Someone please sell me on this. Why is this good for average joes in the 3rd world?
Does this expand bitcoin adoption where it’s needed most? It appears to me as a playground for the privileged. 
Discussion
Ordinals are fiat af
Bitcoin blockspace has always been for the most “privileged”, whatever that means.
It’s a fee market - whoever can pay the most can be included in the next block. Bitcoin will be far more secure into the future if there is high demand for blockspace.
The inscriptions are valid Bitcoin transactions. Whether you like their purpose or not, it does not matter. If people want cheap settlement, they will have to use an L2. Bitcoin L1 is never ever ever going to be useful for cheap settlement. The only reason it has been in the past is because of how early we are.
Why do people think ordinals are the path to miners gettin' paid? High enough adoption will take care of that.
These ordinal people are the next version of the guy who spent thousands of bitcoins on pizzas back in the day.
Privileged meaning we are taking a currency and making it into a art gallery of JPEGs.
It’s just witness data. I don’t see a reasonable way to determine “this data is a jpeg” versus “this data outlines a lightning channel” so I don’t think there’s any action to be taken.
I went through this line of reasoning a month or two ago, and went down the road of running older Bitcoin clients (pre-segwit) which don’t store this data. But the valid Bitcoin transactions would remain, so there’s no way to reduce demand for blockspace using that approach. Only storage; and at the high cost of no functional L2.
It’s just witness data has turned to it’s just a BRC-20 token.
It’s high time preference grifting on layer 1 in my opinion.
I respect the arguments. I’m always open minded
Brother, you do know that basically everyone knew taproot would add this sort of functionality on some level right?
Go search bird app for pretaproot upgrade posts..
"Why should I upgrade to taproot?"
The answer was given in plain sight, almost everyone was answering a bunch of attributes; including program abilities like we're seeing.
...
Go back further in time - "everything that has demand will be a Bitcoin side-chain."
Praxeology says it's always demand that figures itself out eventually & one can't count on "rational person in the market would or wouldn't do X".
Everything is a product of demand, or lack thereof.
Free markets are free for a reason & they resolve in brutal fashion.
Just my 1nak tho.
Lightning network was purpose built for this.
People fought for LN to exist.
Use it if you're a main chain peasant.
3rd worlders aren't really on the main chain really either way, as it stands Bitcoin is entirely all too expensive to produce for the individual.
That third world argument against ordinals is a little bit of a just debate tool.
How exactly holding into cold storage helps Hyperbitcoinization?
How exactly not using your sats on daily basis is contributing to the humanity to adopt Bitcoin in their daily lives?
For a currency to be accepted it needs to be widely adopted and used and have the daily bread priced in sats.
Until then, the adoption is more of the Bitcoin and Lightning Networks as rails, censorship resistant and inflation-free rails. But rails.
This is why stable coins should exist at least for some time.
This means we need stablesats or stable coins on other layer 2 solutions - Liquid or Rootstock or RGB or whatever the market values the most or why not all of them?
I am not an Ordinal guy and I am not sure I like the idea this to happen on main chain. I think this should happen on second layer solutions and I guess it will. But we clearly need some sort of Ordinals experience. Not for jpegs. Jpegs are just the test vehicle that is used to test the technology in non-value dependent way. And it will maybe pass and we will have those on chain for tje lulz.
But think of Promissory Notes, for example, for a uncolaterized loan. If the loan defaults, you can sell those for collection. Or you can have them as portfolio to sell to investors, if you are some local body that is giving unsecured (with chain assets) loans.
And saying loans are not halal to Bitcoin Standard is another privilege. How the coffee farmer can have sats if he lives by loans in the fiat world? Yes, it might be equity bound investment but at the end we need some sort of contracts between individuals that are dealing in value exchange in two separate moments in time.
Thus to me using the “wide adoption” argument, while just stacking in cold storage and monitoring the mempool to try sneak the lowest price to lock it in there, is showing privilege.
The privilege to have the means to stack and monitor the mempool and to have the time to choose when to transact.
Do you think with the sort term volatility in fees/price Bitcoin is better or worse than their current monetary system overall? If Bitcoin is still better then they should use it; if it is worse then they should continue to use what they already have.
It's all part of wealth distribution
Honestly it's just so dumb, these people didn't do their Bitcoin homework!😤 From what I gathered this wave of tx replaced the escaped image data used for those nfts a few months ago into javaScript for tokens.
Speculation and gambling aside, one can clog blocks with garbage and pay fees to have the network replicate it a gajillion times, but there's no way to "own" it. The theory behind ordinals hinges on the imagination that ownership is some sort of label on every sat that everyone will agrees on. This lesson played out on Bitcoin many times already, the segwit discount makes no difference; Bitcoin's limited blockspace can only track Bitcoin ownership!
There's infinite many ways to describe these labels, anyone can choose to not respect the labels too. (Didn't someone force a discussion on re-numbering ordinals just recently?) It's not ownership, what are these retards doing trading things they can't own 😮💨?
High fees drive narratives, and there's infinite reasons and methods to clog up block space. Recommend reading Johnathan Bier's blocksize war instead of fretting about the mempool 🧐
Thank you. 🤙🏻
I appreciate the angle.
It’s such a wedge issue and everyone has their perspective. It’s important to ask the questions because I get answers like this. 🫡
