related posts
226 sats \ 2 replies \ @benthecarman 29 May 2023
hahahaha wtf
reply
229 sats \ 0 replies \ @orthwyrm 30 May 2023
What's even funnier is that the BRC-20 format is ludicrously inefficient in terms of on-chain footprint. Had the developers simply chosen to represent the data in binary as opposed to ASCII JSON, those fees would be ~80% lower.
There's a good thread on this here: https://nitter.net/jratcliff/status/1655669410206457865#m
reply
10 sats \ 0 replies \ @sudonaka 30 May 2023
I asked the regime leader of Bitcoin and he said this statement was false
reply
10 sats \ 0 replies \ @02b0efd57b2 30 May 2023 freebie
And the conclusion of the article: "It takes 'only' 0.005 % of all BTC to make the network temporarily slower/more expensive." The article views this as a vulnerability rather than focussing on the stupidity of spending that amount of BTC to create inscriptions/tokens....
reply
42 sats \ 5 replies \ @nullama 30 May 2023
Isn't this similar to how an exchange would work?, as in, there's one central company that creates those and they sell them to random people?
That would explain the massive amount of BTC used for this. They probably sold them for more than that.
reply
224 sats \ 1 reply \ @orthwyrm 30 May 2023
Possible explanation: https://nitter.net/mononautical/status/1663383996561072129?s=46
reply
0 sats \ 0 replies \ @bitslinger 30 May 2023
Oh! That makes sense! Pheww
reply
50 sats \ 0 replies \ @sancristrader OP 30 May 2023
Any competent exchange uses a unique pubKey (address) per transaction or at least rotates pubKeys from a pool. Why would they use a single pubKey for 8m+ Inscriptions?
reply
6 sats \ 0 replies \ @SimpleStacker 30 May 2023
Indeed. More than likely this is an inscription service
reply
0 sats \ 0 replies \ @rijndael 30 May 2023
yes. This is an inscription-on-demand service/wallet called unisat
reply
23 sats \ 0 replies \ @timechain 30 May 2023
Good explanation of what happened, involving the Unisat inscription service website.
reply
12 sats \ 0 replies \ @eduardopro 30 May 2023
Hilarious.
All of those transactions seemed fake from the get-go, a market doesn't form that fast.
The question is: Did Udi and his minion spend 1000 BTC or do they have backing from high above?
reply
10 sats \ 1 reply \ @fiatbad 30 May 2023
I'm a bit disturbed by this.
But I'm also on my second bottle of wine for the evening. Anyone out there wanna trade your Sats for this smelly $100 bill sitting on my table? I'll give you the "no KYC" premium. Anyone?
reply
10 sats \ 0 replies \ @fedelang 30 May 2023
On wine myself too. Not the best shape to handle wallets :)
reply
0 sats \ 0 replies \ @patrick1 30 May 2023
reply
0 sats \ 0 replies \ @nkmg1c_ventures 30 May 2023
That's like 25-30 million USD on ordinal inscriptions
reply
0 sats \ 0 replies \ @pourteaux 30 May 2023
blog post is wrong.... unisat is not one entity... revealing that ppl would pump this falsehood
reply
0 sats \ 0 replies \ @Chep 30 May 2023
Imagine spending 1000+ bitcoin just to end up making Bitcoin stronger in the end. Bitcoin is so based & anti-fragile 🧡 ✊🏼
reply
0 sats \ 0 replies \ @bitslinger 30 May 2023
deleted by author
reply