The Next Billion-Dollar Bitcoin Idea: Inscriptions and Ordinals

27:19So the best way that I have found to describe this to people is imagine I gave you a penny. And traditionally, you have Abraham Lincoln on the front and you have the monument on the back. Now, let's say I give you this pen and the penny is, you know, let's say it's rare. It's from 1776 or whatever, right? Let's say that same penny doesn't have Abraham Lincoln on the front and it doesn't have the monument. You just have this copper coin from 1776. That's the rare sat. You can view the rare sat as a canvas, right? It adds to the narrative of what you're putting on it. You then are taking a chisel and you're etching, you know, Abraham Lincoln on the top of that penny and you're putting the monument on the back.

27:55And that's what an inscription is. You're putting data onto the sat or, and does that make sense? Why does a, a, why do we need inscriptions? Like why isn't just the market for rare or exotic sats interesting by itself? Because there's a lot of things that you can do once you're able to store data on the network, and especially not just the network, but the Bitcoin, the most decentralized, most secure network in the entire world. Like that's the whole value add here is that you're actually storing data on chain on Bitcoin as opposed to, for instance, like a board ape is stored on IPFS. And what's IPFS?

28:31It's a bunch of Amazon servers. Same thing with R. If they go down, it's gone. Or Filecoin. It's all just distributed servers. This isn't Bitcoin. It's actually stored on every single person who's running an ordinal's indexer. It is being stored on their node. So it's fully on-chain. And that's the value add here. And what's neat is that this doesn't apply to just images. I can store code. I can store JavaScript. I can store HTML, CSS, any language that I want. And I can have them all interact with one another within this sandbox of the Bitcoin network. So create on-chain programs. You could do a book like that and it can never go, it will never go away.

29:12Unlike if you were to put a book onto an NFT that was stored at Pinata or IPFS. If those companies go out of business, your book is gone. Yeah, like a file coin disappears as a coin for whatever reason. Millions of NFTs are gone. I mean, those are, I think, stored on IPFS also. Like they're stored somewhere, right? They're on some sort of like an Amazon server. But in script, like those aren't stored on the coin itself. Like it would be on like if Ethereum disappeared one day and you weren't able to access the smart contracts and you weren't able to see the if you ever take a look at like the board ape contract, you see that each board ape has what's called a token URI.

29:57And that's a token URL. And that is just referencing an IPFS address that is pulling in an image or pulling in the JSON of the metadata. but like if i wrote a book and inscribed it on one satoshi uh then or let's say let's say i took 10 consecutive satoshis and made a book like that's a book or and then i could i guess i could use 100 million satoshis to print like you know uh a million books then yeah 10 million books and so i can make a whole publishing company where books are just uh stored on satoshis sure i mean what Yeah, I mean, you could do that. You could obviously, yeah, I mean, like, listen, you could probably get a book down to like 400 kilobytes for sure.

30:42But if you can't, what you could do, which is also interesting, is you could inscribe each page of a book, and then do what's called a recursive inscription, right? So what I can do is I can, let's say, I inscribe 1 ,000 pages of a book. And then I have another inscription that says, okay, reference all 1 ,000 of these inscriptions and make me, with JavaScript, a fun animating flipbook. And I can just take those images in. And then fully on-chain, you have an animated book that's pulling in to previous pages. And what's cool also is that people can own a page of the book, right? So it's like if you wanted to like – it might be an interesting idea in case you wanted to sell a book.

31:21Instead of people buying a copy of the book, you mint it out. People can own an individual page. You can actually own the page of the book. And then you're actually distributed this other inscription, which allows you to render the entire book. That's just an idea I came up with off the top of my head. But like it's something you could do. I haven't seen anyone do it. Let's say Warren Buffett was going to – not that he was interested in Satoshis or Bitcoins at all, but let's say Warren Buffett was going to put a stock pick on a Satoshi and auction it off. That's potentially something that could be valuable, for instance.

31:54Sure. And it's something that's on the blockchain forever. I mean if Warren Buffett says this is it, yeah. I mean if – listen, if Warren Buffett actually came out and said something positive about crypto, that would be one thing. if he actually came out and said that, you know, he inscribed his pick on a sat. Yeah, I mean, like that's provenance right there. I'm just thinking, what's the use case? Like right now, I see there's artistic use case. Like, okay, we're going to get this historical Satoshis from these historical Bitcoin transactions. We're going to make some image on it to give it a little bit more artistic value.

32:29And now we're going to sell it. What are some other things that can happen with? Honestly, when we looked at NFTs, like with birth certificates, college graduations, high school diplomas work much better on a SAT because they're all unchained and you don't have to deal with Amazon web server going down and all of a sudden I don't have access to my data anymore. Right. And it seems like it's less friction to find. I mean, it could be in your Bitcoin wallet. Yep. Very simple. Sorry, I didn't need to catch you off, Ben. I know you had some other ideas too. What I would say is it's a more true form of an NFT because of its immutable provenance on the Bitcoin network.

33:14And the truth of the matter is, is Ethereum going to be around forever? Probably. You know, like Ethereum is obviously an incredible, you know, smart contract platform. That being said, there's Base, there's Arbitrum, there's Optimism, there's all these L2s, there's Solana, there's Sui, you know, whatever the hell there is. And I have no idea what the hell is going to last in the next 10, 20, 30, 40, 50 years. But I definitely can assure you that Bitcoin will be here. And that's why it just makes most sense. If you're going to store something on chain, it might as well be on the most decentralized, most secure network in the world, which is the king of all cryptocurrencies.

33:49What's neat in terms of like an everyday use case and more than just, you know, inscribing images is, you know, back to things you can do with code, for instance. long form generative art has been really having an interesting moment as well, because what you're able to do is that people have inscribed, for instance, the P5JS framework on an individual Satoshi. What you're able to do is as an artist, you're able to code your generative art and have it reference that P5JS inscription. The same way if you are writing code on your computer and importing P5.js from a library, you're importing it the same exact way, but it's all on the Bitcoin network, right?

34:26So it's not hitting any external sources. And you can do really neat things like you can reveal the art or have the seed to that generative art be a specific block, right? And have a delayed reveal, for instance. So like, let's say we're maintaining at block 840 ,000, which is the halving, I can make it so maybe I have a collection of 100. One is going to reveal at 840 ,001, 840 ,002, and a fully on-chain delayed reveal with the block itself being, you know the seed which is like i think really really cool there's other use cases as well people are making you know like midi systems so you can generate music on chain i mean like at the tip of the iceberg right now you know like this has only been around a year and so like what what do you see like let's say someone's listening to this doesn't quite understand everything you're saying um how can they think about this in terms of like i want to get involved early in this because i didn't with nfts and what's something creative they could do what's what are what are creative how are you making money right now with this you know other than your company yeah for sure yeah for sure you know obviously like we definitely generated revenue you know building satscribe which was the uh first inscription platform for rare and exotic sats you know obviously there's tons now but this was back in june when we launched it um you know Obviously, pizza artifacts do well, and we have this new platform that we're rolling out.

35:52So with the pizza one, you took rare sats, like the first sat from one of the 10 ,000 bitcoins. Exotic sats. They're considered exotic sats. Okay, you took exotic sats from the 10 ,000 bitcoins. You inscribed something that made whoever sees this inscription aware that, hey, this is a Satoshi. This is an exotic set from one of the Bitcoins from the very first pizza transaction. And what are one of those Satoshis worth right now? So yeah, so a pizza artifact, they've actually done very well. So when we launched those in June, those was June 2023, we launched those for 0.01 Bitcoin. And at the time, Bitcoin was$25 ,000.

36:40So it's like 250 bucks. And now Bitcoin is$70 ,000 and they're trading actively for 0.135 Bitcoin. So around$10 ,000 US, 9 ,500. So they've gone up in value and Bitcoin's gone up in value. And there's only 222. Yeah, there's only 222 of them as well. Why 222? Why did you pick that number? Sorry. That is a very good question. um it had to do so it's it's really interesting so it was partially like we wanted like a fun number like 222 and like the 21 million is obviously a significant number when it comes to bitcoin but like having you know like 210 felt weird um but the truth of the matter is a lot of it was like how do we have a big enough community that also feels kind of tightly knit that we can curate the specific holders that we'd like to be on for this journey with us but at the same time, just so you understand, like it is not cheap to do these inscriptions on Bitcoin.

37:41So when we first launched this, it was like a massive risk where it was like, if we don't sell out right now, we just spent 0.35 Bitcoin inscribing this, which is a lot of money for, you know, a founder to just put up and potentially lose, you know, it's like$20 ,000 at the time. So, or a little bit like 0.35, what was that? Like 12 ,000, 15 ,000, whatever. a substantial amount of money to put up, you know, a substantial amount of money to put up to, you know, maybe not mint out. You know, obviously we did mint out pretty quickly. It only took a couple of hours because, you know, obviously launching out in tandem with Satscribe.

38:20But, you know, there's a lot of risk. Like if you're doing a project and there's, you know, 5 ,000 unique inscriptions on here, I mean, now with recursive inscriptions, there are different ways to try to bring that cost down, but you're spending a lot of money. For instance, Leonidas, who's a big Ordinals influencer, launched this thing called Runestone, which is the largest, fairest community airdrop within the Ordinals world. I think 113 ,000 people were airdropped these. And the way that it happened was that he took a snapshot of any wallet that had up to three inscriptions that weren't text files at a certain block height.

38:57And those were considered OGs within the space. And then he partnered up with a miner, he partnered up with Ordinal Spot, and he partnered up with a bunch of different people in the community that donated up to eight Bitcoin, I believe it was, to do all this, you know, so to inscribe 113 ,000 things costing eight, that's a lot of money, you know. So it's like a big risk right now, if you're well, it's a big risk as a founder. But the nice thing is, because, you know, there, that now there's some platforms that allow you to do pay as you go kind of mints. But like for the most part, like if you want to be on like the Magic Eden launchpad, you need to inscribe it yourself, which means that you as a founder need to put your own money where your mouth is, which kind of filters out the grifters and the people that aren't serious about, you know, actually building out what they're building out.

39:43You know, for me to like put up, me and my co-founders put up like$15 ,000 to like maybe it turned into nothing. It's like a big, it's a big gamble, you know? Well, how do you build a community to support that, you know, will kind of buy out your project? That is a very, that's a very good question. So a lot of it has been like, just like years of being my co-founder being in the space and just like, you know, being like everyone else, like we've been degenerates, you know, in our non-web three lives, you know, we're builders, you know, like I'm a software engineer for 15 years. My co-founder was a former software engineer also built like early DeFi analytics software.

40:24And both of us were kind of just sitting here and like you become friends with a lot of people in the communities that you're trading with all the time. I'm in a ton of different group chats. We're all on Twitter spaces all the time. It's hilarious. It's like this whole community of people that like I literally speak to more than I speak to my everyday IRL friends, but I speak to them all day, every day on Twitter, you know? And it's like, you almost feel like you know these people. and you just sit on these Twitter spaces long enough and all of a sudden you have a following and you're like, like I said, you're trading together and it's like, listen, I'm building something and everyone's kind of just like down to support because, you know, I've posted pretty good calls that, you know, we've made money.

41:03I've obviously posted some that haven't, but like, you know, like everyone's kind of feeding off of each other and everyone's just down to support one another. And also, I don't know, I've been here since January, like the gen, like literally since these were a thing And there's a very small community of founders that came from that time period. And we all know each other and we're all like pretty good friends with each other at this point. So it's like we're all down to support and help one another out. Like it's a very that's the very interesting thing about this community is that everyone here is really down to support one another.

41:36You know, like if I like pretty much I could tell you any founder that I've interacted with in the past, they tell me something's minting, I'm minting it. you know, like anything to support them because they've done the same. And because I've seen them here for a full year grinding.

42:05And so there are some, again, there's tons of Satoshis or not tons, but there are these exotic satoshis that have, let's call it some intrinsic value, regardless of who's selling it. Then there's inscriptions on rare satoshis or exotic satoshis of, you know, various Bitcoins. And it's the art plus the historical transaction aspect that give it extra value. Plus the community. yeah the community around the founder of it and then what do you think is the next generation that like again how's the everyday person going to get involved how's this going to break out of the close-knit community it's a great question also and this is one that i think a lot of people are spending a lot of time solving it's something that i think about often um i think that the way that you do it is you need to have products that are seamless to use for this is the test that i use if my mother can use it i know it's good for the public to use it you know my mom's like 64 years old she probably would hate me saying that on a podcast right now no no i agree with you completely i think i think that's the litmus test for crypto in general by the way it's 64 year old which no one listens to right but it's better now i'll tell you we're having this conversation in like let's say 2017 or 2016 i felt the bitcoin community didn't want 64 year olds to use it like everybody was quote-unquote hodling they had their own language and if you didn't speak it's like it's like internet users in 1993 when aol opened up internet news groups to their members everybody all the academics on the internet were very upset and i feel crypto has morphed now into people understand that you need wide use of a currency in order for it to be used.

44:02It needs to be simple to use. Well, I think that this is one of those aha moments where a lot of builders like myself are having where it's like, okay, this is finally another opportunity to really start over again, really bring Bitcoin to the masses. How do we do it? Oh, no one really understood buying and holding. But now if I tell you there is really serious collecting of art that you can be doing on here and not just art, but like so many other use cases, you know, membership to clubs, you know, like Tim was saying, you know, like different certificates and things like that. Now that there is actually a use case, an opportunity to actually put your Bitcoin to work, you know, you have these moments where it's like, okay, well, how are we going to make it super easy to do that?

44:46So, you know, for instance, like I said, I've been building mobile apps for the past 15 years. That's kind of like my bread and butter. Make the kind of dumbing down hard to understand concepts and making them a little bit more palatable. And that's what I'm focusing on right now is building very strictly mobile first infrastructure. Everyone goes to the web and everyone likes to do like a Google Chrome extension or a website. The truth of the matter is everyone's on their phone. And even most 64 year olds know how to use an iPhone these days because you can't even park your damn car without scanning a QR code from an iPhone app.

45:18You know, apps are everywhere. So you might as well have a very easy to use app that allows you to very quickly, for instance, trade your runes, collect your rare sats, see what your portfolio is worth. The same exact way that you could download Fidelity and do it there. So that's what my focus is on right now is how do I make it super easy for the everyday collector to get involved. And the big argument against NFTs was just that, hey, this is just a JPEG. how come I can't just cut and paste this into a file and print it up and put it on my wall? But this solves that problem because these are Satoshis that are verifiably part of some important historical thing, like the first Satoshi mind after that halving or whatever.

46:06Listen, the truth of the matter is you could still right-click, save an image, right? You could still right-click and save the image. Yeah. But like at the end of the day, you know, like you right click saving an image and not having the wallet or not owning the private key to that wallet. You don't own it. It's the same kind of idea as NFT. So I don't think it's much different in that regard where like right click save movement is still a thing. But I think that like if you take a look at where the world's going right now, you see like the Quest 3, you have the Vision Pro, you see a full world where we're going to be living in this like AR, VR kind of mixed reality.

46:39and eventually that's going to gravitate to like a Google Glass, which was a little bit premature for its time where you're able to actually, you know, see, I could walk down the street and see digital ads on a building the same way if I'm watching like a hockey game, I can see the digital ads around the boards, you know, like we're about to be living. And especially with Neuralink, like all these things sound crazy, except for the fact that it's, you know, you're seeing a guy with cerebral palsy is playing, you know, chess with his mind, you know, from Neuralink's latest video. And then you realize very quickly, oh shit, I don't know if I'm allowed to say that on this, but like, this is where we're going.

47:15We are going to a digital first world and, you know, owning something in the digital, like if you ask a kid right now, what would you rather do? Would you rather like own something in the physical world or buy something in Roblox? They'd rather buy something in Roblox, you know? Right, but the difference with the NFTs and the inscriptions is that literally the canvas you own it on, an inscription on, has value. Because that canvas is a very particular Satoshi in each case. Whereas the NFTs... That's true. I mean, that's the fun thing. They're never going to zero. As Bitcoin goes up, the value of a sat goes up, right?

47:56You know, that's just the way that it works. So technically, unless Bitcoin goes to zero, they're not going to zero. And the value of these rare sats go up more. Right. Right. So I'm just wondering, what's the range of creativity? I bet you there's going to be an opportunity where some artist or somebody who's creative in some other way is going to come up with an idea of inscribing that's going to have value outside of the crypto Twitter community where everybody knows each other. I feel like there's going to be a growth point here that didn't happen with NFTs. It's so early that it's much more possible.

48:34Also, you have the learning curve from the NFTs. You can see where a lot of projects went wrong, where some projects went right. The other thing in order to support some of these early movers is we're seeing a lot of airdrops in order to reward early adopters of ordinals, the upcoming runes, exotic sats, rare sats, uncommon sats. So we are seeing like the early project founders saying, look, if you've supported me or if you just supported the community, I'm going to reward you just to keep the community growing. We saw that a little bit in NFTs, but not very much. It was very much this community is closed and this community is closed and this community is closed and you got to buy this in order to be part of our club.

49:28With ordinals, we haven't seen that, especially with runes coming up. We haven't seen that. If you're a here, here, here, here, here, we're going to reward you. Runestone, which there were guys in some of my communities that got dropped runestone. And we weren't super active in ordinals, but we did inscribe some ordinals very, very early, sub 445 ,000 inscriptions. Now we're at like 70 million. So it was very early. Those guys got an airdrop. That airdrop now is worth like$7 ,000 or$8 ,000. What is it? They're trading for like 0.09 Bitcoin right now. Per Satoshi? That's Runestad. And that was just for doing three inscriptions.

50:12And I think they spent$90 to do three inscriptions. And now they have an asset that's valued at over$7 ,000,$6 ,000. Obviously, the values change. and they're in line to receive some upcoming additional airdrops, it looks like. So this community is very supportive, very different than NFTs. I went on this site, OrtaScan, and it says basically there's like 68 million inscriptions. Who are these 68 million people? Not people, obviously, people are doing more than one inscription. But like who? Actually, I'm looking at one of these. subscriptions uh i don't know it could if you're looking we are defined like as an actual collection if you search pizza artifacts on order scan on magic it's p-i-z-a or like that or double oh no no this is pizza artifacts p-i-z-z-a we we spelled pizza the right way um these people are trying to just make money off you maybe that's that's basically what it what it is is you have some of these uh providence is a big deal in bitcoin lore and bitcoin history and so like what drew me to pizza artifacts is it was the first organized product that project that minted on pizza sats and so now you know i own one of the pieces that is a genesis collection on pizza sats any other ones coming on pizza sats are going to be second third and on down the line And we know from everything that goes on in collectibles and in history, being first matters.

51:54And being first has a value. To give you an idea, like the first portals collection period, which is sub-1 ,000 inscriptions. Again, we're at 70 million now, sub-1 ,000. We have a floor of like two and a half Bitcoin and actively going for like two and a half to like five Bitcoin. And so who is buying and selling? Is it just crypto people? Or has it, again, you mentioned Sotheby's has been auctioning off some of these rare sats. How does the growth look to you? I think that we are in such a bubble right now where everyone is so bullish within this little Bitcoin bubble and it hasn't even had the opportunity to like explode into like what it's going to be.

52:45Like we are very much in an echo chamber where everyone is like all bullish altogether right now. But it is such a small community right now, like compared to what we saw with NFTs, compared to like the entire world of people that were Bitcoin maxis and, you know, never gave Ethereum or any other network beside the time of day. You know, you're seeing like the most OG builders, you know, builds on Bitcoin, like on Ordinals right now. Like the Taproot Wizards is a very notable project where you have Udi Wertheimer and you have people like Jameson Lopp, you know, like Hal Finney, who, you know, literally received those first 50 Bitcoin from Satoshi Nakamoto.

53:21Doesn't follow many people. Jameson is one of them. Like this is like some of the most OG people in this debate are finally super excited to be building on Bitcoin again. So if someone wanted to view like Satoshi's and maybe buy some, where can they look? Like listeners are probably just still curious, like what's going on here? Where can they look to see some Satoshis, learn some more about it, maybe, maybe buy some. And when you buy some, again, it's, you just put it in your Bitcoin wallet with your Bitcoins. Yeah, exactly. So, I mean, there's a bunch of tools now that make it super easy. You know, obviously we built SatScribe that allows you to just click what type of rare Satoshi you want.

54:00You can either buy them individually or you can scribe on them. Another great marketplace where you can kind of do like a P2P trading, kind of like an OpenSea from NFTs. But for RareSats, Magisat is a great one. MagicEden is another great one. Luminex is a great platform for doing parent-child provenance, which is something we didn't even get a chance to talk about. But long story short, you know a BoredApe is a BoredApe because it's attached to the BoredApe contract. What you're able to do on Bitcoin is if you're an artist or a founder or whatever, you can inscribe what's called a parent inscription.

54:31and then have children inscriptions that on-chain connect to the parents. So you can actually see the whole family tree on-chain, which is as true of provenance as it gets. Yeah, there's, I would say those four places, Satscribe, MagSat, Magic Eden, RuneX. Ordiscan is a great place. Ord.io is a great explorer as well. Xverse Wallet is probably the most popular wallet right now to use. They support RareSats. Magic Eden Wallet is a really good one, too, that they've rolled out. Those are like the main two that I would say are really dominating the market right now. There are other ones like Leather Wallet, Unisat.

55:13OKEx has a wallet, too. But I would say my recommendation, if you want to get your hands dirty very quickly without having any issues, because Exxer supports RareSats. Not all wallets do. So does Magic Eden. They support subscriptions. They support separating your wallet into Bitcoin, like an actual payment address versus a ordinals or runes or a rare SAT address. Xverse, I would say, is the way to go, or Magic Eden. I think that answers my next question, which is how do you know when you have some Satoshis in your wallet and you're spending some money? You're not just spending one of these incredibly valuable Satoshis.

55:50You want that wallet that splits it for you. Exactly. Xverse and Magic Eden do that. Yep, exactly. So right now I could basically go to some marketplace, buy a rare Satoshi, spend a little bit of money inscribing it, and then saying, hey, I have this inscribed Satoshi that I made. Does anyone want to buy it? I could put it on some marketplace and see if there's a market for it. Yes. Yes. Or you could just buy the rare set or exotic set, not inscribe it, and just hold it. and let other and let other people just hold it exactly because they're deflationary right so the more people that inscribe them the more sequestered or rather the more inscribed they are the less there are in circulation um you know so you like one of the places that i've made is i have a like i have a bag of uninscribed uncommon sats i have a bag of uninscribed block 9 450 x's which maybe i'll do something with them in the future but for right now i'm just holding them as virgin sats, so to speak.

56:54So like a bucket of, let's say a year ago, you bought a bucket of rare sats or, or exotic sats or whatever. Uh, what would, how much has it gone up, uh, percentage wise in the past year? Like just rare sats. It depends. It depends. I, yeah, no, it depends for sure. It depends on when you bought them, obviously, cause it's insanely volatile. Um, I would say, you know, if you bought them at around 75 to 130 bucks right now, you're, you know, even give or take the day. But there is a time period where commoners, which was the first ever collection inscribed on uncommon stats, took 10 ,000 uncommons out of circulation, and the price ran up from $130 to$800 in about an hour, you know, so like, there are different, different catalysts that I would say change the volatility of that right now.

57:45It's also, like I was saying in the beginning of the podcast that it was significantly harder to acquire them, which when they were more expensive versus now where we have peer-to-peer marketplaces like Magusat and Magic Eden, where you can very easily buy and sell these and the free market has dictated the price. So if you bought at the top, you're definitely down right now. But this is very much like a long-term play. But also, again, the average person even involved in crypto doesn't know anything about this, even though it might be common in your community, I can tell you like I'm involved in crypto every day and I don't really know that much about the whole ordinal world.

58:25And so if this becomes a thing, which it is already, I mean, there's 70 million of these inscribed, but if this becomes a thing where people know it the way they know NFTs, then these rare stats that are worthy of inscription will go up in value. I mean, that's my bet. Nothing is obviously guaranteed. Right. And that's my bet. What projects are you working on now with these inscriptions? What's the type of project you're working on? Yeah, so the most recent one, we actually have it launching on April 15th on the Magic Eden launchpad. It is called Runivo, which is a pre-runes ordinals collection.

59:06So what you'll be able to do is pizza artifacts are getting an allocation to this and people are able to mint them and they're able to collect this as an ordinal before the halving. And then holding that, we're rolling out two massive mobile first infrastructure platforms that can't talk about just yet only because we're launching them at the halving, which is give or take April 18th or the 20th. We'll see. But what I can say is that Pizza Artifacts and Runevo owning those will have a lot of utility within using those platforms. You'll be able to generate a lot of points for doing transactions.

59:45Is it related to the having? Yeah, it's very important. Yeah, it is. So Runez, the protocol that enables this whole casino of meme tokens and utility tokens on Bitcoin, is going live at block 840 ,000, which is the having block. and Casey Rottermore inscribe or pre-mined the first ever runes, which is going to be called Uncommon.Goods. And it'll be interesting to see, you know, who ends up getting the first having block because that'll dictate, you know, like the first 1 ,000 names and what they are aside from, you know, Uncommon.Goods. But everything happens at the having. The epic sack gets mined at the having.

1:00:21Runes goes live at the having. So that's kind of like why the date is the date. And is it just some lucky miner who's going to end up with the epic set at the halving? It is a lucky miner for sure. And there is definitely a lot of people that are competing to become said lucky miner right now. And there are a lot of people bribing miners right now to be included in that block and actually get the first 1 ,000 runes. And I can tell you, I'm talking like bribes of 20 Bitcoin, you know, like real bribes. But even with that bribe, there's still only like a 15 % chance that you get it, which isn't bad.

1:01:01There's a chance. Obviously, the odds aren't in your favor, but they're not bad, you know, 15%. But that's very much what's happening right now. Well, it seems like there's an expected value there, though, much higher than 15 Bitcoin if you're talking about millions of dollars for an Epic set. Yeah. Also, I am five minutes over. I have a five o 'clock that I'm late to. So I don't know how we're supposed to do this abruptly if you want to do like an end. No, no, I'm going to keep talking to Tim here. So Ben, thank you so much. All right. Help yourself out. Good luck on your projects. I'm going to maybe buy some.

1:01:36I don't know. Thanks so much, man. Thanks for answering my questions. I know I asked a ton of dumb questions, so I appreciate you answering.

1:01:56Thank you.