Here's why there are deep incentives for a Bitcoin fork with the Ordinals people.
Ordinals/BRC-20/Inscriptions are now VC funded. And they're going to be pressured to keep growing, no matter what. Yet the hype around their stuff will inevitably fade. And whatever profits they had will dry up. So what will they do?
There are two paths. One is to increase revenue, the other is to reduce costs. The first will be very difficult to do without some new narrative. And they might try that, but it's going to be very difficult on Bitcoin... At least as it currently stands. They could move to another chain, but then, their whole reason for existence, being built on Bitcoin will be no more. Hence the incentive to create new narratives around their stuff and to add "features" to generate interest means some sort of fork.
The other path is to reduce costs. The most obvious cost is the fees being sent to miners. And to reduce that, you need to increase block size or make the blocks more frequent. Either way, this is incentivizing a fork.
The point is that once VC funding entered the picture, the path was set. There will be a conflict of visions and a "peaceful coexistence" was never going to be the outcome.
jimmysong /
npub10v…psp42
2023-12-24 20:41:55
Author Public Key
npub10vlhsqm4qar0g42p8g3plqyktmktd8hnprew45w638xzezgja95qapsp42Published at
2023-12-24 20:41:55Event JSON
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"pubkey": "7b3f7803750746f455413a221f80965eecb69ef308f2ead1da89cc2c8912e968",
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"kind": 1,
"tags": [],
"content": "Here's why there are deep incentives for a Bitcoin fork with the Ordinals people.\n\nOrdinals/BRC-20/Inscriptions are now VC funded. And they're going to be pressured to keep growing, no matter what. Yet the hype around their stuff will inevitably fade. And whatever profits they had will dry up. So what will they do?\n\nThere are two paths. One is to increase revenue, the other is to reduce costs. The first will be very difficult to do without some new narrative. And they might try that, but it's going to be very difficult on Bitcoin... At least as it currently stands. They could move to another chain, but then, their whole reason for existence, being built on Bitcoin will be no more. Hence the incentive to create new narratives around their stuff and to add \"features\" to generate interest means some sort of fork.\n\nThe other path is to reduce costs. The most obvious cost is the fees being sent to miners. And to reduce that, you need to increase block size or make the blocks more frequent. Either way, this is incentivizing a fork.\n\nThe point is that once VC funding entered the picture, the path was set. There will be a conflict of visions and a \"peaceful coexistence\" was never going to be the outcome.",
"sig": "8ef31f0d926629d933cd6a7dad53cdd242dc86a99e4fe239e2da98ec5d9042df579b2152c36da114a2583d1c2586a1216b5595619e01ac0137b23a2132c181c8"
}