Gensler’s Response Immortalized on Bitcoin Blockchain
Digital artist and coder @billyrestey has inscribed Gary Gensler’s response debunking the false Bitcoin ETF approval post onto the Bitcoin blockchain. This inscription serves as a permanent record of the infamous tweet that followed a security breach of the SEC’s official Twitter account.
About 15 minutes after the false tweet was posted, SEC Chair Gary Gensler clarified that it was untrue. His tweet sparked an internal investigation within the SEC and caused market turmoil, resulting in investor losses. As a result, Gensler’s tweet has been preserved in the ‘Hall of Ordinals.’
NFT Inscribed for Over $100
A digital artwork in the form of an NFT has been created to commemorate this event. The NFT is a 24.32 KB WEBP image file that cost 258,177 sats or $117 in creation fees. The transaction details reveal this information.
According to a DUNE dashboard, there have been over 54 million inscriptions on the Bitcoin blockchain, with a total fee expenditure of $195.4 million. This trend started in 2023 and has gained momentum, with Blockworks Research referring to it as “The Year of Ordinals.” Over $80 million was spent on Bitcoin fees for approximately 40 million ordinals throughout the year.
Bitcoin Ordinals Revolutionize the Blockchain
In 2023, Bitcoin Ordinals emerged as a way to inscribe unique data directly onto satoshis, the smallest unit of Bitcoin. This innovation allowed Bitcoin to participate in the NFT frenzy. However, there are concerns about potential network congestion due to the increased usage of Bitcoin Ordinals.
Blockstream CEO Adam Back responded to criticism from Bitcoin core developer Luka Dashjr, who wants to remove Bitcoin Ordinals. Back argued that Dashjr cannot prevent JPEGs from existing on Bitcoin and that Dashjr’s concerns about exploiting a vulnerability in Bitcoin Core are unfounded.
Hot Take: Gensler’s Tweet Preserved as an NFT
Gary Gensler’s tweet debunking the false Bitcoin ETF approval has been immortalized on the blockchain as an NFT. This event highlights the power of blockchain technology to preserve important moments and records in a secure and unalterable manner. It also showcases the intersection between cryptocurrencies and digital art, with the creation of an NFT commemorating this significant tweet. As blockchain technology continues to evolve, we can expect more innovative use cases like this where digital assets intersect with real-world events and history.
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