Most Bitcoin Inscriptions belong to a single person
121–130 of 235 posts
Re: Most Bitcoin Inscriptions belong to a single person
#122Earlier quoted context omitted.
If I believe 99% of all NFTs sold were get-rich-quick scams, and because of that I've never have bought an NFT, how am I being duped? What am I missing by not being involved in it? Or more accurately, what did I miss out on? Seems like I missed out as much as I missed out not getting any Beanie Babies.
It’s not up to me to know what you should spend your money on. However, your statistic makes no sense. Objectively speaking, many NFTs being minted are technical in nature, such as concentrated liquidity on AMMs; it’s nonsensical to compare this use case to beanie babies. That’s just one example. There are also private communities on social media which are gated and can only be accessed by verifying NFT ownership. No…
To take one of your examples- gating auth to a community.. the community is usually an off-chain centralized thing like Discord. Due to that, the auth logic sits behind closed doors. Verifying an NFT has no advantages over verifying a random string that only the intended user has. i.e. traditional bearer tokens of some sort.
The only advantage of NFTs is in systems that are completely decentralized or in systems that care about verifying a wallet for some reason (_not_ the same thing as verifying a user who goes through the centralized auth of discord or xbox)
So, for example, if the community itself were completely 100% on-chain. This doesn't exist because chains cannot scale the way simple socket servers do. There may be some chats or games that operate on-chain, but they are slow and feel like 30 year old tech.
Afaik the most popular use case for chains is trading crypto assets. Here, NFTs can be useful for establishing auth (or other on chain utilities like the concentrated liquidity you mentioned), but then it gets to the parent's point - for someone who doesn't care about trading crypto, there isn't a compelling use case, since it all boils down to "beanie babies" - the difference is that it's not the nfts that are the beanie babies, it's the crypto ecosystem driven by circular supply/demand.
Re: Most Bitcoin Inscriptions belong to a single person
#123This is the unisat wallet/service -- not a single person. https://unisat.io/ Explanation thread: https://twitter.com/mononautical/status/1663383996561072129?...
It just goes to show that most of the comments here are entirely clueless about the whole ordeal and don't wait for the facts to come out and jump with any nonsense takes. It turns out it is just a new service that has gotten traction attracting some BTC volume in the recent uptick in Bitcoin ordinals. That is it.
All can be found and traced for anyone to see in the blockchain.
Re: Most Bitcoin Inscriptions belong to a single person
#124Earlier quoted context omitted.
"We leave the conclusions to the reader. However, we notice that by spending only 0.005% of the total Bitcoin supply on transaction fees, a single entity can significantly impact the entire Blockchain regime. This illustrates that if a whale or a governmental actor, possessing hundreds of thousands of Bitcoins, decides to spam the blockchain, they could impede its usability for normal payments ."
There are essentially no "normal payments" being done with Bitcoin.
Re: Most Bitcoin Inscriptions belong to a single person
#125Earlier quoted context omitted.
"The tokens" can't be a medium of requesting compute except in the sense that any money can be used to pay for goods and services. When we talk about something having intrinsic value it doesn't really make sense to argue it on the basis of "you can use it as money to pay people to do stuff", that's an extrinsic value. (It also seems to be a non-sequitur. If you want to pay people to perform computation for you only t…
They can be when the tokens are themselves bounties which can be automatically claimed, eg by posing SAT problems to the network which represent a transformed version of your problem and the script claiming them a solution you can translate back. This can be (and was prototyped as) a marketplace for optimization problems — until the implementation moved in another direction. Creating a marketplace where the goods can…
1. That it was Satoshis intention that Bitcoin would have intrinsic value resulting from acting as a "a marketplace for optimization problems" and that this was his vision of bitcoin.
This is false and I don't believe be supported by anything ever posted by Satoshi or any prior version of Bitcoin.
To make a positive argument: There is no mention of that in the Bitcoin whitepaper (which makes no mention of Script at all), nor in Satoshi's descriptions of Bitcoin: e.g. https://p2pfoundation.ning.com/forum/topics/bitcoin-open-sou...
Satoshi even wrote specifically on the origin of Bitcoin's value and didn't make any mention of this intention you suggest: https://bitcointalk.org/index.php?topic=583.msg11405#msg1140... -- even arguably refuting the claim that he thought Bitcoin was intended to have any intrinsic value.
I don't believe using Bitcoin to trustlessly pay for solutions to problems was ever mentioned or discussed by Satoshi, it's possible he considered it but he certainly didn't market bitcoin on that basis. If he had I think it would have rightfully been criticized as not very interesting or important.
2. Specific persons "stopped BTC from having smart contracts via a full featured VM, moving it away from Satoshi’s vision"
I'm aware of well funded campaigns from a con artist fraudulently claiming to be Satoshi making this false allegation so I understand how you could have just been suffering from misinformation on this point, but it's been corrected now and I'd be happy to elaborate on it to whatever level you're interested in.
The reason I've asked for a retraction is because the claim isn't just objectively false-- it's an accusation that persons performed a potentially tortious or even criminal act. Because it's a damaging allegation and one that has been specifically targeted at me, I think I'm entitled to insist that you substantiate it (which you cannot because it's false) or withdraw it.
I'm perfectly happy to talk through any confusion or misunderstanding-- my apologies if you felt my response escalated to an accusation of bad faith too rapidly. From my perspective you made a serious accusation then when it was countered you simply disengaged with it, which to me seemed like you lacked a genuine interest in getting to the truth.
2a. "there’s slowed adoption following that change"
Unless you're referring to Satoshi removing[1] a number of script opcodes that allowed unbounded memory usage and other vulnerabilities in July 2010 there has been no reduction in the functionality of Bitcoin's VM. Presumably not, since virtually all adoption of Bitcoin occurred long after that point. Nor was it a change that produced the sorts of limitations you think exist.
[1] https://github.com/bitcoin/bitcoin/commit/757f0769d8360ea043...
3. "are themselves bounties which can be automatically claimed, eg by posing SAT problems to the network"
Notwithstanding the points at 1. and 2. it's always been possible to make Bitcoin payments which are trustlessly dependent on solving an arbitrary computer specifiable problem. This works fine today and requires very minimal properties from the system, I provided you with a link to an example demonstration. In that example I used a large sudoku instead of SAT because it's better known to a lay audience, but it's equivalently NP-complete.
> particularly when you didn’t bother to provide any evidence for your claim. Despite claims that doing so would be easy
I am particularly confused by this remark: What easily sourced claim did I make that I failed to source? I provided you with a link to a concrete demonstration of trading a solution for Bitcoin, which I believe disproves the central thesis of your remark: the thing you say can't be done can be.
(Though I still don't agree that it provides any intrinsic value to Bitcoin: The ability to make escrows for information that don't require third parties is a reason that Bitcoin is superior to legacy forms of money, but you can just as well say that for its other positive properties such as the ability to be sent world wide online, the fact that payments are made without an intermediary that can block them, etc. I don't think it's a controversial point that properties make Bitcoin a better form of money compared to some other form of money don't constitute intrinsic value because they're not exclusive.)
For your other factual claims 1, 2, and 2a (as I've labeled them): You are asserting something happened which I say is pure fiction. It's generally not easy to provide a citation to prove a negative but if they had happened it would be easy for you to provide supporting material (e.g. the commits making the change in popular bitcoin software).
Re: Most Bitcoin Inscriptions belong to a single person
#126Re: Most Bitcoin Inscriptions belong to a single person
#127This is the unisat wallet/service -- not a single person. https://unisat.io/ Explanation thread: https://twitter.com/mononautical/status/1663383996561072129?...
Re: Most Bitcoin Inscriptions belong to a single person
#128Earlier quoted context omitted.
They can be when the tokens are themselves bounties which can be automatically claimed, eg by posing SAT problems to the network which represent a transformed version of your problem and the script claiming them a solution you can translate back. This can be (and was prototyped as) a marketplace for optimization problems — until the implementation moved in another direction. Creating a marketplace where the goods can…
Let me try to parse out the facts that you've alleged here. 1. That it was Satoshis intention that Bitcoin would have intrinsic value resulting from acting as a "a marketplace for optimization problems" and that this was his vision of bitcoin. This is false and I don't believe be supported by anything ever posted by Satoshi or any prior version of Bitcoin. To make a positive argument: There is no mention of that in t…
1. Discussions in the early BTC community and forums, which is why I stepped beyond the debate as that’s not something easy to document now and the debate isn’t a productive use of time.
2. That’s a ridiculous claim; there’s nothing “tortious or potentially criminal” in changing a software in a way I think is dumb or leaves fewer features.
You seem to have hang ups on this topic you’re taking out on me — and as such, can’t handle that my opinion is based on my experience of early BTC, not whatever “misinformation” you’re envisioning since. That’s deeply disrespectful of me — and why (again) I was stepping past what I saw as an unproductive discussion. There’s no way I’ll be able to document to you something a decade ago, largely from in person discussions.
2a. The removal of the math op codes was a poor choice of how to handle security — but drastically reduced the ability of the network.
3. From looking through the link, your solution appears to require external programs and systems besides BTC, rather than being able to prove the SAT solutions directly over BTC and complete the whole exchange directly on chain in a single transaction.
3a. You explicitly said it would be easy to document your objection in the post I replied to:
> But the conartist pretending to be Satoshi has been paying people to claim otherwise. It's easily falsified.
3b. Having a market where you can redeem a token for information/good you want is important to valuing money — and the whole principle of the former gold standard (and arguably what backs money now, in oil). BTC lacked such a good.
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Your conclusion returns to the inappropriate tone, so I’m going to exit this discussion because your personal issues with the topic make it clear you’re not going to be able to engage with my perspective in good faith.
Re: Most Bitcoin Inscriptions belong to a single person
#129Earlier quoted context omitted.
It’s not up to me to know what you should spend your money on. However, your statistic makes no sense. Objectively speaking, many NFTs being minted are technical in nature, such as concentrated liquidity on AMMs; it’s nonsensical to compare this use case to beanie babies. That’s just one example. There are also private communities on social media which are gated and can only be accessed by verifying NFT ownership. No…
NFTs are essentially bearer tokens, very much like literal Bearer tokens in HTTP. To take one of your examples- gating auth to a community.. the community is usually an off-chain centralized thing like Discord. Due to that, the auth logic sits behind closed doors. Verifying an NFT has no advantages over verifying a random string that only the intended user has. i.e. traditional bearer tokens of some sort. The only ad…
I’m so tired of seeing people confidently post like this about crypto. There has been so much effort put into explaining, you really have no excuse anymore to parrot it.
Very easy rebuttal: NFTs can be minted in exchange for currency and can be traded between owners later – both functionalities rely on infrastructure that already exists. More complex rebuttal: you can get peer-to-peer (and even peer-to-pool) loans using your NFT as collateral (again, using permissionless infrastructure that is already built for you). How is any of this applicable right now to a HTTP header?!
Also, the only people I ever heard of mentioning “videogames fully on chain” are crypto opponents; they try to come up with the most bizarre scenarios, to “prove” that crypto is inadequate. It’s so irrational.
> Afaik the most popular use case for chains is trading crypto assets.
Yeah, it’s almost like blockchains are designed to be financial infrastructure. At least you got the basics right, I guess.
Re: Most Bitcoin Inscriptions belong to a single person
#130Earlier quoted context omitted.
Wow, imagine. However, bitcoin isn't trying to be Visa.
Where did you get this impression? I've been involved with bitcoin since 2010, and replacing Visa has absolutely been the goal since the very beginning.