My thoughts on #Bitcoin #BRC20...
Token distribution is completely fair, anyone can mint, supply is fixed and cannot be changed, and the whole thing is completely rug proof 🔥
So far so good, but trading is slow and cumbersome. I expect that experience with #Ordinals (jpegs), but it seems odd to me to have to handle a token in the same way. Of course a BRC20 token is actually an Ordinal, but there are simple things you expect, such a button that allows you to list at Market/Floor, with the exchange doing the work for you.
Here we have to first mint the amount we want to sell, wait for that to confirm back to the wallet, then multiply the floor price by the number of tokens we are selling, and list the minted tokens at that amount. That's not good UX and it's light years behind selling an #ERC20 token on #Uniswap.
I'm also a unsure as to what the majority of these tokens are actually for, if not just an Ordinal without a Jpeg? 🤷♂️ There's no product or utility behind them as far as I can tell, at least not yet, and all the top tokens are #memes🐸
I don't want to sound negative though, the use case explosion that is happening on Bitcoin is incredibly bullish for #BTC. A major shift on the major chain is a one off occurence, that has the power to reverse the narratives around falling dominance and diminishing returns.
So, while 'utility' may be the only meme for now, there is no other chain I want to be invested in over the long term.
#Bitcoin is a remarkable cryptographic achievement... The ability to create something which is not duplicable in the digital world has enormous value
Paul Krugman, Nobel Prize-Winning Economist.
#DXY weekly has closed below the A wave low for several weeks, and is continuing lower on it's wave 4 journey as expected. #Yields also coming down with MACD headed below the centerline soon.
#Bitcoin
Macro changes so slowly that calling macro moves is one of those things where you can be wrong for years but, because everything is cyclical, eventually always be right. Timeframe is your greatest ally. Always wrong, always right. It's actually genius. #Bitcoin
Are there any photographers that might want to collaborate on a #Bitcoin #Ordinals collection?
Alternatively is there a collection in existence already that I might be able to add a low inscription image to?
#Bitcoin was rejected at the 50 week ema, 50 week sma, 200 week ema, and 200 week sma, all at the same time, as the 50 crossed below the 200.
The fact that #BTC did not then violently react to the downside should tell you something.