this territory is moderated
Can you please justify why using the Bitcoin blockchain for non-monetary purposes (a peer to peer electronic cash system) is
a) good for bitcoin b) good for humanity?
To extend an analogy, you are selling paint pens to deface Federal Reserve Notes, with the full knowledge that doing so causes friction in the payment system for all that use it -- from the people getting paint on their hands to the shops that have to take the notes out of circulation because they are unusable. This is called "being the asshole".
An asshole likes to defecate all over the public spaces, because fuck you, Satoshi isn't here to stop me.
Bitcoin is a public good. It is being abused by non-monetary use cases. They will all fail in the long run.
So far, others like omni and counterparty failed. veriblock failed when they spammed the chain for a while too. Ordinals will get priced out too.
In the mean time everyone has to deal with this trash until the next phase kicks in and ruins this stupid business model.
So please stop. Stack your sats. Add value to the ecosystem by building useful products and services. Spam is always negative value to an ecosystem.
The purpose of a system is what it does. Bitcoin is more than peer to peer electronic cash now. Sorry if that offends you, but it's the reality.
a) good for bitcoin
Ordinals are attracting lots of capital and developers into the bitcoin ecosystem
b) good for humanity
Art and culture can now be engraved into our historical records forever, and people are having fun while learning about using bitcoin
If you don't like what's happening, you can try to stop it. Good luck
It’s does kind of offend me, yes. In the same way society is offended by vandalism and destruction of the commons. It’s this willful attitude — can’t stop us. Good luck. Fuck you for wanting something good like an immutable ledger of money — I want to piss over it. Enjoy my art.
I would rather we protected the commons from grifters and vandals.
I agree with both points you make for a and b on principal - if this was what was happening in reality. It isn’t! Art and history can be engraved into immutable data structures — it’s just we discovered a long time ago it’s really brain dead stupid to do it on the Bitcoin blockchain, in fact, any Nakamoto chain is hopelessly bad at data storage efficiently.
Nobody remembers “Datacoin”. Larimer even did that steem PoS blockchain for eternal document storage and then Sun took over. It forked to Hive. Blah. Blah shitcoin data storage blah. There are much better ways to achieve eternal storage objectives than encoding out of protocol junk in the Bitcoin ledger.
You act like “now we can store data forever” it’s a new thing. There is rarely anything “new” in this space that isn’t a warmed up grift from previous cycles. Storing arbitrary data in the Bitcoin blockchain is highly discouraged and offers no guarantees of future retrieveability. Beyond simple pruning, it may be possible to discard full block data, such as dropping spent or mostly spent blocks or using tx inclusion proofs as substitutes. Beyond this, it degrades performance in the short term, and leads to large loss of capital for those involved in the long term.
Go bring capital into this space. We always need good in-protocol devs too, and should discourage people making out-of-protocol spam generating code in Bitcoin.