I read that Nvidia provides tech for crypto mining services/blockchain transactions. Could the current crypto pump be attributed to Nvidia’s great earnings and should I hold some crypto as well, cos tbh I’m having FOMO with the current crypto price at 72k.
It’s going to be a wild year for these sectors, so you should def. invest in crypto. 60% of my portfolio is spread across tech stocks, crypto and Crypto/Gold ETFs.
The whole idea is: Don’t get too greedy and also to exit at the right time, so generally I do find having an f/a can be very helpful, because what avg. joe really has time to watch and comprehensively analyse the market.
I think it is difficult to argue that ordinals are spam in the way Luke has. I would make the argument that we have agreed to use the Bitcoin protocol under agreed rules. The inscriptions do not break the consensus rules. They should be free to compete for block space with everyone else. Bitcoin is freedom money - permissionless.
@@TacoTuesday4by your logic, if a bug is introduced that allows more than 21 million bitcoin you would argue “why is everyone complaining, Bitcoin is permissionless” If use cases for bitcoins code are found beyond the described intent, especially ones that cause negative harm to the long term goals of the protocol, they are by definition a bug and should be corrected.
They are valid transactions by accident, not by intention. To say it another way, if we were aware that these types of transactions would be made possible, when we implemented Taproot, we would have patched that ability, so as it would not be possible. When there are bugs in software, we should fix them, not just roll over and accept them as the new standard.
I love to see Luke to be more prudent with his words, I can see he has matured, and that will allow him to be more accepted as one of the best Bitcoin OGs. Congrats Luke!
Why? Those paying for the spam are helping the network. Even if there were zero ordinals, Bitcoin on the base layer still won't scale. There is no reason to stop ordinals, the ones with no or low value will be priced out naturally.
A smiley face that makes the receipt much heavier and slows you ability to walk to you car and everyone’s car as a compounding effect that grows with time.
@@goldfishyAnd a happy face which competes in a deflationary contest (one which it will ultimately lose in the long run) bringing down prices for everyone over time..
@@paullamb1100 So you're saying ordinals (despite whether we agree they are good, bad, or neutral) will eventually be out competed anyway due to the deflationary aspects of btc?
@@goldfishy Exactly. In fact, they will help speed up their own demise by increasing demand for limited block space. This helps to spur innovations in L2 and batching, thereby positioning the base layer to consist only of larger transactions that can afford higher fees. This is one of the key positions taken by small blockers in the block size wars.
Good to hear someone talk about bitcoin who acctually has a profound understanding! I am still learning in this way. Thanks for asking the pressing questions about ordinals! I am also disappointed about the Ordinal scam that uses up such a huge portion of block space, while putting scalability and fungability in danger! I hope it will be solved! So there is a valid reason, why block size is not increased?.. Kind of a sync problem..? I need to do some more research..
Luke: If people disagree with me they are spammers. If people dont do I want they are malicious. If miners dont do what we want they are hostile. So much for decentralisation.
That's because he is a government actor who spits nonsense to confuse people to end up in a place where government can maintain there control on money. They don't need to control the hashpower when they can control the code. This guy came from nowhere and proposed SegWit ... which led to the capabilities of Ordinals.
They do nothing useful and take away from the intended use case of bitcoin. I wouldn’t be surprised if this was coordinated by the cia to disrupt the network in a similar way to the 2017 blocksize wars.
It's his stupid effin' idea lf SegWit that led to Ordinals. JAJAJAJAJA. Almost like it was an intentional way of stopping Bitcoin from stopping government from having control over money.
Why? Those paying for the spam are helping the network. Even if there were zero ordinals, Bitcoin on the base layer still won't scale. There is no reason to stop ordinals, the ones with no or low value will be priced out naturally.
It's not about the base layer scaling to pay for coffee or something. It's about spam bloating transaction fees for the moving of money (sats are money, not art) and decentralization / number of nodes running.
SegWit separated the witness data and put a lower fee on this data. Luke suggested it, allegedly. SegWit was followed by Taproot and it was all part of the "Bitcoin Core" roadmap. This guy is a sham, Bitcoin is no longer peer-to-peer cash. Poor El Salvador believing this crap. If this guy is one of the smartest part of Bitcoin devs, I'm bullish on Bitcoin Cash.
No, Ordinals. They are spamming the blockchain by taking up a lot of space. It's kind of links to other data. Kind of like NFTs. Not sure if the images are actually saved on the blockchain and how..
@@Decebal825 That's what I say. They are talking about the base layer. But I'm not sure excatly how ordinals work. But they are on the base layer, of course, hence jamming the blockchain.
Nah. This is real Luke. He’s the one who saved bitcoin from the unintended chain split a decade or so ago. He recognized the new database software Bitcoin was using in its recent upgrade had a bug in it that effectively introduced a new consensus rule. He saw this nigh upon instantly and immediately recommended those who adopted this new rule to give up the blocks they mined and go back to the original rule set. I’ve known Luke since 2010. He’s weird and opinionated but he always has a very clear justification for his opinions.
@@Namegoeshere-op9hg fair enough. Wasn't doubting the knowledge, just his way of speaking jars a little with the interviewer. To be fair, i see it a lot with others in the space. Perhaps media training isnt for all the OGs.
I read that Nvidia provides tech for crypto mining services/blockchain transactions. Could the current crypto pump be attributed to Nvidia’s great earnings and should I hold some crypto as well, cos tbh I’m having FOMO with the current crypto price at 72k.
Microstrategy CEO bought $155million worth of bitcoin, so yes BUY!
It’s going to be a wild year for these sectors, so you should def. invest in crypto. 60% of my portfolio is spread across tech stocks, crypto and Crypto/Gold ETFs.
my asset-manager advised I spread further into mutual funds and crypto Etf and boy am I glad I did!
The whole idea is: Don’t get too greedy and also to exit at the right time, so generally I do find having an f/a can be very helpful, because what avg. joe really has time to watch and comprehensively analyse the market.
hi francis could you share who you use? don’t get me wrong, I already have amanager, but he seems not to know much about cyrpto.
I think it is difficult to argue that ordinals are spam in the way Luke has. I would make the argument that we have agreed to use the Bitcoin protocol under agreed rules. The inscriptions do not break the consensus rules. They should be free to compete for block space with everyone else. Bitcoin is freedom money - permissionless.
These strange Bitcoin maxi’s are so weird. Bitcoin is permissionless!!! Wait you are doing things I don’t consent to!!! Losers.
@@TacoTuesday4by your logic, if a bug is introduced that allows more than 21 million bitcoin you would argue “why is everyone complaining, Bitcoin is permissionless”
If use cases for bitcoins code are found beyond the described intent, especially ones that cause negative harm to the long term goals of the protocol, they are by definition a bug and should be corrected.
They are valid transactions by accident, not by intention.
To say it another way, if we were aware that these types of transactions would be made possible, when we implemented Taproot, we would have patched that ability, so as it would not be possible.
When there are bugs in software, we should fix them, not just roll over and accept them as the new standard.
I love to see Luke to be more prudent with his words, I can see he has matured, and that will allow him to be more accepted as one of the best Bitcoin OGs. Congrats Luke!
I dispise ordinal spam. Bitcoin needs to be simple hard money. That's it.
Why? Those paying for the spam are helping the network. Even if there were zero ordinals, Bitcoin on the base layer still won't scale. There is no reason to stop ordinals, the ones with no or low value will be priced out naturally.
@@trenton1190 it's just spam, no matter how you want to try and justify it.
Luke is a man of few words, strong passions and a honed logic. I like Luke.
He is a CIA operative
Someone described ordinals to me as being akin to when Costco draws a happy face on the store receipt for your child when you walk out.
A smiley face that makes the receipt much heavier and slows you ability to walk to you car and everyone’s car as a compounding effect that grows with time.
@@goldfishyAnd a happy face which competes in a deflationary contest (one which it will ultimately lose in the long run) bringing down prices for everyone over time..
@@paullamb1100 So you're saying ordinals (despite whether we agree they are good, bad, or neutral) will eventually be out competed anyway due to the deflationary aspects of btc?
@@goldfishy Exactly. In fact, they will help speed up their own demise by increasing demand for limited block space. This helps to spur innovations in L2 and batching, thereby positioning the base layer to consist only of larger transactions that can afford higher fees. This is one of the key positions taken by small blockers in the block size wars.
@@paullamb1100 Is lukedashjr not aware of this likely outcome? What gives?
what we wanted from this video: an interview of Luke Dash, Jr.
what we got from this video: Stephan Livera pontificating.
Ordinals is akin to writing checks to yourself and writing data in the Memo section of each check in order to save it in the bank’s records
F spam ordinals nft
Permissionless, censorship resistant, open source, trustless...until core devs say its not.
Go Luke!
CIA operative
Good to hear someone talk about bitcoin who acctually has a profound understanding! I am still learning in this way.
Thanks for asking the pressing questions about ordinals! I am also disappointed about the Ordinal scam that uses up such a huge portion of block space, while putting scalability and fungability in danger! I hope it will be solved!
So there is a valid reason, why block size is not increased?.. Kind of a sync problem..? I need to do some more research..
i am concerned about spam filters because OFAC blacklist can be then added as a filter update
This.
and who will run that code?
@@Sun0fABeacheven you will, if you get a menacing legal letter.
great content
Luke:
If people disagree with me they are spammers.
If people dont do I want they are malicious.
If miners dont do what we want they are hostile.
So much for decentralisation.
He's a hard man to talk to! Very terse.
That's because he is a government actor who spits nonsense to confuse people to end up in a place where government can maintain there control on money. They don't need to control the hashpower when they can control the code. This guy came from nowhere and proposed SegWit ... which led to the capabilities of Ordinals.
Remember Luke trying to implement some ridiculous base 12 counting system into core ?
Remember Luke spamming the blockchain with Bible verses?
An attack which increases demand for bitcoin and revenue for miners? That’s a pretty shit attack
Luke, look. Ordinals are not spam. Its free speech. Its data.its art.its fun. Ordinals onboard folks into bitcoin. Ordinals pay miners huge fees
They do nothing useful and take away from the intended use case of bitcoin. I wouldn’t be surprised if this was coordinated by the cia to disrupt the network in a similar way to the 2017 blocksize wars.
It's his stupid effin' idea lf SegWit that led to Ordinals. JAJAJAJAJA. Almost like it was an intentional way of stopping Bitcoin from stopping government from having control over money.
Let ordinals pay the miners. Who gives a shit if ordinals use bitcoin network.
Yeah ... I ain't gonna pay $50 to send $50 of BTC to El Salvador. I'll use banks. Luke won!
Luke is a giant hypocrite. This is the same guy who kept spamming Bible verses to the blockchain.
He says nothing but nonsense
Not an easy job for Stefan 😂
1:43 Making the case for Drivechains!
This guy was disinfecting his grocery’s like a few months ago and probably still does (I asked him on Twitter and he said yes) 😂
Why? Those paying for the spam are helping the network. Even if there were zero ordinals, Bitcoin on the base layer still won't scale. There is no reason to stop ordinals, the ones with no or low value will be priced out naturally.
It's not about the base layer scaling to pay for coffee or something. It's about spam bloating transaction fees for the moving of money (sats are money, not art) and decentralization / number of nodes running.
@@Kili121 you don't think people will eventually grow tired of paying these ordinal transaction fees for essentially no reason?
@@trenton1190no. The spam attack/gambling casino the bitcoin is turning into could go on for a very, very long time.
SegWit separated the witness data and put a lower fee on this data. Luke suggested it, allegedly. SegWit was followed by Taproot and it was all part of the "Bitcoin Core" roadmap. This guy is a sham, Bitcoin is no longer peer-to-peer cash. Poor El Salvador believing this crap. If this guy is one of the smartest part of Bitcoin devs, I'm bullish on Bitcoin Cash.
Is he talking about layer 2s??
No, Ordinals. They are spamming the blockchain by taking up a lot of space. It's kind of links to other data. Kind of like NFTs. Not sure if the images are actually saved on the blockchain and how..
no pretty sure its just the base layer luke am pretty sure is still a core dev on base layer not the layer 2 devs
@@Decebal825 That's what I say. They are talking about the base layer. But I'm not sure excatly how ordinals work. But they are on the base layer, of course, hence jamming the blockchain.
He has such a nerdy voice 😅
Nasal speaking, for nerd clout..
Luke is a Giga Nerd
Ohhhh god they are boring!!!
Luke assumes people consent to uses as opposed to rules. I assume people consent to rules. If we want to change the rules, we soft fork.
Painful to listen to this chap. Dig the knowledge but… media training perhaps🤔
Nah. This is real Luke. He’s the one who saved bitcoin from the unintended chain split a decade or so ago. He recognized the new database software Bitcoin was using in its recent upgrade had a bug in it that effectively introduced a new consensus rule. He saw this nigh upon instantly and immediately recommended those who adopted this new rule to give up the blocks they mined and go back to the original rule set. I’ve known Luke since 2010. He’s weird and opinionated but he always has a very clear justification for his opinions.
@@Namegoeshere-op9hg fair enough. Wasn't doubting the knowledge, just his way of speaking jars a little with the interviewer. To be fair, i see it a lot with others in the space. Perhaps media training isnt for all the OGs.
He works for the CIA to intentionally confuse people by saying nonsense.
I actively fade ordinals. Whatever the hell it is
What?