I'm still trying to orange pill the NFT fans, but as a result, I'm seeing more and more where they are coming from. I don't like NFTs, nor do I like Ordinals, but I cannot tell them how to use Bitcoin. I'm happy they're using Bitcoin and I'm going to do my best to help them run full nodes and understand Bitcoin.
Discussion
earnest and well-meaning advice
Taproot was a huge mistake. The functionality that was gained by the soft fork doesn't offset this "unforeseen" exploit caused by Taproot. And unfortunately a lot of people in this space can't come to terms they messed up, royally, by pushing Taproot though.
There were NFTs on bitcoin before taproot though, segwit enabled it.
Why tho? I'm not closed... I'm open minded. But what's the harm with people being able to add data or inscriptions. Or maybe just tell me the worst case scenario...
Because they aren't paying the same transaction fee structure as everyone else. They are using a Taproot exploit to pay up to 4 times less per transaction as everyone else.
NFT is not a feature of bitcoin. You canβt orange pill someone by exposing them to the wrong thing π
I've been listening to you and @codecologist in the spaces and I think you guys are doing a great job.
Its really weird to me that jpegs brought people to bitcoin... But people coming is great, let's teach them the important things.
I think inscriptions/small scripts are COOL. And so did Satoshi, who essentially did the first one by adding the "Bailout Chancellor" news headline. Timestamping the project.
Adding a small unique signature or thing to a Sat is like digital grafitti. Or seeing chain of ownership.
How cool would it be if some well known person left their digitized signature on a sat, thereby making it unique.
Customization is cool in some senses. It's not cut and dry... but people obviously want to do it. My thought is embrace it.
That's been my view too. As long as it doesn't block me from buying, spending, or stacking sats I'm not concerned with what anyone does with their money or time.
Stephan Livera did a pod (456) with the creator of ordinals. I understood that if the blocks are full of fee paying financial transactions its unlikely to contain an Ordinal one.
So in essence Ordinals are space fillers when the Mempool is quiet that provide a small fee benefit to Miners. Not great for Node runners as the average block is bigger, but also not likely to be around once the fee market is stronger.
The bigger thing I cant get my head around is that its all make believe based on an arbitrary method of first sat in first output.