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10 sats \ 5 replies \ @028559d218 1 Dec \ parent \ on: Cobra says developers are working to activate CTV bitdevs
My understanding is that it's impossible to 'track sats'.
Ordinals assumes first in first out with regard to inputs and outputs... but that's not the way Bitcoin works it's completely arbitrary.
The 'first sat' of the first input of a coinjoin... is not the same as the 'first sat' of the first output... They are NOT the same and 'ordinals theory' assumes that they are. They are not they cannot be tracked that way. It is a completely dumb idea.
It's a bad, old, chainanal idea which was dropped in 2013.
https://youtu.be/596InlNtfD0?si=pwj-KZgu-kuTPe_q
You are right; it is completely arbitrary, but that doesn’t mean it doesn’t work. Ordinals are simply a scheme that people running
ord agree upon to track sats, and because of this agreement, it works among them.They are not they cannot be tracked that way. It is a completely dumb idea.
Well, obviously they can—that’s why you’re able to trade inscriptions. The market is proving you wrong.
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Put an inscription utxo into a Coinjoin, in the WabiSabi type or the Joinmarket type... and it gets completely lost.
Ordinal theory cannot survive lightning channel opens and closes and it cannot survive coinjoins. The 'tracking' does not work because the 'first in' and the 'first out' are not the same sats it is ridiculous.
People believing in 'ordinal theory' in my opinion are idiots and they don't know their Bitcoin history. Ordinals is an nft fad... and like nfts 99% are worthless or soon worthless after creation. Anything that happened to 'nfts' will happen to ordinal nfts too... and they will 99% go away in time.
The same with memecoins. It is cheaper to gamble on Solana than on Bitcoin via Runes (Op_return) and the gamblers will run out of money. The fee revenue will go to miners in the meantime and scaling solutions will develop (like I just posted about).
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Ordinal theory cannot survive lightning channel opens and closes and it cannot survive coinjoins.
It can. I don't think you understand how ordinals work to be honest. It' s a very simple scheme that works for any type of onchain transaction therefore it doesn't matter if it's a coinjoin, channel open/close or whatever.
The 'tracking' does not work because the 'first in' and the 'first out' are not the same sats it is ridiculous.
Again, it doesn't matter if you think it's ridiculous, it works nonetheless if there's consensus that they are indeed the same sats. Maybe taking a look at https://ordiscan.com/blocks would help you understand.
I will not respond further, as I prefer not to waste my time with someone who has not done their due diligence before resorting to calling others idiots.
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I am not an expert. But Giacomo is and I believe he is correct, everything said and done.