Nostr Web Client

because of the way it’s designed;

NFTs are simply tokens that point to a jpeg image on a server (usually centralized) so it is neither provably scarce or secure

#Bitcoin scarcity is provable because an energy requirement and unit limitation has been hardcoded into the protocol that can only be changed with mass consensus (90%+)

slapping a jpeg on a scarce asset does not make the jpeg scarce.

I Like Ordinals 2y ago

if ordinals are inscribed on chain and not pointed to a server then how are you saying they are nfts?

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Discussion

₿anon👾 2y ago

by definition you are attempting to turn a fungible asset into a non-fungible one lol

inscribing on chain dosent change the scarcity of the original image & security is still an issue since #Bitcoin is meant to be used as a currency (the protocol dosent care if your sat is inscribed and you think that makes it more valuable, 1 sat = 1 sat)

I Like Ordinals 2y ago

Agree to disagree but I appreciate your candor and discourse

₿anon👾 2y ago

out of curiosity, what exactly do you disagree with and why?

I Like Ordinals 2y ago

you may think 1 sat = 1 sat but through ordinal theory when inscriptions are made they become subject to what is being inscribed on them, thus being worth more than said sat.

₿anon👾 2y ago

you seem to be confused lol

I don’t *think* 1 sat = 1 sat, that is an undeniable truth that is hardcoded into the protocol itself which you can verify personally

adding an inscription to 1 sat only increases the *perceived* value based on the Greater Fool Theory

the protocol recognizes 1 sat = 1 sat because #Bitcoin is meant to be anti-inflation, censorship resistant, decentralized money and that is infinitely more valuable then any inscription.