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28 sats \ 1 reply \ @chungkingexpress 14 Feb 2023 \ parent \ on: The Emergence of Ordinals | The Week Onchain Newsletter bitcoin
Listening to Casey Rodarmor talk about ordinals and inscriptions on Citadel Dispatch Podcast I am now convinced that they are actually a solid idea and a great thing to have in Bitcoin.
Stuff you can do:
- Actual NFTs where the data is on the time chain.
- But more than that, you can post uncensorable envelopes of data, files, text, images, deadman switches etc.
- It now creates a buyer of last resort in the fee market, resulting in full blocks and full mempools.
There are a bunch of other considerations but all in all, I do not see it as an issue, and instead a major win for Bitcoin. Shitcoiners are jumping over themselves to burn their ETH NFTs to link them to a Bitcoin inscription. It will be great if the artist and broader creative community can get behind inscriptions I think, this broad appeal "social layer" has always been something that Bitcoin has not been able to quite get right like the shitcoins did.
The cat is out of the bag anyway so might as well enjoy it.
Yeah I don't believe the fact that adding easily copied/reproduced data does anything to an NFT, its use case still remains speculative data. If it wasn't why aren't people taking to doing the same thing on Liquid? Because its not about the NFT its about slapping it on bitcoin to virtue signal or show up those that focus on the monetary aspects of bitcoin,
As for storing other files, there are so many ways to store files, copy and recopy files, so I don't get that one either, you can always find another source for a file, and I mean what files are you really going to stuff in witness data that we all cannot live without?
I have no issue with full blocks, be it now or years later, it will happen, if people want to waste their time and money on this by all means, but as for me, I just see a bunch of data added to the chain that will be forgotten in years to come
Great for miners they're finding a way to encourage people to pay them to secure transactions they otherwise wouldn't but other than that, the "uses" I don't find really compelling but to each their own
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