Join Alex Tapscott and Andrew Young as they decode the world of DeFi with special guest FarmerJoe, an OG Bitcoin Ordinal Whale. Listen in as they discuss the definition of a Bitcoin Ordinal, their growth and evolution, their impact on the Bitcoin network, how they take on those that critique them, the sustainability of their demand, whether the network has the capabilities to support them at greater scale, whether Ordinals can bring value and serve as a price catalyst for Bitcoin, the SEC’s recent lawsuits against Binance and Coinbase, and more!
In January 2023, Casey Rodarmor introduced the world to Bitcoin Ordinals, allowing the smallest unit of Bitcoin, “satoshis,” to be inscribed with information and become non-fungible tokens (NFTs). With 100 million satoshis making up 1 Bitcoin, Ordinals are created as each satoshi gets assigned by a uniquely identifiable number by the order in which they are mined. Forbes Digital Assets reported that, as of May 23rd, there were more than 9 million Ordinals in existence; there was an absolute frenzy of demand in the past few months, which congested the Bitcoin network and saw transaction fees hit their highest point since November 2021. Earlier this week, the Securities and Exchange Commission (SEC) filed lawsuits against the world’s largest crypto exchange, Binance, and America’s biggest crypto exchange, Coinbase, citing multiple violations of U.S. securities laws. FarmerJoe has been in the crypto realm since 2017 and has worked, invested, and advised on many projects across different chains, with a core interest in real-yield DeFi, security tokens, and NFTs. To be early on new opportunities, FarmerJoe primarily focuses on the latest trends, themes, and news to share helpful alpha with his followers.
Tune in to the 99th DeFi Decoded episode to hear Alex, Andrew, and FarmerJoe discuss all things DeFi and Bitcoin Ordinals. What is a Bitcoin Ordinal, and exactly how do they work? Are Ordinals congesting the Bitcoin network, and what’s FarmerJoe’s view on those who critique them? Where do we go from here? What’s next for Ordinals? With the SEC’s legal action against Binance and Coinbase this week, what is the crypto community’s vibe and stance on everything?
[4:09] Defining Bitcoin Ordinals
[5:51] Ordinal Growth and Evolution
[7:47] Impact on Bitcoin Network
[10:25] Take On Ordinal Critiques
[14:48] Sustainability of Demand
[17:21] Bitcoin Network Scaling Capabilities
[23:18] Value of NFTs on Bitcoin
[26:16] Exciting DeFi Projects & Use Cases
[30:50] SEC Complaints Against Binance and Coinbase
ABOUT DEFI DECODED PODCAST
Alex Tapscott, Andrew Young and guests break down the fundamentals of Decentralized Finance (DeFi) and how this cutting-edge technology enables individuals and institutions to transact, and create value, without the need for traditional financial intermediaries.
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