If You Hate Ordinals, You May Undervalue The Bitcoin Network

This is an opinion editorial by Mark Maria, a professional growth writer and bitcoin researcher.

For years, bitcoiners have been telling nearly everyone who will listen that bitcoin is undervalued. Any bitcoin user who has done their research knows that the value of bitcoin as an asset is grossly undervalued. And I wholeheartedly agree! But even if bitcoin, the asset, is undervalued, it is small compared to how undervalued the bitcoin network is. I’ve long held the belief that bitcoiners, as a group, are undervaluing the bitcoin network just as much as none of the coiners are undervaluing the bitcoin asset.

So, it is with some amusement that I watch the fierce debate between bitcoin purists who believe that the use of the bitcoin network (i.e., the immutable digital ledger) is Only To send value (Bitcoin), and the Inscriptions, Ordinals and BRC Token crowd that says and does otherwise.

In my opinion, what most bitcoin purists are missing is the distinction between a bitcoin asset and the immutable digital ledger, also known as the “timechain”. The highest and best use for the immutable ledger is to capture and send the value, but it is No Sole use, as the inscription and the BRC token show us.

Also, I’ve always thought of networks and protocols (immutable digital ledgers) as a place where I can post a message. irreplaceable, Therefore, when declaration of monetary independence (DoMI) was first published on Oct 31, 2021 A fellow bitcoiner of mine made a permanent note of this in Timechain.

I believe it can be found at block height 707,575. And when we made the 2023 version of the DoMI that people signed at the Bitcoin 2023 event in Miami, I had another bitcoiner make an inscription for it. Both can now be found on the immutable ledger. I completely understand why many people want to use Timechain only for money, but I consider it silly to think that it will be used only for that purpose.

one man’s shit means another man’s

I work on how small the market is (We all) gives importance to the timechain. In my opinion, there is not yet a single person on the planet who would properly value the network.

Inscription and BRC tokens increase the perceived value of TimeChain. Overall, this is a plus. unless the network is priced at 250 sats per $1, that is to the point of madness Low Price!

Even in the Age of Scribes and BRC Tokens, the Immutable Ledger Is Still Here Original Its value is low and the cost of putting data on it is much lower than that of an intelligent market.

It’s as if Satoshi Nakamoto invented two things: One, a new kind of rarefied digital currency And Two, an immutable ledger to keep track of each Satoshi. Using a metaphor to illustrate his point, he invented a new kind of railcar And The tracks on which the train runs.

We foolish humans, completely obsessed with money, give 99.9% of our attention to the asset and almost none to the network (ie, timechain), even though the network is as mind-blowing as the asset itself. More impressive and often overlooked is this: Nakamoto had to invent a new way of keeping time in order to allow the immutable ledger to remain decentralized. Do we celebrate, appreciate and appreciate this new method of keeping time? Not necessary. At the time of this writing, at block height 794,076, we are still assuming and assuming that this new timekeeping method will continue to work for decades. Tik tok, next block.

We all need to be a little more humble and, dare I say it, reverent of this immutable ledger and appreciate that some people will “ruin” the space by putting stuff in the time-series. Which will last as long as it lasts. Who am I to tell others how to measure its value? Today, every bitcoin user gives less value and pays less for the use of this immutable digital ledger.

Consider this carving on a 300-year-old, majestic oak tree: “Satoshi loves the timechain.”

For those who love majestic oak trees, such an inscription may be seen as vandalism or even sinister. Carving that message into the tree can be a labor of love for the person who did the carving. The tree doesn’t care, only the people.

Rather than waste any more human energy debating about inscriptions and ordinances, I’m going to take my cues from bitcoin’s timechain. The time-series is absolutely neutral about how we humans use it, just like a tree doesn’t care what you carve into its trunk.

This is a guest post by Mark Maria. The opinions expressed are solely his own and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.