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

The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

Stig Brodersen

Business, Education, Investing

4.6 • 3.6K Ratings

🗓️ 8 February 2023

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. 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. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River Toyota Sun Life The Bitcoin Way Range Rover Sound Advisory BAM Capital Fidelity SimpleMining Briggs & Riley Public Shopify Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TI P.
0:03.0	Hey everyone, welcome to this Wednesday's release of the Bitcoin Fundamentals podcast.
0:07.3	Back by popular demand is Mr. Pierre Rouschard.
0:10.4	Pierre and I have been having conversations about Bitcoin for more than five years now and
0:14.2	he has an in-depth understanding of the code, how exchanges work, mining, and everything
0:19.5	else in between.
0:21.2	And that's why he's the perfect person to have for a deep dive into ordinals and the impact
0:26.0	of people being able to put NFTs onto the base layer of the Bitcoin protocol.
0:31.0	Many people in the space are currently debating whether this is a good thing or bad thing
0:34.6	and there's no one better than Pierre to come on and provide a good objective look at
0:38.6	what it means and whether it potentially presents an attack factor to the protocol in the
0:43.3	long term.
0:44.4	So without further delay, here's my chat with Mr. Pierre Rouschard.
0:48.6	You're listening to Bitcoin Fundamentals by the Investors podcast network.
0:57.1	Now for your host, Preston Pish.
1:08.2	Hey everyone, welcome to the show.
1:11.8	I'm here with Pierre.
1:13.2	Pierre, welcome back.
1:14.8	Thanks for having me back, Preston.
1:16.6	All right, what the hell is going on here with this ordinal stuff?
1:21.5	I, you know, on the face of it, I'm just looking at it.
1:24.4	It's like, hey, it's a free and open market.
	...

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