Are Ordinals Sneakily a Boon to Bitcoin Security?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 13 February 2023

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this week’s “Long Reads Sunday,” NLW reads: “A Pragmatic View of ChatGPT in a Web3 World” by Jesus Rodriguez “How Bitcoin NFTs Might Accidentally Fix Bitcoin's Security Budget” by George Kaloudis Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Screenshot of ordinals.com feed, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.3	The breakdown is produced and distributed by CoinDesk.
0:20.5	What's going on, guys? It is Sunday, February 12th, and that means it's time for Long
0:25.4	Read Sunday. Before we dive into that, if you were enjoying the breakdown, please go subscribe
0:29.9	to it, give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:33.9	come join us on the Breakers Discord. You can find a link in the show notes or go to bit.
0:37.2	LY slash breakdown pod. All right, friends, well, today on Longread Sunday, we are playing
0:44.5	buzzword bingo. Yes, we are talking ordinals. We are talking Bitcoin NFTs. We are talking AI.
0:53.9	And at the end of it, I guess it will be on you to decide whether
0:56.7	it's buzzword bingo or, in fact, bullshit bingo. Where we're going to start is a piece on
1:03.0	ordinal inscriptions by George Kulutis from CoinDesk. And it's called how Bitcoin NFTs might
1:10.0	accidentally fix Bitcoin's security budget.
1:13.8	George writes, Casey Rotemar tweeted that inscriptions are finally ready for Bitcoin Mainnet on January 20th,
1:20.3	and the use of inscriptions the last two weeks sparked a big hullabbleu on Twitter between some of
1:25.2	Bitcoin's partisan factions. The hullablu included a number of
1:28.5	different claims. One, that Bitcoin's security budget problem was accidentally solved,
1:33.1	so we wouldn't have to worry that there would be no financial incentive to mine Bitcoin in the
1:36.6	future once the fixed supply runs out. Maybe transaction fees would be enough to incentivize miners.
1:42.5	Two, inscriptions would lead to blockchain spam and graffiti so uncontrollable that we are
1:47.0	eventually engulfed by gray goo.
1:49.2	Three, all these non-fungible tokens or NFTs and such on Bitcoin is just another silly fad
	...

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