Oddbean new post about login | logout Lots of folks are upset about ordinals because they can't understand how a market exists for them. Truly I tell you, the same view is held by nocoiners about bitcoin. Markets don't require your understanding in order to operate.
So it be...
A currency isn't a digital photo album and currency is the only utility Bitcoin needs.
But it's programmable, so people gonna program.
Ordinals are an exploit and should be treated as such.
How 'xactly?
by exploiting Bitcoin's Segwit and Taproot upgrades in unintended ways. Bitcoin's "utility" is currency and it has performed that "feature" as intended for 14 years. If we want a digital photo album with timestamps we can create a chain for such purpose.
What about op_return? And encoding as sha256?
Not that i think it's good idea but in the long run they WILL run out of funds. So...
Folks have whined about Bitcoin not being a proper currency since inception.
Some. For others it has been their currency "by choice" for many years. Point is that the only "utility" Bitcoin needs is settlement of payments and it has been doing that quite well for the last 15 years. Speculators and, as I like to call them, 2nd generation Bitcoiners may have other expectations from a currency.
I don’t mind the existence of NFTs or Ordinals, but the Bitcoin blockchain was invented to implement electronic money. Ordinal traders are using it for a different purpose.
Yeah well the internet was designed just to share information but we do all our shopping on it nowadays & watch movies, play games etc.
Ordinals are crowding out and raising the cost of the electronic money use case. People who might have used it are sticking with trusted third party solutions instead.
What would be a fair cost for using a decentralised ledger?
Fairness is a matter of opinion. The point I’m making is about Bitcoin’s purpose. Primarily it was invented to allow payments to be sent over the Internet without relying on a trusted intermediary, who might prevent the transaction for self-serving reasons. Thanks to Ordinals (and the blockchain design decisions that allowed them), Bitcoin is now impractical (or much less practical) for that purpose. I believed that mission was important, so I’m unhappy. Fortunately there are other blockchain-based cryptocurrencies, but it would have been nice if the original, most popular one had not lost its way.
As fairness lies in eye of the beholder so does purpose I guess. The beauty of the system IMO is that YOU own the keys. If in the future a fork arises you have access to those tokens. Or if said ideas don't fit your actual whishes you can decide to use the system at a later point in time and in the meanwhile use what fits you best.
Satoshi Nakamoto was explicit about the reason Bitcoin exists. That much is not opinion. Also, the original Bitcoin blockchain design was well-suited to that purpose, and not at all conducive to Ordinals.
If it fits your suit.. May I have your interest in the real bitcoin, satoshi vision (tm)? Honestly. You don't decide so neither do I. Use it or abuse it. Bitcoin is your enemy's money too. Never forget.
“Bitcoin is your enemy’s money too.” Yes, I agree. It was supposed to be *money*, not a distributed version of Google Drive. I don’t care if anyone uses Bitcoin to buy monkey pictures, and I have no desire to stop them. I just don’t want them to use the Bitcoin blockchain to store those pictures, because it’s ruining Bitcoin as money.
Most payments in the future will be Layer 2's & 3's etc & most bitcoin isn't moving at all these days. We had huge spikes in transaction fees in 2017 and there were no ordinals back then. I think ordinals are stupid but I'm with the likes of Jameson, Odell, Adam Back & others who say don't worry about them. Besides, Luke Dashjr is helping to create a mining pool that rejects ordinals/inscriptions so there will be a way to avoid them.
My thought last year was that the L1 blockchain should contain only inputs and outputs. All scripting should be done on L2 through Ln. That way, people can save their virtual trading cards to some other blockchain, while L1 is all about sending payments.
"Market" is a generous term for gambling and fraud
If you don't think speculation and gambling are markets, I don't know what to tell you.
Label the attack a "market", and belittle the opponents with not being able to understand. No thanks shitcoiner
Cry harder 😘
preach This isn't temporary. We live in a high fee reality. Layer 2 is the way. nostr:nevent1qqs8md7lm9pgv9zhj4azfrrgu7t4agsj3k3dvyxnc8xs3u8vxvl97acpz4mhxue69uhhyetvv9ujuerpd46hxtnfduhsyg8h9rv7decysdvwwzfs7h9xfvyhwuxe38xds6z5lescak5u3gupqcpsgqqqqqqsymh0mq
Laughs in Rothbardian
The question is: Will Bitcoin work as a p2p cash system? I guess not. nostr:nevent1qqs8md7lm9pgv9zhj4azfrrgu7t4agsj3k3dvyxnc8xs3u8vxvl97acppamhxue69uhkummnw3ezumt0d5pzpaegm8nwwpyrtrnsjv84efjtp9mhpkvfenvxs487vx8d48y28qgxqvzqqqqqqy8gkame
There is no market. It's all wash trade.
