Bitcoin Ordinals and the Future of NFTs

This chapter examines the influence of Bitcoin ordinals and NFTs on the mining ecosystem, specifically their impact on transaction fees and miner revenue. It explores the potential long-term effects on Bitcoin's block space utilization, addressing the balance between financial transactions and non-financial data storage as adoption of Bitcoin as a monetary system grows.

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Pierre Rochard comes back to the show to do a deep dive into ordinals and the impact of people being able to put NFTs onto the base layer of the Bitcoin protocol. Many people in the space are currently debating whether this is a good thing or a bad thing, and there's no one better than Pierre to provide a good objective look at what it means and whether it potentially presents an attack vector to the protocol in the long term.

Pierre has an in-depth understanding of the code, how exchanges work, mining, and everything else in between.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:30 - What are ordinals?

11:37 - A background on the current mining company that nearly filled an entire block with a .jpg file.

29:07 - The idea of a soft fork limiting an op-push in the input / output portion of each block.

34:50 - A history on what updates occurred that allowed this to start happening on layer 1 Bitcoin.

50:20 - Is this a coordinated DoS attack on the network? Could it be?

50:20 - Are their concerns with illicit pictures being put onto the blockchain a potentially attack vector?

51:29 - Couldn't node operators simply run a pruned node to defend against such an attack?

55:05 - What does this look like in 3 to 5 years from now if nothing is done?

56:32 - Thoughts on Charlie Munger's Wall Street Journal article bashing Bitcoin.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Pierre's Twitter account.
Pierre's mining company Riot Platforms.
Related Episode: Listen to BTC109: Bitcoin Taro, GBTC Discount, & More w/ Pierre & Morgen Rochard, or watch the video.
Related Episode: Listen to BTC095: Bitcoin Time Stamping w/ Pierre Rochard, or watch the video.

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