Ordinals as we hear them around bitcoin things are a “numbering” system for satoshis. Idk much about them bc i don’t like and am just not interested in them, am i’m also partially retarded
But i put “numbering” in quotes bc the way they single out a satoshi, since in reality they are all fungible with and equal to each other and have no serial numbers, is really just made up. They arbitrarily decided to count “the first satoshi” in a utxo as that particular number of satoshi. Or something like that. But why not the second? Or the last? That’s what i meant by arbitrary.
So that’s the ordinals. What people call “ordinals” are actually ordinal inscriptions. They say “ok satoshi #69420192747220 of this new utxo is now inscribed with this extra data” with an on-chain transaction using… well extra data. That’s where they put jpegs or whatever type of data they want. Apparently shitcoins too, called BRC-20 tokens. Again, how exactly this happens i’m not sure. But that’s the gist of it.
The main reason many people don’t like them, besides the obvious “shitcoins and jpegs”/fungibility stuff, is that all these degens inscribing all these supposed individual satoshis means making tons of on-chain transactions to do this stuff, which causes the mempool to get really backed up, which means we all have to pay a much higher sats/byte rate to the miners to get a transaction though. Things like opening or closing lightning channels, or sending sats to cold storage (in other words everyday pleb shit) gets slower and/or more expensive bc those are on-chain transactions.
Many people also say it’s good though, bc miners are making lots of fee revenue. Personally i sort of agree with this, except the bulk of the total hash rate of the network is from shitty shitcoin companies anyway, and that sucks. Add that to the fact that these are largely degenerate shitcoiners or trolls like udi, and it can be pretty frustrating. But ultimately more profit to miners is generally good.
This isn’t necessarily a comprehensive or accurate (or unbiased😂) lesson on ordinals but it’s the best i got
noBody𓅦🧱 / no₿ody™️🧱
npub1mc…r4ptv
2023-12-30 06:13:40
in reply to nevent1q…5vp0
Author Public Key
npub1mc20uche0cy599vpl850aschpu7wteundgsnf0msep79lu3fu5aq3r4ptvPublished at
2023-12-30 06:13:40Event JSON
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"content": "Ordinals as we hear them around bitcoin things are a “numbering” system for satoshis. Idk much about them bc i don’t like and am just not interested in them, am i’m also partially retarded\n\nBut i put “numbering” in quotes bc the way they single out a satoshi, since in reality they are all fungible with and equal to each other and have no serial numbers, is really just made up. They arbitrarily decided to count “the first satoshi” in a utxo as that particular number of satoshi. Or something like that. But why not the second? Or the last? That’s what i meant by arbitrary.\n\nSo that’s the ordinals. What people call “ordinals” are actually ordinal inscriptions. They say “ok satoshi #69420192747220 of this new utxo is now inscribed with this extra data” with an on-chain transaction using… well extra data. That’s where they put jpegs or whatever type of data they want. Apparently shitcoins too, called BRC-20 tokens. Again, how exactly this happens i’m not sure. But that’s the gist of it.\n\nThe main reason many people don’t like them, besides the obvious “shitcoins and jpegs”/fungibility stuff, is that all these degens inscribing all these supposed individual satoshis means making tons of on-chain transactions to do this stuff, which causes the mempool to get really backed up, which means we all have to pay a much higher sats/byte rate to the miners to get a transaction though. Things like opening or closing lightning channels, or sending sats to cold storage (in other words everyday pleb shit) gets slower and/or more expensive bc those are on-chain transactions.\n\nMany people also say it’s good though, bc miners are making lots of fee revenue. Personally i sort of agree with this, except the bulk of the total hash rate of the network is from shitty shitcoin companies anyway, and that sucks. Add that to the fact that these are largely degenerate shitcoiners or trolls like udi, and it can be pretty frustrating. But ultimately more profit to miners is generally good.\n\nThis isn’t necessarily a comprehensive or accurate (or unbiased😂) lesson on ordinals but it’s the best i got",
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}