#pubkey 🔥
Great meetup. Thoughts on inscriptions/ordinals:
It will burn out.
The savy dialed in degens are minting/creating/pumping new nft/tokens to sell to the less savy. It eventually trends to zero. They cannot create true digital scarcity. Even really high quality digital art is not scarce. The artist can/will keep a copy, mint more, or make another one. True scarce digital art is not possible.
The current fee spiking is during the pump faze. They will be less eager to pay during the post dump faze.
This is however a net good. Stress test that is incentivizing the building of off chain solutions. Forcing function.
Like usual, everything is good for Bitcoin.
McCoy
npub18y…qx5t7
2023-12-15 01:43:58
Author Public Key
npub18y33vpqmudzm9wk9cnglgnrhqyu96c4l4tr59k2zw0gs5ep5a2kqjqx5t7Published at
2023-12-15 01:43:58Event JSON
{
"id": "010a138a582a6ffd902807d82fecbfd4f5891328a1927ccd41e8bdc2acddb0c8",
"pubkey": "392316041be345b2bac5c4d1f44c7701385d62bfaac742d94273d10a6434eaac",
"created_at": 1702604638,
"kind": 1,
"tags": [],
"content": "#pubkey 🔥\n\nGreat meetup. Thoughts on inscriptions/ordinals:\n\nIt will burn out.\n\nThe savy dialed in degens are minting/creating/pumping new nft/tokens to sell to the less savy. It eventually trends to zero. They cannot create true digital scarcity. Even really high quality digital art is not scarce. The artist can/will keep a copy, mint more, or make another one. True scarce digital art is not possible.\n\nThe current fee spiking is during the pump faze. They will be less eager to pay during the post dump faze.\n\nThis is however a net good. Stress test that is incentivizing the building of off chain solutions. Forcing function.\n\nLike usual, everything is good for Bitcoin.",
"sig": "33dcebb78dc606ed1378610a33b63b8661dc053a672e4c14f3569439211084a4a90651080a13ce822ee639b8b8ba259af44834699dc30d9beb6d2b4167193a80"
}