I don't think the idea behind Ordinals is bad, but I can see how spamming the chain would clog things up and that's bad. Proof of ownership on the chain is a useful feature.
Discussion
All uses of Bitcoin are legitimate... no gatekeeping
Ordinals are noise. ₿itcoin is open to all. It is anti-fragile.
I originally saw them much like numismatic value of existing fiat. People pay for serial numbers on bills with lots of zeros. Or if it has “Jenny’s” number 867-5309. Eventually todays crap is lost on future culture. Maybe a handful will have significance to someone, but mostly it’s degenerates offloading before the value drops.
I don’t feel it will destroy bitcoin, but those who believe that these will be worth something in the future are actually affecting fungibility… and essentially co-signing their own worthlessness long term. It is like #[4] said: They’re “Pooping in the Park”
The one thing that I don't think is a concern here is fungibility. There are a number of minor, more annoying downsides, but I think the fungibility one is not consequential at all really.
Exactly. If a jpeg can take down ₿itcoin, we’ve got ₿igger problems.
My point is that those creating these believe they are affecting fungibility. They are essentially saying these sats come at a premium. Under their own definition they undermine what they believe gives their “collectibles” value in the first place. It’s like using concrete from your basement to build a second floor.
Ah, I see the analogy. Yeah from their perspective they see that as the point.