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Bitcoin Ordinals / Bitcoin NFT's

  1. #1
    remember NFTs fuys

    well if you don't know anything about PoW/PoS crypto ; Ethereum is like Java its a virtual machine, you can run games on it and shit. Bitcoin is PoW which means it was programmed to really only do one thing

    There is no custom bitcoin scripting language or token standards, it's very basic/simple compared to ETH technology

    NFTs are just a hash/barcode unique number string that cannot be duplicated on the rockchain, so it's fungible , bla bla bla i'm sure you saw the funny monkeys once or twice. It was designed for this.

    The Ordinal Theory in Bitcoin pursues that each satoshi is expressed in such a way that we can track them individually. To achieve this, satoshis are numbered in the order they are mined (when generated and integrated into Bitcoin tokenomics) and transferred from input to output transactions on a first-come, first-served basis.

    Thus, this numbering scheme has as main markers:

    The numbering of those satoshis
    The order in which said satoshis are drawn or generated
    The order of entry and exit of the transactions in which said satoshis have participated.

    Notation of satoshis following the Ordinal Theory

    With all this, we can get to the point on how the notation of these satoshis is done within the system. For example, we can see a satoshi within Bitcoin identified in one of the following ways:

    integer notation: 2099994106992659. The ordinal number, assigned according to the order in which the satoshi was mined.
    decimal notation: 3891094.16797. The first number is the height of the block in which the satoshi was mined, the second the offset of the satoshi within the block.
    notation in degrees: 3°111094′214″16797‴. It is the representation in degrees of the decimal notation of said satoshi.
    percentage notation: 99,99971949060254%. Position of the satoshi in the supply (total issuance of satoshis) within Bitcoin, an amount that is expressed as a percentage.
    Name: satoshi. Coding of the ordinal number using the characters from a to z.

    Surprising, isn't it? It may seem unnecessarily complicated, but there is one huge positive to this system: allow each satoshi to be personalized. Let's remember that Bitcoin has a limited issue, there can only be 21 million Bitcoins, no more, no less.

    But what about satoshis, the smallest part of a Bitcoin? Well, there the numbers rise to 2,1 quadrillion satoshis. Of course, that is, in short notation, in long notation it would be about 2,1 thousand trillion satoshis. And it is here where the numbers reach new scales, scales of global scope, which could allow Bitcoin to overcome its "limited emission", since in the end, each satoshi counts and, even more if We can associate enormous value with them.

    I don't really get it,

    but I do understand this.

    Basically the Bitcoin network has been congested and ruined because Ordinals/NFTs take up lots of data, so if a bunch of people do it eventually the entire bitcoin network will come to a halt

    It's pretty funny to call this an attack. We actually managed to kill bitcoin and it wasn't government regulation that did it

    It was the fucking monkeys

    idk the way I see it, if you can break it, you should. Telling people to stop putting monkeys on their buttcoins is just a pussy mentality, we should be breaking every PoW crypto and using technology to overthrow institutions

  2. #2

    I don't get it
  3. #3
    aldra JIDF Controlled Opposition
    looks like NFTs handle ownership transfers in an incredibly inefficient way, leading to massive writes to the blockchain ledger

    the potential attack being people just transferring NFTs back and forth to each other or their own alts rapidly to spam the shit out of it
  4. #4
    aldra JIDF Controlled Opposition
    wait what's the relation between satoshis and NFTs though

    I had to look it up, 1 satoshi is the smallest increment you can transfer, 1/100m of a bitcoin
  5. #5
    Originally posted by aldra the potential attack being people just transferring NFTs back and forth to each other or their own alts rapidly to spam the shit out of it

    there's a whole market and everything, people are upset right now because the market activity of ordinals is killing bitcoin, it's not even malicious or one person sending it back and forth

    The market simply demands proof of work MONKEYS and doesn't care what the outcome is, and there is nothing anyone can do about it without causing massive drama. The bitcoin core developers who maintain the github don't know if they should prevent this or ignore it

    Bitcoin has been forked enough, I don't think another fork will help. I'm pretty sure you could do this to any crypto if you tried hard enough. I heard people are trying it on Bitcoin SV

    (the sv stands for satoshi vision)
  6. #6

  7. #7
    aldra JIDF Controlled Opposition
    there are better alternatives to BTC now anyway
  8. #8
    Alternatives for what? I think it's funny how Bitcoin remains the criminal/scammer crypto of choice

    Nobody ever wants to use Monero or an actual privacy coin because ??????? IT'S BITCOIN THE GOVERNMENT CAN'T TRACE IT

    For transactions I haven't had any trouble with Bitcoin, the fees are fair. People say it's not good enough to work in retail, that sounds like retails problem OR MAYBE A BANK COULD MAKE SOMEONES LIFE EASIER FOR ONCE

    Idk I can't fucking stand debit cards, every POS terminal is slow as shit, HURR DURR YOU INSERTED THE CHIP TOO FAST, or the "It's been doing that all day" and I always say "HAHA OH MAN ITS A SHAME WE CAN'T USE A PROOF OF WORK CRYPTOGRAPHIC CURRENCY INSTEAD OF RELYING ON ALL THESE CENTRALIZED SERVERS"

    But bitcoin is bad for the environment, it ONLY runs on coal electricity
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