Nostr Web Client

Why ordinals are dumb::

So you’ve created an NFT of the first few bitcoin magazine covers on bitcoin using ordinals…awesome, good for you.

Someone else takes the same bitcoin magazine covers and makes an NFT on the Ethereum blockchain. Someone else then makes an NFT on both Cardano and Solana’s chains.

Which is the real “NFT”??? Each think their record is the true record. Do you trust the bitcoin ordinal because it’s bitcoin? What if you found out that the original authors of the bitcoin magazine articles were the ones that created the ethereum NFT? Would you believe them? Would you take it to the courts to decide? Would you trust the US government to decide a “true record”?

The real answer is none of them. The only thing that was scarce in the first place was the 1 sat that was used for the ordinal. #Bitcoin tries to be nothing but Bitcoin. By trying to be a distributed ledger for everything, the other chains succeed in nothing. They are so focused on being a computer for everything, they completely disregard the 1 thing that really matters. Digital scarcity of the coins themselves.

But they couldn’t compete on that anyway, Bitcoin has POW, no insider ICO, the network effects, and the game theory…THERE IS NO SECOND BEST!

So keep shitcoining, it’s the only way these other chains can make money to keep their vapor ware running. And ordinals on bitcoin are at best a fad and at worst a cash grab.

PV🤙

Reply to this note

Please Login to reply.

Discussion

Corey Marshall 2y ago

I don’t feel ordinals are just a fad. It sounds good in a maximist rally, but it’s merely just another way people choose to utilize Bitcoin. It may not be an option I decide to go… but, if that solves the problem for the individual, the fact that Bitcoin was used in that way only adds another value that Bitcoin has provided. Sounds like freedom.

At one point heavy debates occurred over the practice of spending bitcoin and stacking. Some still feel it is against the fundamentals of bitcoin to do anything but stack sats. And others find bitcoin meets their need as a dependable currency.

If someone discovers the ordinal utilization best fits their independent need… another win. It may be taken as dumb or ‘unorthodox’ to one but great if it met the needs of another.

Ken 🎋 2y ago

💯 & followed.