Bitcoin Ecosystem: Is it a New Public Chain or a Retro Scam?
Ordinals, Runes, BRC-20, Stacks... The Bitcoin ecosystem is being repackaged as a 'new public chain,' with a level of enthusiasm that rivals Solana. But is this really a revolution, or is it a speculative game of 'retro narrative'?
From a technical standpoint, Bitcoin was not designed for large-scale DApps, and its on-chain execution capability is extremely weak. All protocols are building the ecosystem through 'smart detours.' BRC-20 feels more like a clumsy attempt to force ERC-20 into Bitcoin, lacking composability and smart contract support.
But why does the market buy into it? Because it's Bitcoin. Liquidity, attention, and brand recognition are all present, and there is no regulatory hostility. Ordinals and Runes essentially represent a consensus experiment, creating speculative space with the most primitive ledger.
We cannot deny that the Bitcoin ecosystem will exist for the long term. But we must recognize: **it is not a new public chain, but rather a 'new story' built on the 'oldest asset.'** Its value lies not in innovation, but in 'narrative fundamentalism.'
