Nostr

The question of inscriptions, apart from the discussion that's been going on has one aspect that from my point of view is the most concerning, and is the Bitcoin fungibility.

I've seen in a place called Scarce City an on going auction where one inscription of the picture of a rock reach a bid of 1 Btc which from one point of view was hilarious, but at the same time very concerning.

If one sat has different market value of one sat it's clearly an attack on fungibility.

If fungibility is questioned for this kind of reasons jeopardize Bitcoin as a superior form of money.

I would really like to read your thoughts regarding this matter.

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Discussion

Pattern 2y ago

Still didn't get any remarkable thought about this, and would love to read them, I think is a legitimate concern

Joe Milliken 2y ago

I’ve been weighing this in my mind all day, I’ve come to conclude they don’t matter, and that this is not new. Let’s consider legacy fiat money. There are rare mint runs, coins with deformations, and currency produced in specific buildings, all of which causes people who care about such things to value them beyond their defined value. A penny with 100 bucks.

In the end, if someone likes it, let them pay for it, I don’t care about their collectibles anymore than I do your Pokémon cards. No impact on fungibility. Lebron James could sign a 1$ bill but not impact the value of all 1$bills.