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 - Intro

01:30 - What are ordinals?

11:37 - A background on the current mining company that nearly filled an entire block with a .jpg file.

29:07 - The idea of a soft fork limiting an op-push in the input / output portion of each block.

34:50 - A history on what updates occurred that allowed this to start happening on layer 1 Bitcoin.

50:20 - Is this a coordinated DoS attack on the network? Could it be?

50:20 - Are their concerns with illicit pictures being put onto the blockchain a potentially attack vector?

51:29 - Couldn't node operators simply run a pruned node to defend against such an attack?

55:05 - What does this look like in 3 to 5 years from now if nothing is done?

56:32 - Thoughts on Charlie Munger's Wall Street Journal article bashing Bitcoin.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Pierre's Twitter account.
• Pierre's mining company Riot Platforms.
• Related Episode: Listen to BTC109: Bitcoin Taro, GBTC Discount, & More w/ Pierre & Morgen Rochard, or watch the video.
• Related Episode: Listen to BTC095: Bitcoin Time Stamping w/ Pierre Rochard, or watch the video.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get personalized, expert advice that helps you see things clearly with ATB.
• Take stock of your finances and investing strategy with Betterment.
• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Send, spend, and receive money around the world easily with Wise.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.
• Support our free podcast by supporting our sponsors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.