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#pubkey 🔥

Great meetup. Thoughts on inscriptions/ordinals:

It will burn out.

The savy dialed in degens are minting/creating/pumping new nft/tokens to sell to the less savy. It eventually trends to zero. They cannot create true digital scarcity. Even really high quality digital art is not scarce. The artist can/will keep a copy, mint more, or make another one. True scarce digital art is not possible.

The current fee spiking is during the pump faze. They will be less eager to pay during the post dump faze.

This is however a net good. Stress test that is incentivizing the building of off chain solutions. Forcing function.

Like usual, everything is good for Bitcoin.

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Discussion

L1berty 2y ago

Coming from the digital art space this is wrong, but comes to the correct conclusion. It won't be a problem if Bitcoin is ever used as currency because it will price out 99% of creators and collectors. The scarcity part is way off, there's plenty of scarcity in the digital space and plenty of collectors including from the trad art world and institutions. I've heard lightening was having problems, they'll have to figure it out, but main chain will price it out.