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Why ordinals should make you more bullish on Bitcoin
30 sats \ 3 comments \ @kepford 1 Mar 2023 bitcoin
Reason's to feel bullish because of ordinals
I don't give a flip about NFTs. I understand them, but I see no value there. Here's why I'm not worried and actually I'm bullish.
  1. Bitcoin is Freedom Money
Ordinals are not a waste. I mean, they are to me but I'm not spending any money on them. Value is subjective and if Bitcoin is a good money we will see more and more uses of it we find dumb or even evil. That's how freedom works. The good news is that the protocol accounts for incentives.
  1. Bitcoin will eventually gobble up all of crypto
If the shitcoins are truly inferior to Bitcoin, as Bitcoin grows in utility and value these inferior blockchains will be exposed as such. We are watching this happen with NFTs. It will continue. As these centralized projects get shutdown by governments we will watch people realize why Bitcoiners were right.
  1. Bitcoin has the best utility
Bitcoin has the core functionality right. The shitcoins have removed what makes Bitcoin special. High time preference seems to work in the short term... but as time passes we will see the utility of Bitcoin grow and be revealed. More development will come to Bitcoin and it will be used in ways we aren't even thinking of yet. Why? Because its fundamental design is better.
  1. The Lightning Network
On chain fees are going to go up. This is good for miners and it is good for the Lighting network. Yeah, I think the Lightning network is the way forward for small and instant transactions.
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21 sats \ 1 reply \ @nerd2ninja 1 Mar 2023
Yes, shitcoins and other scams have and will move to Bitcoin, here's the counter-point: #144859
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15 sats \ 0 replies \ @kepford OP 1 Mar 2023
I think I agree with your counter-point. I just don't think Bitcoin is a house no more than gold is a house. It is not owned by any one person. Not of us control it. I'm with you on calling out scams. If it succeeds in replacing fiat it will be a tool. I think we are talking about two different things here. Tools and choices. People are going to scam with Bitcoin but what is different is that Bitcoin itself is not a scam.
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0 sats \ 0 replies \ @l0k18 1 Mar 2023
One thing for sure, it will raise the bar for entry for opening channels user-facing, definitely a boost for LSP adoption since 0 conf channels provide immediate liquidity without waiting for however many blocks to confirm. LSPs have the advantage that they can aggregate channel opens when they come in quick succession.
I think in the long run the mempool will need to do some new neat tricks to suppress congestion, the nature of which I am clueless at this point. Seems like it would need some more depth to the p2p/mempool protocol, the introduction of full RBF certainly makes it more tricky.
On the other hand, as has been discussed in recent Breez blog posts, aggregating liquidity in LSPs does sorta seem logical and mirror the way that network connections have specialists too (ISPs). It seems reasonable to compare the things together since the dynamics of the problem of creating connection paths are very much similar.
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