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Crizzo 2y ago

I don't really think much about all the #ordinals #NFT stuff, but I did just have an interesting thought about it.

What if this rush of activity is some of the NFT people realizing that the only blockchain that matters is #Bitcoin? Pretty much all other crypto is too centralized to matter as far as getting a unique non-fungible piece of this scarce digital resource that is Bitcoin. If they inscribe something on the Bitcoin blockchain they can claim its digital permanance as long as Bitcoin exists.

The smart contact chains are all too bulky for the average person to run a node, and if the average person can't run a node then it's not very decentralized and it is more susceptible to fungibility. Therefore any NFT is inherently less valuable on these chains.

I don't really think it's a threat if that's what's going on. Some people call this flurry of transactions an attack, and I can't imagine how it could hurt Bitcoin. It only helps imo.

Is that just wishful thinking?

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TKay 2y ago

If it helps miners pay the bills. Cool.

I’m a little worried how fast my 1TB SSD will fill up. And will I need to upgrade soon to keep up.

Or I don’t understand how this works and it doesn’t really affect nodes.

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Crizzo 2y ago

Still a couple years out for that I think. It's actually pretty incredible it's still under 1TB. It'll only become more trivial thanks to Moore's Law.

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Weatherall 2y ago

real lesson is the 'unforeseen' element itself - what other 'surprises' await as a result of the wtf presumption that bitcoin needs starbucks or africa to thrive , and consequent meddling with core...

vector of attack is the 'presumption' itself ... is it the democratic mind ? i mean the frenzied altruistic backslap sure as hell produces some neat toys , but if it ends up being exploited by enemies playing on such ideals and they use the in to break btc then its obviously a dangerous larp -

people certainly were warned ...