Ordinals wealth creation myth: Some people achieve small goals, while others miss the wealth train

There has been heated discussion and controversy in the crypto community as Bitcoin Core developer LUKE took to Twitter to rail against the entire inscription market. BRC-20 tokens represented by ORDI are at the forefront of the storm. Supporters believe that this has injected new vitality into the Bitcoin ecosystem, while opponents believe that it exploits the loopholes of the Bitcoin client to inject new energy into the Bitcoin blockchain network. Filled with spam.

Regardless of the final outcome, the birth and hype of Ordinals has undoubtedly given a boost to the crypto market, which is in a bear market. The trading activity and investment confidence in the crypto market are at an all-time high. Many people have stepped on this trend and realized their dreams of wealth, while others have missed this wealth train. Today, we invited Long (pseudonym), an early participant of Ordinals, who has fully participated in the wealth feast of Ordinals, and asked him to share his wealth story with Ordinals.

Question 1: How did you come into contact with and learn about Ordinals?

Long：As a Bitcoiner, I have always paid attention to the technology and development of Bitcoin. In December 2022, Casey Rodarmor introduced Ordinals theory on Twitter, an innovative technology that attracted widespread attention. Ordinals work by inscribing some information or inscription directly on each satoshi, and each inscription is tracked and transferred through ordinal theory, which gives each satoshi a unique ID (making it irreplaceable). This essentially introduces a protocol for minting NFT assets to the Bitcoin network. I remember that at that time, BAYC parent company Yuga Labs also released an NFT series based on the Ordinals protocol - TwelveFold, which contained 300 limited edition generative art works and sold for a high price of 7 BTC through auction.

Of course, the BTC community has not stopped exploring inscriptions. Since NFTs on the Bitcoin network can be issued through the Ordinals protocol, can tokens be minted through the Ordinals protocol? On March 8, 2023, a Twitter user named DOMO proposed using Ordinals inscriptions in JSON data format to implement token contract deployment, minting, and transfers. The experimental Bitcoin homogeneous token protocol BRC-20 was born, and the first BRC-20 token $ORDI was issued at the same time. The total amount is 21 million, and everyone can mint it for free (only procedures are required) fee), on a first-come, first-served basis.

I remember that ORDI and other BRC-20 tokens were not very popular at the time, because in the eyes of the Bitcoin community, it was undoubtedly old wine in new bottles. But at that time, I had the mentality of giving it a try and minted 1,000 pieces of ORDI. The cost is the transfer fee of the Bitcoin network, which is about 3 U, so the price of each token is 0.003 U, which is almost negligible. So my idea at the time was that even if BRC-20 fails, it doesn’t matter, just contribute to the Bitcoin network.

Question 2: When did the BRC-20 token receive market attention?

Long：The first wave of popularity should be in May this year. As the trading volume and price of multiple BRC-20 tokens on Unisat continue to reach new highs, multiple centralized trading platforms have also begun to deploy the BRC-20 market. For example, OKX and Bitget entered this market relatively early. On May 10, Bitget launched ORDI. On the day of the launch, the price of ORDI reached a maximum of $37, then fell back a lot, and finally stabilized at around $20. It was also at this time that I started to reduce my position in ORDI. Although I did not sell at the highest point, I have achieved nearly a thousand times the profit compared to the initial handling fee spent on inscription casting.

Question 3: ORDI has experienced a correction period. How did you survive it? Why choose to buy the dip at this time?

Long：After the first wave of ORDI craze, there was a significant correction shortly after it was listed on the exchange. According to data from the Bitget exchange, ORDI dropped from $20 when it was launched to the lowest point of $2.84 in September, a drop of more than 85%.

Many investors were scared off by this major correction and believed that the hot hype of Bitcoin Inscription was over, so they chose to clear their positions. But I don’t think so. Although the prices of BRC-20 related tokens have experienced a sharp correction, the infrastructure of its Bitcoin ecosystem is constantly improving. The prices in the secondary market are not satisfactory, but more and more people are joining. Among those who are casting inscriptions, Bitcoin’s on-chain transfers, activity, and handling fees are all at historically high levels. In addition, the price of Bitcoin is hitting new highs during the year step by step. Therefore, I judge that BRC-20 will have a greater outbreak. Therefore, when ORDI pulled back, I kept buying through the Bitget platform, split positions to buy bottoms, and finally bought ORDI at a cost price of about US$4-5, and held it until the second outbreak of the BRC-20 ecosystem in November. .

Fortunately, I made the right choice this time. The leader ORDI continues to break new highs, and I am also riding this wealth growth train. In fact, it doesn’t matter if you are wrong. After all, the cost is low and you are not afraid of trial and error.

Question 4: How much benefit has ORDI brought to you? Faced with the suppression of developers such as LUKE, how do you see the future of Ordinals? What advice do you have for newbies?

Long：From the initial minting of ORDI tokens, to the correction after it was listed on centralized platforms such as Bitget, I began to buy and hold it at the bottom. At present, my personal income has exceeded 10,000 times, and I am one step closer to my dream of exiting the market early. However, many people do not actually enjoy such high benefits. As the popularity of ORDI gradually increased, many early participants did not take advantage of it. Several friends I know chose to clear their positions after a few times or around 10 times, thus missing this opportunity to get rich.

Although the developers of Bitcoin Core do not welcome BRC-20 tokens such as ORDI, I am still optimistic about its future development. As a decentralized network, developers cannot decide everything; and we have actually seen that tokens such as ORDI have brought huge traffic to the BTC network, injecting new vitality into this bear market.

For novices, I don’t recommend that you cast inscriptions on the chain now. On the one hand, the operation is complicated and easy to make mistakes. On the other hand, the first-mover advantage of inscription tokens is already very obvious. Choose a token that has no attention and traffic. Coin minting is just a waste of fees. Newbies can pay attention to the secondary market. When the currency price rebounds, it is a better choice to buy through centralized platforms such as Bitget and OKX that have early laid out the BRC-20 track, because centralized platforms can provide better liquidity. Operation is also simpler. Take ORDI as an example. It was launched on Bitget in May, and there is a full half-year adjustment period before its outbreak. If you buy it before November, you will have very considerable profits.

summary

Success is not accidental, it requires us to have keen insight, firm belief and decisive decision-making. At the same time, we must also learn to let go when the time is right and enjoy the beauty of life. Because true success is not just the accumulation of wealth, but also the enrichment and growth of life.