Subnostr

So not to beat a dead horse here, but with people “burning” NFTs on BTC…it doesn’t really work and I think it’s because a lot don’t understand their system. It’s centralized and no data lives in chain.

Owning a BAYC isn’t like owning a hard asset, you literally have keys to a wallet that has a proof of authenticity certificate. You don’t have the actual storage file/code, that’s hosted in a bank of servers somewhere and I’m sure they could access that file and recreate it if they wanted. It’s like owning the Mona Lisa. Sure your name might appear on the back of the frame, but it’s not leaving the Louvre and anyone can take a picture of it and print it out or copy it and there’s nothing you can do about it.

We also cannot overlook that while it would be on the Bitcoin chain as an inscription, the asset would be traded there instead as a derivative basically.

So I get the idea behind burning things on Bitcoin, because we can and it’s mostly symbolic, but let’s not forget why we’re Bitcoiners. What makes them hate us so much. We have qualities they never could.

Maybe I’m completely misunderstanding ordinals and NFTs and am happy to learn, but I don’t know if this is the way to go forward.

zach 2y ago

It’s a complicated subject. I’ve been listening to the Citadel Dispatch pod with Odell and Rodarmor. Rodarmor mentioned he doesn’t really want bitcoiners to like ordinals anyways. So I guess in that way he is succeeding for the most part.

Ordinals might be a great way to onboard people to the btc ecosystem, but it is definitely conflicting and goes against a lot of core values.

Note: I may also not the most reliable narrator. A few years ago I was buying NBA topshot NFTs 🤣🤷‍♂️

We are complicated beings.

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Discussion

Doug Brown 2y ago

Yeah, I like the concept/idea of what it can do. It’s just unsettling that it “cheats” on paying the full weight of the actual block by abusing what is supposed to be a witness/signature space that secures the transactions and chain. Just seems to be a lot that goes against our ethos here. I don’t have a problem with NFT ideology, but implementation has been bad since Ordinals/Inscriptions have given a way to host both the data and history.

However, Bitcoin at its core is a ledger of transactions: financial or transactional, not a database. I think I saw someone say we’d only add 210GB a year at full 4mb blocks, but where are we in another 10 years? Talking about pruning the block because it takes months to sync a new node?

Just so many questions we need to think about now and begin trying to solve before they become an attack vector or a way this spins out of control.

zach 2y ago

Good points. Might be lots of prunes in the future if we aren’t careful.

Doug Brown 2y ago

If the math could regenerate prunes for anyone searching the chain on demand, it would lend itself to allowing you to do that. But if it’s a “once it’s gone, it’s gone” kind of thing then what good is the history of the chain now? I might be asking questions that are dumb and I’ll advised but I don’t see anyone asking many questions. So here I am.