Fun

News Feed - 2023-11-02 01:11:29

Brayden Lindrea4 hours agoElon Musk slams NFTs but ends up arguing the case for Bitcoin OrdinalsElon Musk argued that NFT projects “should at least encode the JPEG in the blockchain,” to the delight of many Bitcoiners.3999 Total views25 Total sharesListen to article 0:00NewsJoin us on social networksWhile publicly mocking nonfungible tokens (NFTs) during a podcast, Tesla CEO and billionaire Elon Musk appears to have inadvertently highlighted the case for Bitcoin Ordinals, also known as Bitcoin NFTs.


“The funny thing is the NFT is not even on the blockchain — it’s just a URL to the JPEG,” said Musk in an Oct. 31 released interview on The Joe Rogan Experience.


Musk said NFT projects should at least encode the JPEG on-chain:“You should at least encode the JPEG in the blockchain. If the company housing the image goes out of business, you don’t have the image anymore.”


On social media, Bitcoiners argued Musk’s comments actually summed up the use case for Bitcoin Ordinals. Bitcoin’s version of NFTs was launched in January by developer Casey Rodarmor, which was made possible by the Taproot soft fork in November 2021.


Cryptocurrency analyst Will Clemente was among those who praised Musk’s comments, noting there are 38 million and counting Ordinals inscriptions that will forever exist on Bitcoin’s blockchain..@elonmusk you just laid out the case for Bitcoin ordinals - image/text inscriptions directly on the most secure open source monetary network on the planet. There are currently 38 million of these inscriptions on the Bitcoin blockchain. pic.twitter.com/WASj1qpkz8— Will Clemente (@WClementeIII) November 1, 2023


“This is why Ordinals will continue to grow,” said Rohun “Frank” Vora, the creator of NFT projects DeGods and y00ts. “It’s the most elegant solution to one of the most universal criticisms of NFTs.”


Ordinals developer known as “Leonidas” liked Musk’s comments so much that they inscribed the 19-second video into Bitcoin’s blockchain at block 814,773:Video of Elon Musk inscribed on Bitcoin’s blockchain via the Ordinals protocol. Source:Ord.io


The criticisms from Musk toward NFTs aren’t new. In December 2021, he mocked NFTs as a sign of mental illness in a meme showing a patient lying on a therapist’s couch.pic.twitter.com/Wv6iJDuTge— Elon Musk (@elonmusk) December 16, 2021


Musk’s comments, however, don’t stand true for all NFT projects on Ethereum.


For example, Larva Labs moved its CryptoPunks NFTs on-chain in August 2021 after they lived off-chain for the first four years.


“Storing them on-chain in this way would further cement the long-term survival of the Cryptopunks images and attributes, and ensure that they can be fully accessed by anyone with only an Ethereum client,” Larva Labs said in the statement..@elonmusk is correct that having NFT merely provide an http link to someone"s domain is silly.

However, with rare exceptions, it"s also silly to insist NFT content be on chain,

IPFS links, with the content backed by whoever owns the NFT is the natural solution.— Arthur B. (@ArthurB) November 1, 2023


Related:Are NFT markets in a death spiral or ready for a resurgence?


Metagood, the team behind the Ethereum-native OnChainMonkeys, announced in September that it would migrate its NFTs to Bitcoin.


While the firm’s CEO, Danny Yang, didn’t directly address the JPEG dilemma, he explained that NFTs “will win on Bitcoin” because it is a securer network to work from:“The Bitcoin Ordinal protocol is better designed for decentralization and security than the Ethereum NFT protocol. High-value NFTs will win on Bitcoin.”


However, Ethereum still remains home to 84% of all NFT trading volumes, according to CoinGecko, sourcing data from June. Bitcoin and ImmutableX came in second and third with market shares of 11% and 2.5%, respectively.


Magazine:NFT Collector: William Mapan’s Distance sells out, NFT float in Macy’s Parade, Nouns DAO forks# Bitcoin# Ethereum# Adoption# Joe Rogan# Elon Musk# NFT# Bitcoin OrdinalsAdd reactionAdd reactionRead moreFrom payments to DeFi: A closer look at the evolving stablecoin ecosystemBitcoin beyond 35K for Christmas? Thank Jerome Powell if it happensWhat happened in crypto this weekend?

News Feed

Tom Blackstone12 hours agoTether discontinues Bitcoin stablecoin, citing lack of usageThe Tether (USDT) stablecoin will no longer be issued on the Bitcoin Omni Layer, while redemptions will still be open for at least a y
Origin Defi Protocol Suffers Massive Flash Loan Attack- OUSD Stablecoin Value Plunges 85%
Origin Defi Protocol Suffers Massive Flash Loan Attack- OUSD Stablecoin Value Plunges 85% The OUSD stablecoin issuer, Origin Protocol is the latest Defi protocol
ASX-Listed DigitalX Seeds New Fund With Half Its Bitcoin Holdings
The first ever cryptocurrency firm to be listed on a major stock exchange has launched a new bitcoin fund. DigitalX, which debuted on the Australian Securities Exchange (ASX) under
Vow Introduces the Next Step in the Evolution of Crypto-Based Currencies
Vow Introduces the Next Step in the Evolution of Crypto-Based Currencies sponsored Since the beginning of 2021, the cryptocurrency industry has experienced a mark
Paypal Bought 70% of All Newly Mined Bitcoin Last Month as Demand Rockets
Paypal Bought 70% of All Newly Mined Bitcoin Last Month as Demand Rockets Paypal bought up to 70% of all the newly mined bitcoin since the payments giant started
Bitcoin traders expect a ‘push higher’ after several metrics turn bullish
Nancy Lubale5 hours agoBitcoin traders expect a ‘push higher’ after several metrics turn bullishBitcoin’s price has cooled off from its recent highs, but analysts still anticipate a “push higher” as multiple BT
Binance Processed $346 Million for Crypto Exchange Bitzlato, Report Claims
Binance Processed $346 Million for Crypto Exchange Bitzlato, Report Claims Cryptocurrency exchange Binance has reportedly processed nearly $346 million in crypto transactions for B
Crypto Gambler Wins $75,000 with a $31 Bet on ‘Book of Aztec’ at Bitcoin.com’s Casino
Crypto Gambler Wins $75,000 with a $31 Bet on ‘Book of Aztec’ at Bitcoin.com’s Casino Book of Aztec dishes out a massive round win worth a little under 2 B
Trump-themed token RTR dumps 95% after son denies link to token
Ciaran Lyons2 hours agoTrump-themed token RTR dumps 95% after son denies link to tokenThe Donald Trump-themed memecoin “RTR” plunged 95% after Eric Trump warned they have nothing to do with it.951 Total viewsListen t
Ripple CEO Says SEC Gives No Clear Framework for Crypto, Discusses XRP Lawsuit
Ripple CEO Says SEC Gives No Clear Framework for Crypto, Discusses XRP Lawsuit As the lawsuit with the U.S. Securities and Exchange Commission (SEC) continues, Ripple CEO Brad Garl
Billionaire Bill Ackman on US Banking Crisis: ‘I Fear We Are Heading for a Train Wreck’
Billionaire Bill Ackman on US Banking Crisis: "I Fear We Are Heading for a Train Wreck" Billionaire Bill Ackman has warned that the U.S. economy is “heading for a train wreck
Bitcoin price drop below traders’ cost basis warns of deeper sell-off
Nancy Lubale7 hours agoBitcoin price drop below traders’ cost basis warns of deeper sell-offBitcoin’s price fell below traders’ average entry point, leading analysts to caution that the current sell-off could conti