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BTC116: Bitcoin Ordinals and NFTs on Layer 1 of the Protocol w/ Pierre Rochard (Bitcoin Podcast)

Feb 8, 2023

59:55

Highlights

AI Chapters

Episode notes

Bitcoin Inscriptions

02:16

Bitcoin - Layer One - Global Broadcast System?

02:50

The Future of Inscriptions

01:31

Introduction

4min

SegWit Update

2min

Luxor Mining Pool

2min

Bitcoin

4min

Is Bitcoin a Medium of Exchange?

3min

Block Space - Should We Celebrate Every Use of JPEGs?

5min

Bitcoin Block Space - Let's Wait and See

5min

Bitcoin Block Space Is a Neutral Data Layer

3min

SegWit - Is There a Limit on Pushes?

2min

10.

Soft Forks

3min

11.

How to Store the Full Data of a JPEG on the Blockchain

2min

12.

The Blockchain Is Just a Great Way of Proof

6min

13.

Bitcoin - Layer One - Global Broadcast System?

3min

14.

Bitcoin - I Don't Think That's Going to Work

3min

15.

Bitcoin Inscriptions

2min

16.

Is There a Workaround for Illegal Imagery on the Bitcoin Blockchain?

3min

17.

How Does a Pinched Node Work?

2min

18.

The Future of Inscriptions

2min

19.

Charlie Munger, He's Added Again. Tell People Your Thoughts

3min

20.

Bitcoin Mining in Texas Is Competing With Their Energy Business

2min

21.

We Study Billionaires Podcast

2min

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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