Inscription – feature or bug?

[MrSpasybo]

Inscription is becoming a major trend in the market, overshadowing other trends such as Layer2, AI and RWA. This trend started from the Bitcoin blockchain and "spreaded" to other blockchains and made investors vulnerable to FOMO, especially when they saw the ORDI token price increase sharply.

From a technical perspective, Inscription is like an attack or challenge for blockchains. And unfortunately, not all blockchains performed stably in that challenge: TON blockchain slows to a halt as Ordinals-inspired protocol sees surge in activity, Arbitrum says all systems are operational after 'surge of inscriptions' caused outage earlier in day, Avalanche, Fantom and Polygon have also had problems increasing transaction fees as millions of transactions are generated on the network.

Currently, perhaps only EOS can serve this Inscription service with high stability and speed, perhaps thanks to the code in C++ language (?).

Given its dangers, I'm not surprised that Bitcoin Dev Luke Dashjr counts Inscription on Bitcoin as a silly bug that should be removed forever, and I'm also surprised that the community, especially Miners, object to accepting his decision: Bitcoin dev Luke Dashjr calls inscriptions 'spam,' community members push back.

I personally don't quite understand the true value of these Inscriptions, they are like NFTs stored onchain instead of in an IPFS off-chain database. For NFT fans, perhaps this is a revolution to upgrade the value of NFTs, or it is a test of the power of blockchains, a driving force for blockchains to develop more in the future. At the very least, I am seeing blockchain teams struggling to upgrade and expand their network.

What do you think about this Inscription trend on Bitcoin and other chains? Do you support or oppose Luke Dashjr's proposal?

Honestly, I don't want the core values of blockchain to be hindered or delayed by stupid Inscriptio, but if I could, I would write Username MrSpasybo on a satoshi on Bitcoin blockchain

[damsix]

What do you think about this Inscription trend on Bitcoin and other chains?

NNSDAOMint: { "p": "mora-20", "op": "mint", "tick": "nnsdao", "amt": "1000" }

Above is the code for Inscriptions that I saw on my friend's Telegram channel and it seems very interesting to them because it can make money.
I follow the Telegram channel in my community and I also often see FOMO for Incriptions but unfortunately I have a weakness for learning new things like Incriptions.

FOMO in cryptocurrency, like Incriptions, always exists at all times and definitely has pluses and minuses for those who do it and always DWYOR.
Plus --> this could make money quickly because of the new type.
Minus --> it could be a blunder to lose money due to the BUG effect in Incriptions.

[MrSpasybo]

NNSDAOMint: { "p": "mora-20", "op": "mint", "tick": "nnsdao", "amt": "1000" }

Above is the code for Inscriptions that I saw on my friend's Telegram channel and it seems very interesting to them because it can make money.
I follow the Telegram channel in my community and I also often see FOMO for Incriptions but unfortunately I have a weakness for learning new things like Incriptions.

FOMO in cryptocurrency, like Incriptions, always exists at all times and definitely has pluses and minuses for those who do it and always DWYOR.
Plus --> this could make money quickly because of the new type.
Minus --> it could be a blunder to lose money due to the BUG effect in Incriptions.

I don't have experience trading NFTs on smart contracts or in Inscription form, so I cannot comment on their current or future price appreciation potential. To me, NFTs are not a way to make money, they are just Memes for Market Maker to easily create FOMO in crypto market.

I hope in the future, we will see a truly useful application of Inscription in the economy: storing very important data on onchain such as property ownership, people's qualifications, historical research information…

[hugeblack]

Point of view varies according to:

1) Miners like to get more profits. If mining one block is worth 8,879 BTC^[1], since there are 2,629 BTC extra coins due to transaction fees, why not make a profit? In the past, the average profit was about 0.5 Bitcoin in transaction fees.

2) Users do not like high fees so they object to the Ordinals-inspired protocol as it forces them to pay higher fees.

3) Developers don't like Ordinals because there is limited space for each block and this space must be used well. Ordinals add additional data without any real benefit?

So who supports the Ordinals?

 - Some miners may  support Ordinals to force paying 10-40 sat/vB fees instead of 1-4 sat/vB.
 - It may be governments or parties that don't like Bitcoin to slow down adoption.
 - Some investors may have to force the price down.

This happened previously in 2017 when thousands of spam transactions were made to make the Bitcoin network look bad.


[1] https://mempool.space/

[bitmover]

3) Developers don't like Ordinals because there is limited space for each block and this space must be used well. Ordinals add additional data without any real benefit?

So who supports the Ordinals?

 - Some miners may  support Ordinals to force paying 10-40 sat/vB fees instead of 1-4 sat/vB.
 - It may be governments or parties that don't like Bitcoin to slow down adoption.
 - Some investors may have to force the price down.

Personally, I think the problem is to flood the bitcoin network.

However, Inscription may be an interesting concept.
Recently, I discovered a website which allows you to see if you have any rare satoshis, which may worth money.

For example, I got some sats from the 10.000 BTC pizza. Take a look, you may find interesting

https://magiceden.io/ordinals/discover-raresats

[hugeblack]

Recently, I discovered a website which allows you to see if you have any rare satoshis, which may worth money.

For example, I got some sats from the 10.000 BTC pizza. Take a look, you may find interesting

forcing people to behave with their money will create a problem in the future with decentralization, especially since some spam transactions pay $50 to make these high fees continue.
I expect all of these Inscriptions to move to the second layer network just as happened with NFT.

[MrSpasybo]

I don't like Inscription very much, but everything is proving: we cannot stop this wave.

Inscription arrived and became popular with DRC-20 and ASC-20. Many investors started participating in Inscription mint and cout them as a meme with strong upside potential like DOGE or SHIB.

I support freedom in this market, but if this wave of “interesting” is consuming network bandwidth, important transactions and other values related to smart contracts will be negatively impacted. Anyway, I think we don't create blockchain just to serve Inscription. Hope there will be a way to manage Inscriptio more effectively in the future.

[hugeblack]

I support freedom in this market, but if this wave of “interesting” is consuming network bandwidth, important transactions and other values related to smart contracts will be negatively impacted. Anyway, I think we don't create blockchain just to serve Inscription. Hope there will be a way to manage Inscriptio more effectively in the future.

This wave will end soon. The price of fees has become equal to ORDI prices, and when the price of those tokens begins to decline and many people realize that they are paying fees for spamming without any returns, they will stop, but the problem lies in the stopping point.

There will be a smaller spam enough to make usually fees range between 10 sat/vB to 60 sat/vB instead of 129 sat/vB to 201 sat/vB, but I expect that this will take a little longer, perhaps 3 to 6 week.

the long-term problem remains that with every new news regarding the BRC20, the fees will rise, so this is The problem will remain with us for a while unless developers intervene.

[bitmover]

I support freedom in this market, but if this wave of “interesting” is consuming network bandwidth, important transactions and other values related to smart contracts will be negatively impacted. Anyway, I think we don't create blockchain just to serve Inscription. Hope there will be a way to manage Inscriptio more effectively in the future.

This wave will end soon. The price of fees has become equal to ORDI prices, and when the price of those tokens begins to decline and many people realize that they are paying fees for spamming without any returns, they will stop, but the problem lies in the stopping point.

I agree with you, that will pass. Just like it happened before, things went back to normal after a few weeks/months.

The final solution would be to see ordinals going to a second layer solution, like LN or any other... I think LN still need a lot of improvements,  and an alternative second layer solution would be nice

[hugeblack]

The final solution would be to see ordinals going to a second layer solution, like LN or any other... I think LN still need a lot of improvements,  and an alternative second layer solution would be nice

Sidechains still serve the same purpose with cheaper fees and are supported by the Bitcoin network mainnet. What scares me most is that miners are trying to make such fees normal, especially since everyone knows that the price will increase.
I expect that the price of the POW currencies in which Inscription could occur, DOGE and LTC will increase because the wave will move towards them.

[Zed0X]

~
I expect that the price of the POW currencies in which Inscription could occur, DOGE and LTC will increase because the wave will move towards them.

This reminds me of what happened with Ethereum and the explosion of layer 2 because of a similar issue on transaction fees.

I guess that will be a good thing for Bitcoin if they would migrate to Dogecoin and Litecoin.

[MrSpasybo]

This reminds me of what happened with Ethereum and the explosion of layer 2 because of a similar issue on transaction fees.

I guess that will be a good thing for Bitcoin if they would migrate to Dogecoin and Litecoin.

Currently, Inscription trend has also come to Dogecoin and Litecoin chains with series of DRC-20 and LRC-20 standards tokens, causing the network to operate at surprising capacity and transaction fees to increase rapidly: Ordinals sends LTC and DOGE network activity surging for 3 straight weeks.

I think Inscription on Bitcoin does not need to move to other blockchains, whether Litecoin, Dogecoin, Solana or Avalanche, but they should come to Layer-2 for Bitcoin. For now, the Lightning Network may stay out of this wave, but others Layer-2 networks as Stacks, RootStock, and Liquid could participate and share the transaction fee burden for main Bitcoin blockchain.

It seems that 2024-2025 will be the time for Layer-2 trend

[IvugeoEvolutionCoin]

~
I expect that the price of the POW currencies in which Inscription could occur, DOGE and LTC will increase because the wave will move towards them.

This reminds me of what happened with Ethereum and the explosion of layer 2 because of a similar issue on transaction fees.

I guess that will be a good thing for Bitcoin if they would migrate to Dogecoin and Litecoin.

The increasing transaction fees are the effect of increasing use of the Ethereum network, so that transactions become very busy and require additional fees to speed up sending. The same thing will certainly be the same if Dogecoin and Litecoin have a very drastic increase in transactions, which will cause transaction fees to increase.