250 sats \ 2 replies \ @ek 12 Mar \ parent \ on: AMA - Danny Diekroeger Founder of Deezy Labs - Ordinals, Lightning, and More AMA
Why does bitcoin have value? Because people believe in it? So bitcoin is fiat?
Did I summarize the depth of your logic well enough?
The answer would be obvious if you wouldn't want to label everything you don't like as fiat. Being the first of something is unique and special. Everything else feels too arbitrary.
Fiat lives rent-free in the head of a lot of bitcoiners.
I explain the difference in the episode very simply. With or without the "belief" of those around you, your control of a bitcoin balance via the keys remains absolute. It isn't make believe or pretend. Your control (ownership) over that entry in the ledger isn't affected by the group's opinions. It's as certain as cryptography. Whether someone values it is the only part that is subjective (which all value is anyway).
With ordinals there is nothing consequential about any of it. It's subjective value on top of subjective ownership. It is only consequential to the little club of people who arbitrarily decide to point at this particular place in the blockchain and say, "this means you own it" and there is nothing else at all to defend this claim.
Now, if you WANT to do that, it is fine. But to claim it's the same as Bitcoin ownership is not at all true. It's either dishonest, or ignorant, imo.
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