3 sats \ 1 reply \ @orthwyrm 8 Feb 2023 \ on: Ordinals, after spending time eavesdropping popular NFT Twitter Spaces bitcoin
One thing I like about this space is that it constantly surprises me. I don't think many had FTX collapse or Bitcoin NFTs on their bingo cards this time last year.
I'm agnostic on the whole thing. While I would never buy, mint, or recommend NFTs to others, as far as I can tell there's no existential threat to Bitcoin here. There's been some discussion recently on how nodes don't necessarily have to validate or even download witness data, which if true means bandwidth doesn't get bloated and my node isn't forced into hosting illicit images (while the latter has always been possible, NFTs have kindled a renewed interest in publishing arbitrary data to the chain).
Contrary to the desperate wishes of some, I don't think these things are going away. Bitcoin NFTs will probably trade at a premium because a) They're scarcer due to the famously limited blocksize and b) They're more "durable" than NFTs on weaker chains like Solana.
“Theres no existential threat”. Tell that to someone who is poor and wants to run their own node in 4 years if we start getting constant 4MB blocks. Thats 220GB a year or 1GB in 4 years. We are only at 500GB and its been 14 years. There is a threat of centralization if it starts costing to much to run a node.
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