15 sats \ 3 replies \ @ama 31 Jan 2023 \ on: what's your opinion on ordinals & using bitcoin's timechain to store nft bitcoin
I'm not very interested in NFT, really, I'm much more eager for the exact oposite, fungibility, which is an important feature of money, in my opinion.
Nonetheless, I se the interest of NFT, of course, and I can see a few definite uses for them (tickets to events, transportation, reservations, deeds, maybe even some form of contracts, etc.
Perhaps a second or third layer solution would be better for most cases, mainly to represent short term items, although for long term documents representing expensive items, like a property deed or something like that, I can see the point in using Bitcoin's layer 1. You'd want the highest possible security and the block space price would be very reasonable.
I wouldn't trust my house deed to a PoS (piece of Shoooot!) thingy, of course, but I'd have peace of mind trusting it to BTC or LTC layer 1.
id like to just comment that any NFT that is pegged to an asset (or anything) outside the "blockchain" is a terrible idea. A distributed system that uses blockchain in order to be decentralized can only ensure the decentralization within the system; anything outside the system is out of control. If you have a system with several components, several of those components very decentralized but one of them very centralized, then the system is centralized! NFT pegged to real world things are centralized because the physical owner of the thing ultimately decides what to do with it, regardless of the code rules in the "blockchain". In the physical world, what decides if you own something (legimatelly or not) is your ability to use force/coercion to prevent others from taking that thing from you. Digital systems can never ensure ownserhip of physical things, thus it makes no sense to use inefficient decentralized systems for that matter. Tickets, reservations, etc, should be implemented in centralized systems for the sake of efficiency; trying to use decentralized system for NFT pegged to real world things is a failed attempt because in the end it still is centralized (in the case of tickets, the event owners decide if you get in or not, samething for hotel reservations, real state onwership, company shares, etc). NFT has no use whatsoever outside its own system, the token the NFT represents must live inside its blockchain system in order for it to be decentralized, otherwise it is just bullshit told by liars or ignorants
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The Bitcoin blockchain is the document where BTC ownership is stored, and you prove ownership by means of signing transactions. If the real world decides that the Bitcoin ledger is the oficial document to store ownership of a physical asset, there is probably no better place to peg an asset to, since there is no better ledger than the Bitcoin blockchain.
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Agree. Wish a lawyer would comment on how this might work together with the current legal systems of the world.
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