Bitcoin Ordinals, Inscriptions, and Prime Real Estate

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Glad to see you changed your tune Mathew. This is HUGE for Bitcoin. One thing to note is that art is money and has been for thousands of years. The wealthy know about inflation and store less than 1% of their wealth in currency and a % of that is in art along with you know gold, real estate etc. So art is money. Thanks for the video. May you keep growing and spreading Bitcoin much love

so many still fading low inscriptions.. wonder if it’s time yo load and let #’s keep stacking?

$KING is coming to $BTC block 78. This was the first block mined by someone other than Satoshi Nakamoto and which once belonged to the og Hal Finney.

Wanna be part of history? 👑🟧

@kingcoinsol @BTCKings_

Is ORDI coin worth picking up?

How could I miss this video😊 was just asking today on another of your posts about bitcoin nft. The only issue I found at keast at this stage the recommended file size is quite small up to 60KB so it's not really good for collectors, who prints stuff out. But it surely feels like real investment, because of trust in bitcoin blockchain. And you are absolutely right, why wouldn't we want to have a piece of our own in that apace 🎉

Fantastic content yet again from Matt The K 🐕

Keep it up

First time here. Good presentation. Calm, logical, and to the point.

It’s not helpful and you’re just going to push away newbie no coiners and give Ethereum maxis fuel when you
1. Try to compare and call inscriptions NFTs instead of “digital artifacts” which have very little comparable capabilities and programmability.

2. Leave out that Ethereum has on-chain NFTs. That would be like focusing on Counterparty’s off-chain Bitcoin NFTs and saying Bitcoin NFTs are on IPFS.

HODL

Do I already own some of the prime real estate when I own BTC? By owning it, am I now renting the space to others in some way?

Erik Cason brings up some really important points. Here I was hating on ordinals.

More interesting content from this channel, thanks for your efforts.

There are a couple of important things to note. First, the mempool will only hold so much data. The default is 300MB (I have mine set a bit higher) and for only so long. When mining a block, the transactions that go into it come out of the mempool. The most sensible algorithm for a miner to use is to select the transactions that provide the highest fees for that block. This will become more important with each halving cycle. While I don't see it widely supported in a lot of wallet software, you can choose the fee you are willing to pay for your transaction. If you are moving $1,000,000 USD worth of bitcoin, it might be important for you to get it into the next available block. Bumping up the fee you are willing to pay will help that happen. You don't have to pay high fees. But you do risk your transaction expiring in the mempool if you aim too low.
Another point is that the fees are based on the amount of memory your transaction takes (vB). Inscriptions are going to take up more space than more traditional witness data. So at a given sat/vB rate, the inscriptions can cost a lot of money anyway. That one large transaction is competing against a bunch of smaller ones. So you have to set your fee payment high enough to justify the block space it will consume as far as miners are concerned.

How do you feel about registering or inscribing .sats name on BRC-20? Like the domain names..

Thank you for the video.
The more I study/learn about btc the more incredible it seems.

Kind of amazing that one person (or multiple people’s?) invention has had such a large impact on the world already. And could possibly change the world altogether. Incredible.

What are your thought on the Ordinal token. Worth building a bag?

Dear Matthew,
Thank you for your videos. I've recently become a subscriber and am enjoying listening to how you share your knowledge. I wanted to know if you could please make a video around which hardware to purchase and which OS to install for a complete beginnerv who wants to run a node? Thanks in advance, Antoine

To be honest, with this whole ordinal thing I get the feeling you are doing your best to polish a turd.

In regards to Erik Carson's comments, this ability has been around since books. People didn't read their history then, or did so selectively. There is absolutely no reason to believe that putting it on chain would have be any better outcome than putting it on paper. In fact, it will have drastically less meaning as anyone can put a GAN, a Deep Fake, or other AI generated image and call it 'history.' Worse, people can call real history a GAN if they want. We are entering in a post truth world -- and putting crap on the bitcoin block chain isn't going to change that.

The ability to put arbitrary data on any given satoshi is a DOS attack vector on the chain and it needs to be eliminated. Many of the Devs think the same. That being said, they won't be able to undo the ordinals already created -- meaning this could be a once in a lifetime opportunity to get yourself an ordinal that will likely become a limited print.

Cory Klippsten just gave your Bitcoin U channel a recommendation and huge shoutout on his Swan private AMA to all his clients!

Very good video and point of view . Thank you

Whaa u changed ur name

very similar inscriptions exist on PoW ltc and doge, much lower fees, so, maybe this will incentive to leave btc without them

Satoshi Island prime realty

What happens if images of illegal pron end up on the BTC blockchain via ordinals? Does this mean that anyone running a full node is in possession of these images and would therefore be subject to prosecution? Asking for a friend.

I've always envisioned the Bible being put into the timechain, so that Christians in persecuted countries could also have access to it. But I was told there could be Lightning solutions to that with things like Sphinx which would be easier and lighter on the blockchain.

There are lots of filters on bitcoin. There is the dust filter, there is a filter of tx where the witness weigt is higher then 4 times the transaction weight and more. Also the capped block size was put in place against spam attacks. If those filters weren't in place and all was left to the the market, bitcoin would have been dead long ago

Anti-Bitcoiners are like Anti-Gunners. They are miserable, narcissistic, freedom hating Godless human beings...

Matthew do the inclusion of ordinals in transactions affect BTC fungibility?

Bitcoin 🧡🧡🧡

What do you have to say about malicious use of this, say in the case of cp? Couldn’t any bad acting miner include a cp inscription into the blockchain as they build the chain? What could be done to prevent spreading and cementing perverse ordinals on the blockchain and being spread to anyone who runs a full node?

Bitcoin surpassed Solana as the second largest NFT platform and DeFi, Smart Contracts, and Stable Coins are coming fast. Ordinals proved miners will still be profitable after block rewards are gone, and Lighting Network awareness is moving towards the forefront due to higher base chain fees. Everything is working as designed.

The prime real estate analogy is good. Competition will force users to decide if a service is worth it. Financial protection is likely to be the dominant interest.

Being against inscriptions is not the same as being against the free market - in fact, inscriptions are only possible because of a violation of the free market that used to be Bitcoin - segwit subsidizes inscriptions because inscriptions benefit from lower fees per byte, which was a violation of the free market in fees.

Matthew, as much as I have valued your thinking and outreach in the past, I am annoyed with your cognitive dissonance with regards to inscriptions. Please stop lying - yes, a lie is a lie even if you believe it. Conflating inscriptions with a free market is essentially a lie. I have to wonder if you have been threatened by some shadowy agency, because this blatant cognitive dissonance began at the same time that you renamed your channel, and I can't help but notice that the parasites controlling the public in general love to change the meaning of words and hide nefarious agenda under names that mean the opposite of their goals.

Hey Matthew, I'd recommend looking into IPFS a little bit more. It's an interesting P2P protocol similar to Bittorrent, except that it is much more useful. I believe bitcoiners, especially devs like myself, should take an interest in it as it does for data storage what bitcoin does for money. It also solves this problem of storing important data immutably and forever. There's absolutely no need to bloat the bitcoin blockchain or indeed even use a cryptocurrency for this purpose at all.

Soo stacks not a scam? Or you still holding on to that one?

Before ordinals what was the store age size of a sat? It’s now as large as 4MB right? If every sat was 4MB we would need 21MMx100MMx4MB??

I wonder if Erik has reached out to the Internet Archive folks or the like.

Do you think ordinals could be used to ruin BTC fungibility? What if "the elite" only accept sats inscribed to be mined using green energy, or purchased through KYC?

As soon as I saw the title to this video I thought of Eric Canson's thread that you showed. Pretty compelling arguments. I honestly think the grift/ NFTs will die down over the next few months and this will become a non issue on btc. Plenty of other options for the bs.

Great take!! This has been my position on day one!

Matt thank you for your analysis and wisdom on this. Back when this was announced I was against Ordinals as a gut reaction. Ban them. Don’t desecrate the most pristine currency with your ETH influenced NFT culture. But with those other two videos you convinced me otherwise. I see your points and agree.

Edit: Hopefully Ghalane Maxwell’s Epstein client list will make it on that list 😂

I have to laugh at the naivete.
Putting works of humanity on the blockchain sounds good maybe.
So do public libraries. But the reality is few in the population actually make good use of our public libraries.
Even less will go to the blockchain to read Shakespeare.

I like the take, increase fee will increase or keep steady the security on btc. Dev and miner like brc20 for the source of revenue. New Decentralized L2 will appear and more development will help drive btc. Lightning is too centralized to be the solution

I'd vote to get rid of ordinals personally. I prefer the idea of digital gold and time locking btc for contracts.

Yall like and comment on that sheeeeeet

Matthew, this video is horrible cope. Redefining the Bitcoin blockchain as 'arbitrary data storage' and spam filtering as 'censorship' is just a semantics game. Bitcoin has had spam filters in the form of standardness rules since day 1 and it is no big deal extending those to apply to ordinal transactions. In fact, many node runners are running modified versions of bitcoin core that apply that extra spam filter as we speak, and there are more things that can be done. We've been through this 'blockchain revolution' nonsense narrative already in 2016, good lord...