Inscriptions on Bitcoin are akin to scribbling nonsense on cash. Right?
912 sats \ 5 comments \ @birdeye21 13 Sep 2023 bitcoin
As I see it, we've merely discovered a "digitized" way of scribbling on our fungible e-cash?
The shitcoinery aspect of inscriptions occurs when the shitcoiners try to convince you that "I used this to snort cocaine" makes the dollar more valuable.
No, it's still a dollar, you just scribbled nonsense all over it.
Perhaps "scribbling nonsense" digitally onto a bitcoin has greater significance that my pea brain doesn't comprehend right now, but all I've seen so far is other pea brain humans using it to psyop.
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21 sats \ 0 replies \ @jgbtc 13 Sep 2023
Inscriptions are worse because all non-pruned full nodes now need to store useless data (useless to the node runner).
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21 sats \ 0 replies \ @TheBTCManual 13 Sep 2023
Lol on a superficial level I can totally see that, at least with Bitcoin you're rekking yourself majorly, wasting money on fees to move a few sats around you think have value in a secondary market, its really so silly but hey use your resources as you see fit and if its a bad use of resources you eventually run out
While I hope these things get priced out, i do think there are just so many people still yet to come in to this space and ready to be scammed by people who are malicious or equally as dumb but lucky enough not to be the greater fool so these things can go on for longer than we can imagine
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21 sats \ 1 reply \ @siggy47 13 Sep 2023
I have my own pea brain. I didn't think anything was actually written on a sat. Am I wrong? If I am wrong, this could affect fungibility, no? You can tell I haven't spent much time trying to understand this crap.
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367 sats \ 0 replies \ @birdeye21 OP 13 Sep 2023
it's rlly funny how little tolerance my brain has for the perceived shitcoinery of bitcoin vs stuff that actually sounds legit. like wtf is a drivechain man i just wanna hold and spend bitcoin
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21 sats \ 0 replies \ @kepford 13 Sep 2023
I'm with you except that even in your example here value is subjective. Even the value of a dollar with nothing on it is subjective. The real question is whether or not there is a sustainable market for this nonsense. I don't think inscriptions will be anywhere near as valuable as the true believers think. And I'm speaking of a market price.
Another example is the market price for bitcoin. The only reason we can obtain bitcoin at the current market prices is because only a small number of people understand its utility. Most of us here have a MUCH higher value of bitcoin. So I think inscriptions are the inverse.
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