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I Need Someone To Explain This To Me Like I’m A Child… BRC-20 Brings EVM to BTCdecrypt.co/337463/brc-20-indexer-upgrade-ethereum-features-bitcoin
251 sats \ 10 comments \ @Cje95 1 Sep AskSN
Imma be honest I get so confused with the numerous devs and protocols on-chain. This quote below really threw me for a loop
‘“Bitcoin meta-protocols like Ordinals, Runes, and BRC20 run on indexers, which function like simple calculators,” Eril Binari Ezerel, CEO of Best In Slot, shared in a press release to Decrypt. “We upgraded this ‘calculator-style’ indexer with EVM—making BRC20 Turing complete.”‘
Someone please explain this to me 🙃 how does EVM now interact with BTC? Is it only through them and is this some decentralized protocol? Is this something that was capable to do because of taproot?
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12 sats \ 4 replies \ @grayruby 1 Sep
What happened to the BitVM project? I don't think anyone in Bitcoin cares about whatever stupid things they can do by interacting with EVM. Ordinals, Runes, BRC20 were all a fad and have ultimately been failures. Stablecoins can run on lightning now. You can tokenize assets on liquid. Ark does whatever ark does. Everyone is trying to fit a square peg in a round hole that there currently isn't demand for.
In summation. Ethereum is a stupid, complex, poor version of AWS and is a waste of time and capital thus any project trying to interact with it is probably also a waste of time and capital.
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40 sats \ 3 replies \ @Cje95 OP 1 Sep
Is there any specific reason you see that companies have been so interested in building on ETH then?
As someone who doesn't think of BTC as anything other than BTC could this EVM compatibility have companies build in the BTC system instead of ETH?
For instance this OG Bitcoin wallet that's funneling into ETH now… https://ambcrypto.com/a-legendary-bitcoin-whale-just-made-a-3-8b-bet-on-ethereum-details/
If BTC could do all the stuff ETH can do tokenization-wise wouldn't companies want to do it where they are already investing?
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10 sats \ 2 replies \ @grayruby 1 Sep
They haven't been. That is a completely false narrative peddled by crypto people. There are some companies doing small tests on Ethereum but all the major announcements from google, stripe, circle, tether etc have been about building their own layer ones or using private databases.
The only real example of building on ethereum is Base and no one uses that for anything but trading memecoins and shitcoins.
Stop listening to Tom Lee and Joe Lubin. They are grifters.
Ethereum's problem, besides not really having product market fit for anything built on it besides degen trading, is it is trying to be too many things a one time. It wants to be a store of value, a utility token, a global database, a smart contracting platform, a yield bearing asset, and stay meaningfully decentralized. It wants to keep builders, users, stakers, investors, traders, scammers, regulators, insiders all happy at once.
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40 sats \ 1 reply \ @Cje95 OP 1 Sep
Robinhood and Republic are building their chains, in an odd move to me, on Avalanche… would there be a reason for that?
eToro I know made news about using ETH but I want to say they were going to use an L2
Lol I haven't even heard of the second guy 😂 was the first guy the one who did Litecoin?
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0 sats \ 0 replies \ @grayruby 1 Sep
I am just pointing out the narratives being peddled by influencers who get their talking points directly from the Ethereum foundation don't match what is actually occurring. By the way did you see the EF was offering a million dollars to influencers to promote their narratives.
Every one in crypto is perversely incentivized. So is wall street.
I do think tokenization will occur but most of it is not going to happen on ethereum. Wall street will keep it behind their gates.
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0 sats \ 2 replies \ @ZezzebbulTheMysterious 1 Sep
Trash trash trash. All the spam tx formats like inscriptions need to go in the trash, and anyone pushing them trashed.
If Bitcoin backed EVM is what you want, Botanix launched last month. Say what you like about EVM, but it can be done in isolation with this, not causing an impact on L1. It doesn’t spam the network with junk txs. It’s basically just like the other eth l2s but the gas is in sats. There are bridges from Bitcoin l1 to botanix chain.
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0 sats \ 1 reply \ @Cje95 OP 2 Sep
Lol I'm just trying to understand dawg 😂
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0 sats \ 0 replies \ @ZezzebbulTheMysterious 2 Sep
You are good, just stick clear of anything inscriptions or L1 spam. It’s a painful failure from the past and apparently the present too.
Do look around, maybe you will find some use for EVM that isn’t all fiat games.
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0 sats \ 1 reply \ @hasherstacker 1 Sep
Someone tried to reintroduce shitcoins? So, Nice try fed
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0 sats \ 0 replies \ @Cje95 OP 1 Sep
Lol I am sorry I missed this comment! Not sure if tokenization would be considered shitcoins or not since ya know they would have real world value.... but to each their own!
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