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Most Bitcoin Inscriptions belong to a single person

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141–150 of 235 posts

Re: Most Bitcoin Inscriptions belong to a single person

#141
post #28

Earlier quoted context omitted.

24 hour BTC-USD volume is > $15bn so yes.

Short selling and algo trading on exchanges would get counted towards that volume ? With the exchange scams going around daily o wouldn't be surprised if that number is order of magnitude higher than the actual USD involved and in trading.

This seems an odd comment.

Algorithmic trading is an should be counted. It's volume!

Shorts and other derivatives isn't because it's a different instrument.

It's true there could (and probably is) wash trading going as well as other forms of laundering. But that's still genuine volume.

Re: Most Bitcoin Inscriptions belong to a single person

#142
post #62

Earlier quoted context omitted.

Bitcoins have always been non-fungible. Ordinals are just a standard for referencing a specific coin down to the unit (Satoshi) level that can be objectively determined. You can then "Inscribe" a given ordinal with a data payload such as json and image data.

Fungibility is a social/political/economic property. No two macroscopic physical objects are identical either, but we can treat them as fungible by disregarding their insubstantial differences.

That's assuming that the insubstantial differences are detectable.

Monero is fungible not because we choose to ignore the differences between units, but because we actually can't detect any relevant difference that makes it traceable or identifiable in practice.

Re: Most Bitcoin Inscriptions belong to a single person

#143
post #95

Earlier quoted context omitted.

I get that fee right back in cashback + fraud protection + peace of mind from not having to carry cash + money saved by the merchant due to not having to deal with physical cash/getting robbed/etc. Visa keeps a very narrow margin, for providing... A pretty damn good service.

Those without rewards cards, and those who pay with cash, are the economic losers. Generally those living paycheck to paycheck - poor people.

If that's what you think the problem with credit cards is, there's a simple solution to it. Ban usury.

They'll still exist, and they'll still work in nearly the same way they do today, the cashback rate will drop by half a percent, and the credit score cutoff for getting one will go up a couple hundred points. The working poor using them today will just end up using debit cards, instead.

Re: Most Bitcoin Inscriptions belong to a single person

#144
post #125

Earlier quoted context omitted.

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…

Answering by point: 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…

> 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

All of Satoshi's public posts are archived online (e.g. https://satoshi.nakamotoinstitute.org/ and usually available in the original location), I had no difficulty providing several examples where statements supporting your position would have been expected if they had any basis.

e.g. In the aforelinked Bitcointalk post (583.msg11405) Satoshi pointed out outright that a good which was purely limited supply and transferable over a communications channel without any other utility would expect to be valued for its utility for exchange.

> in changing a software in a way I think is dumb or leaves fewer features

But that isn't what you alleged, you alleged "the same people" change it to eliminate its source of intrinsic value and violate "Satoshi’s vision", resulting in "slowed adoption following that change". If that were true anyone who'd purchased Bitcoin on the basis of that intrinsic value offered by Satoshi would rightfully say they were harmed by it.

(Which is also why what you claim likely couldn't occur: Once Bitcoin was widely used why would people adopt a new version that reduced its capability?)

The comment about tortious acts isn't conjectural, two of the several lawsuits brought by the con artist Craig Wright alleges hundreds of billions of dollars in damages on the basis of objectively false claims about "removed opcodes" -- a false argument you appear to be advancing here.

> There’s no way I’ll be able to document to you something a decade ago, largely from in person discussions.

Can you clarify for me: You're now claiming that you personally were involved in Bitcoin a decade ago? And that you were having "in person" discussions with Satoshi?

In any case, I was there. I can't recall anything even close to what you're suggesting. If my memory was erroneous I see no reason why you couldn't easily point to them on Bitcointalk, the Bitcoin Wiki, Satoshi post archives, etc. I've been happy to cite my points to contemporary discussions, but I'm limited by the fact that your position demands that I prove a poorly specified negative.

> The removal of the math op codes was a poor choice of how to handle security — but drastically reduced the ability of the network.

Take it up with Satoshi. I don't agree that it actually had the drastic effect you imagine but if your post had said that Satoshi drastically reduced the functionality I probably wouldn't have replied at all, since while debatable it would have lacked the objectively false and accusatory components.

> From looking through the link, your solution appears to require external programs and systems besides BTC,

Obviously you need to have an implementation that actually lets you specify the program and what not, but that is fundamentally unavoidable. If there were a lot of interest support could be included with Bitcoin wallet software. No external system was used, and the software is only external because there hasn't been any cause to integrate it in an ordinary wallet -- it's a pretty specialized use!

> complete the whole exchange directly on chain in a single transaction

That isn't particularly interesting: With the approach you imagine any other participant on the network could see the solution, take it out of the transaction then stick it in their own transaction to claim the funds. With that reality there would be little to no incentive to actually solve the problem since it would just be stolen (as the theft would be automated just as people have done for transactions using insecure keys/nonces).

That approach would also be extraordinarily resource inefficient, since all nodes in the network now and forever in the future would need to directly process the entire problem (which is easily gigabytes in size for any SAT encoding of a problem interesting enough to pay someone else to solve). The approach described in the post eliminates both the theft problem and resource usage problem.

> You explicitly said it would be easy to document your objection in the post I replied to

I see how that may have been unclear.

It would be easy to falsify a positive claim. For example, you could specify your allegation: "The developers of Bitcoin Core disabled OP_BLAZ in 2016" and I would reply "There never was an OP_BLAZ [link to code as of Satoshi's last activity]" or "That was disabled, but it was disabled by Satoshi in 2010 [link to commit]", or "That's still there right now [link to code implementing it] or so on. Falsifying the less specific allegation of "stopped BTC from having smart contracts via a full featured VM, moving it away from Satoshi’s vision" requires proving a vague negative.

> 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.

I'm not following you here: No special functionality is required to trade Bitcoin for goods or services-- you can just use it like any other money and of course people do exchange Bitcoin for goods and services constantly and at significant scale today. I agree that trade is quite important, and yet also quite irrelevant to the discussion.

The particular snazzy trick of trading bitcoin for machine verifiable facts with absolutely zero fraud risk is cypherpunk sexy but of little interest to most of the world, and as a result unlikely to constitute any substantial basis for Bitcoin's value-- yet it's also perfectly functional in Bitcoin today.

The alternative you imagine of sticking the whole statement to be satisfied in a transaction directly wouldn't be useful due to solution theft and wouldn't have been practically possible in the system as Satoshi created it because script's 10,000 bytes limit[1], and to whatever extent the opcodes were removed made script less useful those changes were made by Satoshi (as I showed), not anyone else. But it doesn't matter because there is a way to do it which doesn't run into those incentive compatibility problems and Satoshi implemented limitations ... for as much as anyone cares (turns out-- not much!).

[1] https://github.com/bitcoin/bitcoin/blob/629e37dde1fa93f6ce31...

Re: Most Bitcoin Inscriptions belong to a single person

#145
post #141

Earlier quoted context omitted.

Short selling and algo trading on exchanges would get counted towards that volume ? With the exchange scams going around daily o wouldn't be surprised if that number is order of magnitude higher than the actual USD involved and in trading.

This seems an odd comment. Algorithmic trading is an should be counted. It's volume! Shorts and other derivatives isn't because it's a different instrument. It's true there could (and probably is) wash trading going as well as other forms of laundering. But that's still genuine volume.

If I use 1 million dollars to make 1000 trades in and out of btc in a day that's a billion dollars of volume but maybe a couple of million in market depth could make that stable to enable those trades and a couple mill more could crash it.

Re: Most Bitcoin Inscriptions belong to a single person

#146

Earlier quoted context omitted.

« The “electronic cash” envisioned by Satoshi is cash; it is not notes, scrip or bank credits. We have come to think of bank notes as cash, but they are actually contracts for debt. The note holder is owed something by the issuer. Cash is a commodity with certain properties that make it useful as money. Cash is largely gone from the world, and people cannot return to physical commodity money, as it cannot be moved on…

I like the tech. I even paid for my coffee with the Lightning network in El Salvador and went to BTC Miami. The things I'm still not sure about are: 1. When will the value become relatively stable? This flies in the face of the store of value argument. 2. How is Monero-like fungibility going to be added? Good cash needs to be fungible.

As to '2' I don't think that can be done without losing some other desirable properties.

Re: Most Bitcoin Inscriptions belong to a single person

#147
post #62

Earlier quoted context omitted.

Fungibility is a social/political/economic property. No two macroscopic physical objects are identical either, but we can treat them as fungible by disregarding their insubstantial differences.

That's assuming that the insubstantial differences are detectable. Monero is fungible not because we choose to ignore the differences between units, but because we actually can't detect any relevant difference that makes it traceable or identifiable in practice.

Monero isn't in that sense either though, as each coin does have a casual history far smaller than the system-- less distinguishable for sure, but indistinguishable not quite! In the case discussed here the users are intentionally making their coins distinctive, which users could also do in monero if they were equivalently stupid. :P

Re: Most Bitcoin Inscriptions belong to a single person

#148

Earlier quoted context omitted.

Wow, imagine. However, bitcoin isn't trying to be Visa.

That's funny because bitcoiners can't shut the fuck up about Visa whenever the abysmal throughput of the bitcoin network or its humongous power consumption is brought up.

AI could barely put together a sentence a decade ago but I didn’t tell anyone to shut the fuck up about it, it was pretty cool still even if it barely worked. Almost like technology progresses.

Re: Most Bitcoin Inscriptions belong to a single person

#149
post #83
post #79

Earlier quoted context omitted.

Unlike the block reward (mining subsidy) which is set according to a fixed schedule, fees are set by the market. They will go up if demand for L1 transactions go up, but there’s nothing in the protocol to push them up over time. Satoshi’s vision was for Bitcoin to be used as digital cash[1], so that transaction demand would be enough to sustain the security of the system. Since the “cash” use case has fallen away to…

Did the original "digital cash" thesis ever make sense? It's my understanding that Bitcoin can never hope to scale to meet a fraction of daily real-world transaction volume outside of adopting a so-called L2 solution like Lightning Network, which would seem to defeat the point somewhat.

It certainly couldn’t have covered all of human commerce, but it could cover the sort of transactions where having an uncensorable, irreversible transaction is worth paying a premium for (silk road, etc.)

Re: Most Bitcoin Inscriptions belong to a single person

#150
post #129
post #122

Earlier quoted context omitted.

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…

> 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. 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 –…

> NFTs can be minted in exchange for currency

So can bearer tokens, client certificates, concert tickets, etc. Put up a webpage that takes payments (including crypto if you so desire) and hands out whatever authentication instrument you want upon successful payment.

> can be traded between owners later

A conventional, non-chain-based system can also include this functionality. Presenting your current bearer token and a contact for the desired new owner would invalidate your current token and email them a new one.

Any system where this kind of transfer makes sense and is willing to allow this kind of trade already has it - you can freely trade video game cosmetic items on most games, you can resell tickets on Ticketmaster (albeit for a fee), etc. If the platform owner doesn't want you to trade then NFTs are of no help either because the blockchain has a publicly-visible history of all trades which the platform owner can use to refuse access to any NFTs that have been traded (so if you want to trade you need to trade the actual bearer token - or private key in a cryptocurrency world - and hope the seller is honest and didn't keep a copy - again crypto/NFTs doesn't help here either).

The problem is that NFTs only make sense on-chain. As soon as you go off-chain you lose most/all of the advantages of NFTs, at which point you may as well rely on an authentication instrument also issued and managed off-chain.

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