a beta feature in the oldest public versions of bitcoin called "Bitcoin Atoms" which is very similiar to what is being done with Ordinals. Because of this, some argue satoshi literally invented ordinals already in the form of bitcoin atoms, and then didnt have time to flesh it out and just depreciated the feature. The inventor of Bitcoin Ordinals himself is aware of bitcoin atoms as per his ordinal videos at conferences and he may have been inspired after years of trying to get his ordinals project off the ground with little success until he came across one of Satoshi;s shelved experiments.
Bitcoin is probably the largest and most sophisticated Ponzi scheme invented to date! However, it holds another galactic record: the inefficiency, slowness, cost and environmental impact of the transaction!
How do we feel about Bitcoin NFTs? 🤔
Safest nfts on the planet .. have you seen BTC domain names ?
NFT's should be on layer 1 blockchains as tokens and Bitcoin should be the gold standard currency 😅
Hi, i have contacted your team 7 months ago because my data portfolio has dissapeared. AND YOUR TEAM HAS DONE NOTHING still, it's all my data here, please do something i will fill a legal complaint
My boy at work just mentioned this the last week… 😅 ordinals
@@igorb8804fill a legal complaint. Don’t forget to FILE that
But you didnt explained how they are possible. You didnt explained how they work.
I'm a bitcoin purist, all of the things in this world should be as simple as possible
How do you mint ordinals on btc?
I had no idea that Bitcoin NFTs were already around as far back as 2014.
As soon as you understand UTXOs, you'll realize that absolutely all Bitcoins are NFTs, which is a gigantic problem, if it actually wants to be a currency.
Can you exlpain further?
@@DylanWheeler92 When a Bitcoin gets Mined for the first time, a transaction giving the block reward to the miner is being created. It generates an UTXO (unspent transaction output) that gets sent to your recieving adress. You can think of a UTXO like a Bitcoin Fragment. Just like a Quarter is a Fragment of a Dollar. If you spend a part of this block Reward: lets say 1 BTC of the 6.25 BTC block reward, you send 1 BTC to the recipient and 5.25 BTC to yourself splitting the UTXO into 2 pieces. If the recipient now sends 2 BTC to someone else, because they already had one, they will send 1 BTC (the one you mined) and lets say a 0.2 BTC Fragment and a 0.8 BTC Fragment to another recipient. and recieve a 0.5 BTC fragment as change because they had to split a 0.7 BTC fragment in order to create a 0.2 BTC fragment.
Where these UTXOs go is precisely documented in the blockchain (this is necessary for Bitcoin to work they way it does) for everybody to see. So each piece of a Bitcoin has its individual unhidable (not even by mixing) transaction history.
If a UTXO is associated with a heist (lets say Binance gets hacked and 7000 BTC are being stolen, these 7000 BTC fully automatically get flagge/tainted as "dirty" by blockchain analysis companies like Chainalysis. This history cannot be erased by any mixer. Mixers only swap your dirty UTXOs for other UTXOs hiding where the buypower went because you now have different fragments with different UTXO histories after the mix.
Fragments associated with something like a Binance hack or anything else criminal are considered less valuable because they can get you into legal trouble, even if you didnt even know what you owned was money that 1000 years ago was involved in something illicit. Meanwhile the hacker mixed his coins away for "clean" coins.
The fact that a fragment can be considered less valuable because its "dirty" makes them non-fungible. Since Bitcoin is a Token, that makes all Bitcoins NFTs, which is bery bad for a currency, because in a currency every coin should be exactly the same value.
In order to get such properties you either must not use a UTXO based concept like its the case on Ethereum (but Ethereum has its own issues, where whole addresses could be considered "dirty" if you interact with something like Tornado cash or with an address that interacted with Tornado cash, even if you are some celebrity, who got Tornado cash money withdrawn to the celebrities address for trolling purposes (yes, this happened)) or better like its managed in Monero, where its completely unclear in every transaction, who sent how many coins to who.
The Monero community believes that tokens can only be fungible, when the blockchain offers privacy. I share this opinion. You might have a different one, but Bitcoins are still NFTs due to how they work.
@@DylanWheeler92a key function for currency is something called fungibility… meaning each unit is the same as another unit. You can trade dollar for dollar or oz of pure gold for oz of pure gold because they are the same. Inscriptions make Sats, and therefore Bitcoin, different values essentially killing Bitcoin as a viable currency.
can anyone point me to an actual serious explanation video? YT keeps recommending non-technical crap videos like these that dont get me any closer to answers
Illusion and confusion as always. They want to agree with them based on fluff. Bare in mind that this new system has been planned since 1980s. Bitcoin included. It's all a big new con.
Would love a video like this explaining the runes protocol he Is creating. Launches next month.
Bollocks. This has nothing to do with tradition or religiously believing in Satoshi. If you don't understand btc, you'd better look for some other hobby.
There is nothing positive about scamming the BTC network. BTC already has a scaling issue, and now it is made even worse. People who want to play around with NFTs can use any other blockchain. There is no need to threaten the purpose of Bitcoin, which is the most important pupose in the world by far.
what do you think about yokai avengers ?
cant wait to invest. good to learn
great info in this video
very good to learn the currency future
This video is FUD, people who like both bitcoin and ordinals are the purists and maximalists, satoshi actually made the first inscriptions himself, so Ordinals inscribers are following in his footsteps. It sounds to me like either the research was fully one sided, or the author is anti ordinals and considers himself a maximalst but is antiordinal so doesnt want to admit that they are only a partial supporter of bitcoin's technology now that more uses cases have popped up. The opinion that maximalism and "satoshis vision" belongs to the anti ordinal crowd is beyond one sided, it's misinformation. Satoshi put an inscription in the very first block of bitcoin and may be responsible for other inscriptions after that, there is even a beta feature in the oldest public versions of bitcoin called "Bitcoin Atoms" which is very similiar to what is being done with Ordinals. Because of this, some argue satoshi literally invented ordinals already in the form of bitcoin atoms, and then didnt have time to flesh it out and just depreciated the feature. The inventor of Bitcoin Ordinals himself is aware of bitcoin atoms as per his ordinal videos at conferences and he may have been inspired after years of trying to get his ordinals project off the ground with little success until he came across one of Satoshi;s shelved experiments.
Sorry man, just had to get it off my chest, your video is luddite kool aid.
Thanks that helps people
Bitcoin is probably the largest and most sophisticated Ponzi scheme invented to date!
However, it holds another galactic record: the inefficiency, slowness, cost and environmental impact of the transaction!
btc mystic playmates collection is the best out there rn
Thanks CG 👋🖖💪
now I understand crypto a little better
I dont see why they cant work hand in hand
The true grandfather of crypto is darpa 😂
I don't really like the idea of enscripted NFT's. In my opinion it works better as a token on a layer 1 blockchain
Very good video😊
explained a lot
WOOOOW
Nobody wants to buy graffiti in the lack of response is here are
₿₿₿ Crypto baby!!
I I just put some graffiti here somebody should buy that yeah no not really
This is just money laundering, with extra steps
#bitmap #blockout
How do you feel about Bitcoin BRC20 Tokens ?
👍🏼🇨🇦
Wasted my time bro.
what do you think about yokai avengers ?