Why Ordinals and BRC20 Tokens are Driving Bitcoin Layer 2 Development

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 21 May 2023

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Bitcoin has been experiencing much higher-than-normal fees of late, driven by Ordinal inscriptions and BRC-20 token memecoin mania. On this Long Reads Sunday, NLW reads two essays that explore how they're driving layer 2 development. Frogs, Fevers and Fees: Bitcoin’s New Governance Challenge - Michael Casey As Bitcoin Scales, We Need Better Custodial Solutions - George Kaloudis Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribeto the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.5	What's going on, guys? It is Sunday, May 21st, and that means it's time for Long Read Sunday.
0:24.8	A quick note before we dive in. If you were enjoying the breakdown, please go subscribe to it,
0:28.6	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:32.5	come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly.
0:36.7	All right, friends, well, as it is Bitcoin Conference Week, I'm... breakers Discord. You can find a link in the show notes or go to bit.L.L.Y slash breakdown pod.
0:38.7	All right, friends, well, as it is Bitcoin Conference Week, I thought, why not do an LRS all
0:43.7	focused on Bitcoin? So today, we have two essays, both sort of grounded in the recent
0:49.1	fee spikes and both really focused on what happens next and more specifically what sort of
0:53.7	additional emphasis
0:54.6	on layer 2s we might need as a Bitcoin community. The first piece was written by CoinDesk Michael
0:59.9	Casey and is called Frogs, Fevers, and Fevers and Fees, Bitcoin's New Governance Challenge.
1:05.0	Michael writes, this is why we can't have nice things. Just when we thought we'd learned
1:10.4	our lessons from the blowups
1:11.6	of FTX, 3 arrows capital, Celsius at all, meme coin fever strikes again. Crazy crypto casinos
1:18.4	are back. People are making ridiculous gobs of money from tokens based on a frog image,
1:23.5	while others stand to lose massively as irrational bidding takes hold.
1:30.8	And this time, the fever is not only infecting greedy human minds,
1:34.6	but messing with the functioning of the most valuable blockchain in the world.
1:38.4	The ability to create tokens based on the new BRC20 standard,
1:40.6	which was enabled by Bitcoin's taproot upgrade,
	...

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