Featured

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



Published
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:
00:00:00 - Intro
00:00:30 - What are ordinals?
00:07:46 - A background on the current mining company that nearly filled an entire block with a .jpg file.
00:27:22 - The idea of a soft fork limiting an op-push in the input / output portion of each block.
00:32:10 - A history on what updates occurred that allowed this to start happening on layer 1 Bitcoin.
00:45:29 - Is this a coordinated DoS attack on the network? Could it be? Are their concerns with illicit pictures being put onto the blockchain a potentially attack vector?
00:46:48 - Couldn't node operators simply run a pruned node to defend against such an attack?
00:51:02 - What does this look like in 3 to 5 years from now if nothing is done?
00:52:32 - Thoughts on Charlie Munger's Wall Street Journal article bashing Bitcoin.

✔️ Subscribe to the Preston Pysh channel: https://www.youtube.com/c/PrestonPysh
Category
Cryptocurrencies
Be the first to comment