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5 sats \ 5 replies \ @343pg 17 Mar \ on: I'm losing my faith (II) bitcoin
Just to pick up on a couple of those points -
- as a CEO of a possibly soon to be S&P company, what do you expect Saylor to say? That the dollar is doomed?! I can only imagine the type of company he keeps. He’s just about the best possible advocate Bitcoin could have for someone in his position. His articulations of Bitcoin being digital energy are pretty close to Darthcoin’s, if you ask me. Essentially about preserving a manifestation of energy across time and space. I’m afraid people are going to idolise Saylor, given the balls he has on him to do what he’s done to MSTR, and he’s a compelling public speaker. But it has no impact on the running of Bitcoin.
-don’t disagree really on ordinals, but be warned that block space will become very scarce in time anyway. Plebs will be priced out from layer 1 over time - but it’s by design. Block space is wholly scarce within a fixed time period. Out of interest what would you consider doing to stop ordinals?
Re people chatting about price, I agree it’s annoying. Welcome to the bull market I guess.
Out of interest what would you consider doing to stop ordinals?
Treat them like what they are: spam.
When you have spam, you try to mitigate the spam. My email provider is doing that all the time, and I'm very grateful that they do... That was what made millions of people abandon Hotmail (and others) to Google a few decades ago.
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The analogy doesn’t quite hold though, does it - spam has no significant cost to the sender. That was one of the main drivers for Adam Backs work in the first place around proof of work. Ordinals come at significant cost, which is already proving not to be worth it (hence back to 10sats per vbyte)
Playing devils advocate slightly - how about me posting a simple message via op return on the blockchain. Should that be outlawed?
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Yeah, well played, because I've used Samourai a few times and I like it...
But I think Bitcoin should be used for financial transactions only.
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Yes and I don’t necessarily disagree with you, but given the situation I wouldn’t have expected Bitcoin to have at all reacted to ordinals yet. At the very least let’s see how it plays out over the next several years.
My view is that birthday message via op return may yet get a little pricey in dollar terms - let alone any kind of ordinals space needs. I think they will just be priced out. When you say financial transactions - that’s surely going to be the most efficient use of the block space data, right ? Billions transferred via the use of a hundred bytes? Hard to compete with those transactions.
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Yes. I guess that at least we should "undo" the segwit discount, so people trying to inscribe shit is not in advantage over people trying to transfer money...
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