Re: Bitcoin ungibility and inscribed sats

Re: Bitcoin ungibility and inscribed sats


  
From: Steve Lee @ 2023-04-01  7:29 UTC (permalink / raw)
  To: alicexbt;  Bitcoin Protocol Discussion, Greg Sanders

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"want bitcoin to be money and money means different things for people in
this world"

I interpreted your above statement to mean that to some people,
inscriptions/NFTs are money. That is what I was responding to.



On Fri, Mar 31, 2023 at 9:26 AM alicexbt <alicexbt@protonmail•com> wrote:

> Hi Steve and Bitcoin Developers,
>
> I have created a new thread as requested by one of the developers. I
> respect him and the readers of this list.
>
> > "want bitcoin to be money and money means different things for people in
> this world"
>
> > I think we can all agree that a property of money is fungibility, and by
> its very definition NFTs are not fungible and thus not money.
>
> Inscriptions do not affect fungibility of bitcoin:
>
> - There is no token standard being used. These are just sats being
> considered as inscription in an external protocol or explorer. Bitcoin
> nodes do not consider them as something special.
> - Users can always sell those inscribed sats or UTXO as normal bitcoin on
> bisq or any exchange.
> - They can use different amounts for it using tools like
> https://raritygarden.inscribetheplanet.com/ which is created by super
> testnet who is active dev in bitcoin and ln.
> - Inscribed sats are different from Ethereum tokens because they will
> never go to zero and you can always consolidate lot of them to use as
> normal bitcoin.
>
> Bitcoin fungibility is anyways debatable and I cannot change anything
> about it even though working on a coinjoin implmentation as some post mix
> UTXOs are censored on some exchanges and its easy to identify them. Some
> coinjoin implementation themselves work with chain analysis companies to
> censor inputs used for rounds.
>
> Ordinals theory is a parallel universe in which some users believe in and
> they have been trying to learn how bitcoin works. Example: I did call with
> someone this evening to explain how PSBT and multisig works who never used
> bitcoin before
>
> Developers are interested to build things and they have tried to create
> BIP, DEX, look for libraries, ask questions, projects implementing PSBT etc.
>
> I do not live in first world country and do not attend bitdevs but always
> wanted bitcoin to be here. I have tried my best but failed. Please let
> people do what they want with bitcoin without changing consensus rules. It
> will help Bitcoin.
>
> /dev/fd0
> floppy disk guy
>
> Sent with Proton Mail secure email.
>

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