Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
What about NFTs stored inside the Bitcoin blockchain? Ordinals is causing a huge stir but relative silence on the forum about it.
NFTs Coming to Bitcoin Sparks Handwringing About Crypto Purists
Nothing triggering about that headline at all
I don't blame anyone here if they're against it. I'm kind of on the fence about it personally. But it seems to be happening whether anybody likes it or not.
- An NFT implementation which embeds NFT content in Taproot witnesses, assigning them to the first sat of the first output of the transaction, "inscribing" that sat with content
Super interesting to watch the discussion over this bullet point in particular unfolding on Twitter as it now appears to be possible to upload several KB (theoretically up to ~4 MB) worth of data to the blockchain for the purposes of on-chain NFT storage.
https://ordinals.com/inscription/69d500051f9a0812ed41798eeb06d4af93349529480c23e9cf1ef0ccb2a921a8i0
On one side you have lukedashjr calling it an attack on Bitcoin and Adam Back calling for transaction censorship by miners; on the other side you have Peter Todd calling the "freakout" about ordinals "stupid" and reminding everyone that adding non-standard transaction data to transactions has always been possible.
It has reinvigorated the age-old debate of "appropriate use of block space," what "blockchain spam" entails, and whether Bitcoin should be used to store data not related to the actual transaction of BTC (for financial purposes).
Here is a brief overview of how it works as far as NFTs are concerned:
https://read.pourteaux.xyz/p/illegitimate-bitcoin-transactions
...
Almost zero mentions of this debate here, so let's mention it.
I really dont see the problem with this. I personally wouldnt do it, as it is a waste of Bitcoins.
But, if someone wants to create a transaction that will take up an entire block and it is willing to pay for the privilege, then go for it!
If they want to waste/spend 16sat/vbyte or approx. 0.32BTC per block, with stupid NFT monkeys, then good luck to them! Not sure how long they would be able to keep it up!
Bitcoin blockchain has a predictable growth, using it to store data in Taproot script-path isnt going to change that growth!
If this forces transactions off to a second layer (LN), even better!
In regards to "appropriate use of block space" who am I to decide what you put in your transactions? as long as you are not double spending, i couldn't give a shit!