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11 sats \ 20 replies \ @0xbitcoiner 9 Jan \ on: 🔥 🔥 Over 1 BTC irrevocably burned on the Spaces Protocol 🔥 🔥 bitcoin
What a waste! Why did this happen?
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Thanks! Do you know how they ensure that no one else has access to these funds?
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I don't fully understand it (some kind of script in OP_RETURN) but each bidder burns their bitcoin bid, then the winner refunds all the losers.
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idiots wasting their BTC on useless things.
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I had similar reaction at first, but after reading docs I frame it as "Names should be neutral and not personal, so you buy it out from everyone".
Winning an auction by burning coins is like paying everyone in the ecosystem pro rata. Which seems sensible for things like domains/names.
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Why would you sell an identity?
Why do one even WANT an on chain identity.
Nothing good can come of this.
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I never said anything about selling identity. As I understand the use-case here is something like domain registration.
Currently DNS system is permissioned and controlled by a human organization.
This allows for permission-less domain registration. When every web-browsers can resolve such domains we are one step closer towards truly decentralized and permision-less internet.
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No it wont.
There is no such thing as decentralized DNS. There will likely never be decentralized DNS that works for your average person.
We have a better chance of decentralizing the money (Bitcoin) than decentralizing names on the internet.
If Namecoin failed and ENS failed and Handshake Failed and DNSchain failed and AlephZero failed
why would some janky hack that relies on bitcoin spam work?
This is the worst possible solution to a non-problem.
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There is no such thing as decentralized DNS.
Exactly, that's why they are trying to create it xD
We have a better chance of decentralizing the money (Bitcoin) than decentralizing names on the internet.
Yeah, and if you have decentralized money, you can use it to power other decentralized projects like decentralized domains.
And who you pay TO for that domain using decentralized money? To every participant pro-rata - that is the decentralized way.
If Namecoin failed and ENS failed and Handshake Failed and DNSchain failed and AlephZero failed
And that proves what? You do realize that before bitcoin there were dozens of failed projects, right? That's how you make stuff work - by trying over and over improving each time.
Also IMHO this idea is way better than shitcoin solutions like Namecoin. It directly uses bitcoin and its POW without any shitcoinery on top.
No, this is just crap scam.
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shitcoin mentality to get precious sats from gullible fools
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100%. What a waste of precious sats.
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