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

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
? Listen to our episodes here: https://link.chtbl.com/BTCTIP
?? Access our free show notes and transcript here: https://www.theinvestorspodcast.com/bitcoin-fundamentals/bitcoin-ordinals-and-nfts-on-layer-one-pierre-rochard/

?? RELATED EPISODES:
– (BTC109) Bitcoin Taro, GBTC Discount, & More w/ Pierre & Morgen Rochard: https://link.chtbl.com/BTC109
– (BTC095) Bitcoin Time Stamping w/ Pierre Rochard: https://link.chtbl.com/BTC095

? OTHER RESOURCES
– Connect w/ Pierre: https://twitter.com/BitcoinPierre
– Pierre’s mining company Riot Platforms: https://twitter.com/RiotPlatforms
– Seeking Alpha is a crowd-sourced content service for financial markets. Take control of your financial future — Use our link here for a special $140 discount: https://bit.ly/3WG6WU3

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ABOUT OUR SHOW ?

On Bitcoin Fundamentals, Preston Pysh talks about the fundamentals of bitcoin, investing in bitcoin, news, deep dives and more on interviews with prominent people in blockchain technology.

? Website: https://www.theinvestorspodcast.com/bitcoin-fundamentals/

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WHO I AM:
I’m Preston Pysh, an entrepreneur, investor, author, and cryptocurrency ? proponent. I’m the founder of BuffettsBooks.com and Pylon Holding Company. I have authored and co-authored ?? a number of investment and autobiographical works and also wrote multiple finance and investing-related articles for Forbes from 2016 and 2018. I take great pleasure in taking complex ideas ? and making them accessible.

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GET IN TOUCH WITH ME ?:

I’d love to hear from you! Send me a tweet ? directly at https://twitter.com/PrestonPysh if you’d like to have a quick exchange of thoughts!

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