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26 sats \ 12 replies \ @piecover 16 Apr 2024 \ parent \ on: What are Runes? bitcoin
There is nothing rare about ordinals, they are just scams
Ordinals themselves are not a scam. It's just a protocol of simply assigning a number to every sat ever produced. In that regard, there can only be one, for example, sat #10000000000, and that makes it "rare", within that protocol.
What is a "scam", or more accurately false advertising, is claiming that it's the ONLY "true" way of numbering sats, the only one that gives them value.
One could devise a number of variations of this protocol which would assign different numbers to the same sats, making different sats "rare" (maybe a better word is "attractive") under different systems.
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Yeah, it's a scam. They are attacking the network with arbitrary data exploiting some loop holes it's smart but still a scam
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Claiming the ability to meaningfully assign a serial number to sats is the scam.
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No, that's not a scam, it's entirely possible. That's why Ordinals is a protocol, a well-defined way of doing things. Just because you don't need it or like it, doesn't make it any less "meaningful".
Sats are produced in a predictable manner, you can assign a number to each sat produced. Then you need to devise rules that govern what how these assignments follow when coins are split and merged later.
What I'm pointing out that there can be many different ways of doing this, with different rules. So the question is, what (if anything) makes Ordinals the "best" way of numbering sats (other than being the first way)? The answer is, the advertising and publicity built around it.
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It's possible inasmuch as selling lunar plots is also possible. There's also many different ways of partitioning the moon and sell the plots to credulous people, yet it's clearly still a scam.
Pretending you're able to identify individual units of an integer number is not any different.
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I just take issue with calling the protocol itself a scam. It's just an algorithm/technology.
It's like calling a coordinate system of the Moon a scam. It's not, even if multiple coordinate systems can exist. Selling plots based on that coordinate system is the scam.
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It's calling them scarce that's the scam, they taking peoples bitcoin for few Sats. 1 Sat = 1 Sat, there are no rare Sats more rare than others in contrast you may endup paying more to use those so called "rare sats"
To reiterate, no one can track and "tell apart" the five number ones that comprise the integer 5 (to pick a random example) like "ordinal theory" claims to do.
Indeed, the algorithm itself is nonsense/a scam.