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Meg
@meganmichelle.eth
what's bitcoin ordinals and inscriptions all about?
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Steve
@sdv.eth
Imagine a dollar bill. Pragmatically speaking it's the same as any other dollar bill but it's identifiable by its serial number from the reserve. (Ordinal theory) Now imagine drawing on a bill. You can draw anything that can fit with the single bill. (Inscription) Now imagine a drawing on the first bill ever printed.
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Steve
@sdv.eth
First there was a rush to draw on as many early bills as possible. Now "artists" are flooding bills with drawings. Despite having the same monetary value, bills are arbitrarily more valuable based on who drew on them and how low its serial number (satoshi) is. This created a large market for drawings on dollar bills.
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Steve
@sdv.eth
What started as a novel idea — and borderline exploit — has become a huge grift. Most of the art is trite, rushed, unoptimized, and by all definitions arbitrary. The art is valued mostly by the satoshi and sometimes the creator. It is flooding the chain with graffiti and goes against the purist vision of bitcoin.
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Steve
@sdv.eth
One bitcoin core team member is vocally against it and it seems probable that it’ll get patched out. This may result in a hard fork if ordinal enthusiasts decide to protect their bags, but I see it fading away into obscurity. Ethscriptions is not dissimilar and will phase out should calldata be pruned out later on.
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Meg
@meganmichelle.eth
this is so helpful, thank you! one more kindergarten question: how does it relate to/ does it relate to stacks? the ordinal maxis seem to have some relationship to that?
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Steve
@sdv.eth
As a casually informed ordinals hater my understanding is that Stacks (STX) is a totally separate blockchain intended to extend the functionality of bitcoin by adding smart contracts and acknowledging the rules of ordinal theory to better support them. I can see the appeal to all of this but it seems shoddy at best.
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Meg
@meganmichelle.eth
appreciate the candor. as always, everyone should DYOR, but the eli5 channel is one tool in the DYOR toolbox. 😋
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Steve
@sdv.eth
If explained clearly and accurately I think it can be a fantastic DYOR tool. I’ve glossed over a handful of projects and novel ideas for months because they took more than 5 minutes to digest. This ELI5 format is a good test of knowledge. If it can’t be explained in simple terms, it may not be well understood.
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