0 sats \ 1 reply \ @dillon OP 22 Mar \ parent \ on: Generative Art on Ordinals bitcoin
There's more utility to ordinals than just jpegs. In a hypothetical world without a government, having your car title or deed to your house as an ordinal instead of a physical piece of paper would make sense.
Things in the physical world that require proof of ownership could all be data saved as ordinals. That's the kind of thing that would make it a standard currency. Like if your mortgage was an ordinal that was locked into a descrete log contract, you could get a decentralized/crowdfunded mortgage loan (i.e. no bank) as a descrete log contract that you pay bitcoin to each month. If you could pay your mortgage in bitcoin, who would sell?
How does ordinals solve any of this? Just because you embedded something in the blockchain and paid fees to do so, doesn't make it true, doesn't mean it can enforce rule of law in the real world.
You would still need an issuer to honour it, you still need entities to enforce the claim, making having it on-chain irrelevent, how these claims are maintained can be on a blockchain yes, or it can just be on a server, on a piece of paper, on a side chain it doesn't matter.
Why would I want to pay block space for zero extra assurances?
- If I get a copy of the deed to your house and I add it on-chain can I claim your house? No
- If you have a stock certificate on-chain and the company goes bust, changes their issuing, does your ordinal mean anyting? no
- If you lose your private keys to a wallet that held your home and car ownership do you lose the assets? No you can just go to the issuer and reclaim it
Has this not been debunked years ago?
reply