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To: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
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Cc: Greg Sanders <gsanders87@gmail.com>
Subject: [bitcoin-dev] Bitcoin fungibility and inscribed sats
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Hi Steve and Bitcoin Developers,
I have created a new thread as requested by one of the developers. I respec=
t 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 consider=
ed 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 b=
isq or any exchange.
- They can use different amounts for it using tools like https://raritygard=
en.inscribetheplanet.com/ which is created by super testnet who is active d=
ev 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 bit=
coin.
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 inp=
uts used for rounds.
Ordinals theory is a parallel universe in which some users believe in and t=
hey have been trying to learn how bitcoin works. Example: I did call with s=
omeone this evening to explain how PSBT and multisig works who never used b=
itcoin 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 w=
anted bitcoin to be here. I have tried my best but failed. Please let peopl=
e do what they want with bitcoin without changing consensus rules. It will =
help Bitcoin.
/dev/fd0
floppy disk guy
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