To understand Rare Satoshis, we first need to understand Ordinals (Bitcoin NFTs). This IS NOT a post about NFTs, I promise! However, in the journey to create Bitcoin NFTs, Casey Rodarmor, the creator of ordinals.com discovered a much more interesting and intriguing asset: Rare Satoshis.
When you start your topic with a false statement, it discourages the reader from continuing reading the rest.There is no such thing as Bitcoin NFT because Bitcoin is not a token creation platform and it is impossible to create any kind of token using the bitcoin smart contracts.
Ordinals is also not part of the Bitcoin protocol which means you are talking about an exploit in the consensus rules that allows people to inject an arbitrary data into the chain. Then on another completely centralized platform that has nothing to do with Bitcoin they call that arbitrary data an "NFT" and scam people by selling it to them!
Quote
Now that we understand how sats are tracked, we can dive into what makes a satoshi rare. There are multiple types of satoshis that have interesting properties. The broader classification includes:
These are all arbitrary and meaningless. Of course you can come up with any crazy classification like calling any coin in a transaction with ID that starts with 0x101 to be rare! That's your choice and if you can get some newbies to follow that arbitrary classification, you get yourself a community that can also be exploited to make money by selling such coins to them at a higher price!None of it can be called "token" or "tracking sats" though.
Quote
Transfering
UTXOs containing rare satoshis can be transferred untouched by simply making sure that the transaction that involves them as input contains an output of identical size and at an identical offset.
Not surprising at all that the rules for transferring is also arbitrary and mostly technobabble to look like rules. The moment you spend a UTXO it stops adhering to the arbitrary classification above and stops being "rare"! UTXOs containing rare satoshis can be transferred untouched by simply making sure that the transaction that involves them as input contains an output of identical size and at an identical offset.
Quote
Extra miner revenue
Any of the previous spam attacks on Bitcoin Network has caused similar fee spikes making it difficult for people to use bitcoin and at the same time increase the miner revenue due to the high fees the attackers pay.It is not new: https://bitcointalk.org/index.php?topic=1776143.0
Quote
epic-sat-mined-bitcoin-halving-block-sells-two-million
In other words some idiot who had no understanding of Bitcoin paid a lot of money for garbage!Such exploits/scams are also not new.
To understand Rare Satoshis, we first need to understand Ordinals (Bitcoin NFTs). This IS NOT a post about NFTs, I promise! However, in the journey to create Bitcoin NFTs, Casey Rodarmor, the creator of ordinals.com discovered a much more interesting and intriguing asset: Rare Satoshis.
When you start your topic with a false statement, it discourages the reader from continuing reading the rest.There is no such thing as Bitcoin NFT because Bitcoin is not a token creation platform and it is impossible to create any kind of token using the bitcoin smart contracts.
Ordinals is also not part of the Bitcoin protocol which means you are talking about an exploit in the consensus rules that allows people to inject an arbitrary data into the chain. Then on another completely centralized platform that has nothing to do with Bitcoin they call that arbitrary data an "NFT" and scam people by selling it to them!
Quote
Now that we understand how sats are tracked, we can dive into what makes a satoshi rare. There are multiple types of satoshis that have interesting properties. The broader classification includes:
These are all arbitrary and meaningless. Of course you can come up with any crazy classification like calling any coin in a transaction with ID that starts with 0x101 to be rare! That's your choice and if you can get some newbies to follow that arbitrary classification, you get yourself a community that can also be exploited to make money by selling such coins to them at a higher price!None of it can be called "token" or "tracking sats" though.
Quote
Transfering
UTXOs containing rare satoshis can be transferred untouched by simply making sure that the transaction that involves them as input contains an output of identical size and at an identical offset.
Not surprising at all that the rules for transferring is also arbitrary and mostly technobabble to look like rules. The moment you spend a UTXO it stops adhering to the arbitrary classification above and stops being "rare"! UTXOs containing rare satoshis can be transferred untouched by simply making sure that the transaction that involves them as input contains an output of identical size and at an identical offset.
Quote
Extra miner revenue
Any of the previous spam attacks on Bitcoin Network has caused similar fee spikes making it difficult for people to use bitcoin and at the same time increase the miner revenue due to the high fees the attackers pay.It is not new: https://bitcointalk.org/index.php?topic=1776143.0
Quote
epic-sat-mined-bitcoin-halving-block-sells-two-million
In other words, some idiot who had no understanding of Bitcoin paid a lot of money for garbage!Such exploits/scams are also not new.
1. Thank you for taking the time to read and answer
2. There are sufficient people who are trading Bitcoin NFTs. We can safely say they exist (even if you deem Ordinals Theory a "scam") in their current shape or form, which is up to you to decide if it's worth anything. You can't just hate a concept into non-existence
3. The consensus required for tracking sats is not entirely arbitrary. That's the main takeaway from the post imo. If you ask someone who doesn't know anything about Ordinals Theory to track sats (for whatever reason), they will come up with the same rules. I argue that because of this the tracking is not entirely arbitrary. I can agree that the consensus required to bind the injected data to a satoshi is arbitrary, but I believe I make a good argument for the tracking itself not being arbitrary (which you haven't tackled; you just called it arbitrary). My post is about rare sats, and rare sats do not need any arbitrary data bound to them to be deemed "rare sats".
4. How will Bitcoin scale if it can't handle a few tens of thousands trading their "fake tokens"? The same high fees would be produced by people using Bitcoin on mass for everyday transactions. What then? We'll shout at people that they're just transferring low amounts of Bitcoin and thus should burden their network with their insignificant transactions? All Bitcoin transactions are the same: be it a "fake token" buy or a Bitcoin transfer, or whatever. For people who can't afford to transfer their btc because of high fees, we have lightning.
5. Calling someone an idiot because of their "taste" in choosing what to collect is straight-up wrong. I hope you realize this is a double standard, especially because of how Bitcoiners were regarded in the early days. The same was said about "idiots" who don't understand the economy that were buying these "worthless digital coin". It's fine to be conservative and not engage with new things. It's not fine to call those who do idiots. It's all a cycle. 10 years ago you were the idiot for buying Bitcoin, nowadays that guy is the idiot for buying a rare satoshi. Only time will tell who's an "idiot" and who's not. I believe that for the arguments stated above, rare sats are a much better asset than everything else in crypto aside from Bitcoin itself (also they don't involve any data-injection onchain /aka "spam attack").