Replying to Avatar 🐢

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.
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The Fishcake (nostr.build) 2y ago

Thank you for such a detailed explanation 🐶🐾🫡🫂

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🐢 2y ago

The more you know! 🌈

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🐢 2y ago

Tried my best to not add any personal bias, but slipped up with the scamming comment Woops! Haha

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The Fishcake (nostr.build) 2y ago

That’s alright, I can filter biases out 🐶🐾🤣

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ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 2y ago

it's a confidence trick, how else can you describe it?

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🐢 2y ago

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

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ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 2y ago

let's pray that this old sell a dollar for two dollars scam doesn't grow into two variants, but expect it i guess

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The Fishcake (nostr.build) 2y ago

Oh! (Goes to design a new brand of ordinals) BRB! 🐶🐾🤣🤣🤣🙌🏻

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🐢 2y ago

As long as there are more people, there will be more scammers.