WTF are Ordinals and why are they called Ordinals? Why they exist and what is their purpose? 🐶🐾🤷♂️ nostr:note105unggnw5xdy4rscza8x7dzqyvy0tjdxzufg99kyl95l9xrvuxyqwtnup2
Discussion
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I haven't understood ordinals well enough for too long and why people use them
That’s what I wanna know too. 🐶🐾🤷♂️
It's a temporary money making scam for some known shitty actors & also a consciously crafted attack on blockspace (based on the choices made) that allows dickbutt pics and other nonsense to be coded into bitcoin's public ledger.
So are they just inscriptions? 🐶🐾🤷♂️
Inscriptions are different. They are a way to put arbitrary data into the Blockchain.
I don't understand these as well. But as far as I know they do this by putting unreachable code into the script. And since it's in the witness it's 4x cheaper than normal txns.
Isn't one just pictures & the other more arbitrary? It's all just recorded spam.
Inscriptions "inscribe" data onto satoshis. Ordinals is an addressing scheme to reference the specific Satoshi. They work hand in hand.
* I am no expert. This is just what I've learned doing a quick investigation.
Pretty sure there is nothing ever actually tied to any satoshi. It doesn't move around with them as far as I know.
Yeah, I think it's all kinda the same nonsense. There are a few different versions. They are also doing blind multi-sigs or something which seems like the real indication that it's a conscious effort to attack Bitcoin.
Ordinals are an ordered numbering system for satoshis. It is a metadata that exists outside of Bitcoin from a set of rules that give each Satoshi a serial number and then they ascribe meaning to them. Like the first Satoshi mined after the halving is "rare".
It's 100% absolute bullshit. It's a way to reduce fungibility of Bitcoin and IMO it's an attack. Not that I think anything should be done about it except ignore it.
It’s literally an attack because the people perpetrating it are Israeli state sponsored actors
Their purpose is to annoy us
Rules for ordering output satoshis so that they are no longer fungible. Rules are enforced by social consensus. Nothing about them are secured by PoW. It's a meme.
Or an attack. Can social opinion remove utxo fungibility?
Ordinals is short for Ordinal Numbers, or Ordinal Theory, which in the context of bitcoin was created by Casey Rodarmor. Casey theorized and developed a methodology to sequence individual satoshi’s and assign them a non-fungible designation, along with an application to track and identify their assigned value.
When this ordinal theory is combined with an inscription process allowed via the taproot upgrade and segwit discount, people can ascribe a perceived association between the inscription and an individual satoshi’s ordinal designation to create a non-fungible like quality.
Casey’s ordinal theory methodology is just one of many types that can be applied, but is the primary methodology referred to when people say “ordinals”
They exist because some people desired to create a “non fungible token” type of quality or product within the bitcoin network. Their purpose is primarily to help their creators acquire more bitcoin. By assigning perceived value to a single satoshi, creators can sell one satoshi for more than one satoshi, increasing their bitcoin holdings. This is primarily done via socially scamming the purchaser into believing that a single satoshi can be perceived to have more value than another single satoshi.
Thank you for such a detailed explanation 🐶🐾🫡🫂
The more you know! 🌈
The most important thing to know about ordinals is they’re a particular method of sequencing satoshis created by Casey rodarmor. Inscriptions are separate and the method people use to attach data to the blockchain. Combined is where the perceived value is created.
Anyone can create a new or separate method of sequencing satoshis, and that would be an entirely different “brand”
Of “ordinal theory” think like this , Casey numbers his satoshis 1,2,3,4,5. Johnny Ordinal numbers his satoshis 5,4,3,2,1. Now there are competing numbering methods, and two brands of “ordinals” both using inscriptions to attach data to the blockchain