PLUS: A new player enters the Bitcoin ETF race ð December 20, 2023 | [Read Online]( Todayâs edition is brought to you by [Spotlight by Vincent]( â A weekly newsletter that brings you the latest news and insights from the world of alternative assets such as venture, collectibles, real estate, debt, art, NFTs & crypto. [Subscribe now.]( GM. This is Milk Road, where we serve crypto insights on a silver platter, no silverware needed. Hereâs what we got for you today: - Cryptoâs Great Debate ð£ï¸ - Another player enters the Bitcoin ETF race ðª
[Prices as of 7:30 AM ET. Click here for our Fear & Greed Index]( CRYPTOâS GREAT DEBATE ð£ï¸ Thereâs a big debate happening in crypto right now⦠Are inscriptions good or bad for blockchains? [Inscriptions]( are data (like text, images, videos, etc.) that are directly inscribed on-chain. They first became popular on [Bitcoin](, but are now on a lot of major chains. [Ethereum](. [Solana](. [Avalanche](. [Polygon](. [Arbitrum](. You name it. But like most things⦠- Some people love âem. - i.e. Bitcoin [miners]( are raking in millions of dollars from inscription fees and some traders are seeing BIG profits. - Other people hate âem. - i.e. a well-known core Bitcoin developer says inscriptions are a vulnerability and wants to block them from Bitcoin. Inscriptions are the most polarizing debate since⦠is GIF pronounced with a hard or soft âGâ? (I still have no clue, which is why itâs #3 on my âwords to avoid saying in publicâ list. Next to Herbalife and almond). Anyways, letâs dive into Cryptoâs Great Debate⦠THE âINSCRIPTIONS ARE BADâ CASE - 1/ Inscriptions have caused network outages and high transaction fees. - Arbitrum had a [partial outage]( that lasted 1.5 hours over the weekend. What caused it? A surge in inscriptions. - The TON blockchain had a [partial outage]( as 2.5M+ transactions were pending last week. What caused it? A surge in inscriptions. - Avalancheâs transaction fees [soared]( to $400 earlier this week. What caused it? A surge in inscriptions. - Bitcoinâs transaction fees just [hit]( its highest level since April 2021. What caused it? You guessed it⦠a surge in inscriptions. Basically - wherever inscriptions go, they f*ck sh*t up. It either crashes the blockchain or makes transaction fees crazy expensive. Think of it like cryptoâs version of a DDoS attack (aka when attackers spam a website with traffic to take it offline). This is why one Bitcoin dev is [proposing]( blocking inscriptions from being created and why the U.S. National Vulnerability Database (NVD) even [added]( Bitcoin inscriptions to its list of cybersecurity risks earlier this month. If Bitcoin inscriptions were a person, theyâd be getting the shame fingersâ¦
[Source: Tenor]( THE âINSCRIPTIONS ARE GOODâ CASE - 1/ It gives Bitcoin a new use case. - Bitcoin doesnât have âsmart contractsâ (aka the thing that powers stuff like [NFTs](, decentralized apps, etc.). - Therefore, Bitcoin doesnât have NFTs or dApps. No smart contracts = one dumb blockchain. - But inscriptions changed that by making Bitcoinâs blockchain multidimensional. Now, Bitcoin has its own version of NFTs! Fun Fact: over the last [24 hours](, Bitcoin inscriptions have done $50M in sales volume. To compare, Ethereum has $11M in NFT sales volume and Solana has $8M. 2/ Inscription fees = more money for miners. The average transaction fee on Bitcoin has jumped from $2 â $37. For a person using the Bitcoin blockchain⦠that sucks⦠a lot. (If I wanted to waste 40 bucks on fees, Iâd just use the DoorDash app). But for Bitcoin miners⦠itâs amazing. More fees = more profits. And [right now](, Bitcoin miners are raking in ~$62M in revenue PER DAY. ð¤Â (Holy sh*t, Iâm in the wrong business)! 3/ Inscriptions are cheaper to mint than NFTs. The first two âbull caseâ points were mainly for Bitcoin. But, what about the other chains? Ethereum, Solana, and Polygon all have smart contracts. So, why would they have inscriptions too? The answer: itâs WAY cheaper to mint inscriptions than NFTs. Hereâs a semi-nerdy (but easy-to-understand) explanation: [Source: @Cygaar]( Side note - although inscriptions have some benefits over NFTs (i.e. inscriptions are cheaper and fully on-chain), they also have some big downsides. You can read more about them [here](. Milk Roadâs Take: Inscriptions have A LOT of momentum right now⦠- Theyâve made up [~90%]( of transactions on many chains this week. - Sothebyâs (the prestigious auction house) just had its first-ever [auction]( for a Bitcoin Ordinals collection. - [BRC-20]( tokens are some of the best-performing cryptocurrencies recently. â¦and it doesnât look like that momentum is slowing down soon. With that being said, if weâve learned one thing after seeing Terra, FTX, Celsius, and other âshiny objectsâ collapse, itâs⦠Donât be blind to counterarguments. The criticism of inscriptions is fair and should be monitored closely. [GET SMARTER ABOUT PRIVATE MARKET INVESTING]( Everyone is telling you to invest in alternative assets - that the time of the 60/40 portfolio of stocks and bonds is over. But here's the thing - private markets are confusing. And they move fast. For the latest news and insights from the world of alternative investing - from real estate and venture to art, collectibles and more, [Vincentâs weekly newsletter Spotlight]( has you covered. And for a deeper-dive, try our weekly real estate and venture-focused newsletters as well. Trusted by 125,000+. Direct to your inbox. And free forever. [Subscribe now.]( BITE-SIZED COOKIES FOR THE ROAD ðª [Uniswapâthe largest onchain marketplace for digital assetsâis now on Android and iOS.]( It is the easiest way to get into DeFi and swap seamlessly. [Download the app today.](* [7RCC filed paperwork with the U.S. Securities and Exchange Commission (SEC) to apply for a spot Bitcoin ETF](. According to the filings, the fundâs investment strategy is to hold âa combination of bitcoin and financial instruments to gain exposure to Carbon Credit Futures.â [Shiba Inu is planning to launch custom .shib domains](. Internet domains ð¤ memecoins. [Google search volume for the term "Solana" has increased 250% from early October to early December](. Pop quiz: whatâs one of the most underrated metrics to track? Google searches. [A federal judge approved the settlement between Binance and the Commodity Futures Trading Commission (CFTC)](. Under the settlement, Binance has to pay a $1.35B penalty to the CFTC and Changpeng Zhao (the former Binance CEO) has to pay $150M. [OKX Wallet users need to update their iOS apps to avoid a vulnerability found in a previous version of the app](. Using that previous version could âlead to the potential compromise of sensitive data and crypto assets.â [A new Solana memecoin (Dogwifhat) is up 2,000x over the last month](. Itâs another doggy coin but this time, the dog has a hat. (Dogwifhat. Get it?) *This is sponsored content MILKY MEMES ð¤£
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