Oddbean new post about login | logout 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.
