Oddbean

doesn’t grab my interest, but I respect people experimenting with what can be done in a permissionless environment I’m skeptical that we’ll see interesting new approaches to money outside of bitcoin for a long time so fungible tokens would probably be attempting to model something like our current equity systems. I do think 100 years in the future we might have something like a more digitally-native equity ownership. These seem like pretty rough experiments around what that might look like. Too many unbounded human/social problems around how governance would/should work around such tokens so it’s not something I want to invest much of my time in. I do find the foundational ideas of Ordinals/Inscriptions conceptually very interesting even if existing collections don’t grab my interest

Great answer thanks! I personally think inscriptions are quite bad, because there is some "tragedy of the commons" there, and it can be viewed as an attack, when using adversarial thinking. That being the case, the whole of ordinals suffers from that taint. And Runes, while just a short 80 byte OP_RETURN, does not bloat the chain too much, they suffer from the taint being adjacent and part of ordinals. There is some nice code in there, and a decent eco system of wallets, markets, websites, explorers and so on. All built on bitcoin. There is some nice game theory around minting, and they have some things like domain names, which are ok. Mainly I think it's all a bit silly, harmless, but some good lessons to learn. I do think your idea of digitally native equity on bitcoin is a really good one. Needs more thought and more build and an audience and appetite which is currently very small, but could grow in time. I think when the world of AI meets these kinds of ideas, we can get more interesting dynamics, so I think this is going to be an interesting space to explore both from markets POV, and orchestration POV. I'm playing around with rewriting Runes (its a small library) and using it on bitcoin testnet, combining it with nostr. Doing things like on chain zaps, equities, a few games, autonomous agents and so on. Possibly there is some innovation buried deep in there. What I think is exciting is that new ways of "playing" with bitcoin are emerging, without bloating the chain, that could generate positive unintended consequences. Use case I'd like to see is honest DAOs on bitcoin where you can invest a few sats in an open source project, and get services, or dividends, and so on ...

Oh, I’d love to see what you do with Runes + Nostr… I agree it’s good that we’ve got some momentum around wallets/explorers/etc. which open up greenfield space for more experimentation I am particularly interested in names (bringing it up since you mentioned “domain names”). I would like to see a system where we can have a neutral global namespace where a name can point to anything (a domain, a social media handle, a payment address, etc.) and the namespace is controlled by no one. A friend proposed that maybe a Runes of supply size of 1 might be an interesting part of a solution. While I’m not currently much down the Runes rabbit hole I’m open to learning about it if it turns out to support new ideas/applications which I otherwise see value in

Yeah, they are already doing domain names, but I dont particularly like it. I think we can do a proper version on bitcoin and nostr with our own runes fork: https://geniidata.com/ordinals/home?ref=RINSPZ

So the middle secion is domain names such as .btc .unisat. I am not quite sure how it works, because I'm still learning, but they seem to be minted or traded too. Yes very interested in names because we will need them for nostr. I'd like to take the good bits and translate it to our eco system, and build tools around it, reusing what's already there, but with a different context, if that makes sense See: https://geniidata.com/ordinals/inscriptions?q=.btc&protocol=sns&content-type=&time=1D&attribute=&inscription-range=normal&satributes=&ref=RINSPZ https://m.primal.net/JiUn.png

Quite hard to find definitive documentation but I've been studying it the last week, with a view to rewrite the good parts. I'll let you know when I find out more. But I assume it's the basic UTXO model: 1. UTXO allows you to create or mint a name 2. If two are minted, the first one wins 3. Indexers follow the chain and create an API according to the rules 4. UTXOs can be bought and sold on a market