Nostr, Nostr, Nostr – Bitcoin development continues to thrive – BitTalk #8
The latest episode of the BitTalk podcast provided some interesting insight into the current state of Bitcoin, including NFTs, mining pools, lightning nodes and institutional adoption.
quick take
- Development of new Nostr apps and use cases, such as Nostr Cloud for privacy and decentralized store management systems
- Peer-to-Peer Technology Trends and Growing Interest in the Bitcoin Community
- Ease of development with Nostr and the creativity it sparked
- Ordinal economics and future in NFT space
- Misconceptions about mining pool dominance and centralization
- Distribution of Lightning Nodes and Restrictions on Identifying Their Owners and Locations
- The usefulness of Mempool.Space as a tool for collecting data and analytics in the Bitcoin ecosystem.
- Hashrate difficulty and its exponential growth
- Mining Profitability at Current Bitcoin Price
- Increase in OTC Balances and Potential Return of Institutional Investors to Bitcoin Trading
- OTC Platform Local Bitcoins Shutdown and Its Impact on the Market
- The difficulty of using exchanges and the increasing demand for concierge services in cryptocurrency trading.
Reducing Ordinal Transaction Size
James started the discussion by presenting the Bitcoin weather forecast and creating a graph showing the total size of transactions on Mempool by cohort. This indicates that the ordinal transaction size has decreased. However, the team believed that ordinal numbers would continue to thrive as a protocol, especially for his premium collection.
NFTs and Bitcoin
James also brought up the news that Yuga Labs is using Bitcoin for NFTs. Nick said the economics of the Bitcoin blockchain does not allow him to mint 10,000 copies of popular projects due to high costs, but pure art NFTs like Yuga Labs are an exciting prospect. said.
Mining pools and decentralization
The hosts also discussed the dominance of mining pools, with Foundry having a 33% share of the market. However, miners could easily switch pools, so they believed that the hype around centralization was unfounded and that the topic was almost as old as Bitcoin itself.
Lightning nodes and institutional adoption
Akiba shared a conversation with Unchained Monkey. Unchained Monkey has expanded his 10,000 piece collection to his Ordinals. This is a small amount of space in terms of how much is stored on the platform. They also discussed the OTC market, and James noted that he noted a surge in OTC balances, suggesting financial institutions could come back. The OTC desk offers concierge services. Information than banks.
Conclusion
Our bite-sized Bitcoin podcast explores the above topics in detail, so listen to the full podcast to stay up to date on all things Bitcoin. Overall, the host believed that Bitcoin still had a lot of activity and development with Nostr bringing the rapid development cycle to the platform. The podcast provided insight into the current state of Bitcoin and highlighted ongoing developments and trends.
