Ordinals Continue To Make Headlines

Ordinals have kicked up quite the argument. One that only seems to escalate with the number of inscriptions added to the chain and the amount of bitcoin flowing into the trade of ordinals.

While there are pros and cons to ordinals and you can pick the side you wish to be on, there is no denying that there will be plenty of bag holders, and scams that will come from this.

Just because you're trying something on bitcoin doesn't mean it will be any better. That behavior, culture, and scams will be moved over from chains like ETH and Solana, of that I am sure.

Ordinals wallet

Ordinals are not for the ordinary degen

Ordinals are a bit of a hack to put it lightly and there aren't really user-friendly tools to play around with it, this could be a feature or a bug depending on how you think about it. If it's hard to do no one will use it, those that do, are easy to scam and might leave the ecosystem.

Ordinals are not like NFT tokens on smart contract chains that are easy to identify and handle in your metamask wallet or Trust wallet, you can see it on chain with your 3rd party block explorer since you don't have a node and you trust minting services and your wallet to show you its there.

There are marketplaces that support the token standard, and even then people fuck that up too, and burn their NFTs or lose their private keys or sign it over to scam contracts because they just click and sign.

Ordinals is a whole other ball game of complications that I won't even go into but know that there aren't wallets that really support it and if you haven't done coin control and UTXO labeling before, you're in for a bad time managing your inscriptions.

Yes, there are wallets trying to support ordinals like Xverse.app but that doesn't mean that people aren't going to trust 3rd parties when using this software.

Inscriptions are drama-filled

If you're going to give the internet the ability to upload images somewhere without the ability to monitor or censor them then it's only a matter of time before someone pushes the boundaries.

Porn was naturally going to find it's way onto the chain and sure there are a few bobs, vegane and pepes sitting on bitcoin, the troll was not enough and ordinals eventually saw its first shock porn gaping butthole, which had to be removed from sites pulling ordinal feeds, but remains on the blockchain.

Ordinals can be ported

Ordinals are not a protocol that applies only to the bitcoin blockchain but similarly, structured chains can run the same protocol. We've already seen the project ported over to one of the OG fork affinity scams of bitcoin, Litecoin, as they desperately try to remain relevant and jump on a bitcoin hype train once again.

Remember when they said the Litecoin Lightning network was going to be a thing? Lol well, Litecoin Ordinals are here.

While I get that inscribing on bitcoin and using its precious block space is the appeal, eventually you're going to run out of people who are willing to pay these premiums and want cheaper transactions, we saw this with Eth and how NFTs moved to other shitcoin chains like Tron and Solana.

Lonely Liquid might offer a home

Eventually, we could see this move to bitcoin what chain do you think mimics bitcoin and offers plenty of block space, clearing times, and cheap transactions along with confidential transactions?

Well the Liquid Network, of course, is a project that has been dying to have some sort of use case, should federation members be pamping Ordinals on their chain instead? Could be worth a shot, if the market is keen to migrate to a faster and cheaper solution.

Liquid also has its own token minting protocol in AMP and NFT projects and marketplaces be it not very popular, so the migration sense.

Liquids killer app

In theory, ordinals could even make their way to a chain like dogecoin, and personally, I think that would make a better home for the project than bitcoin.

Stacks of simping for inscriptions

If there is one section of the "bitcoin" community that has openly jumped on the inscriptions bandwagon then it's anyone with a .btc handle on Twitter.

The stacks guys and girls have been in full swing trying to sucker in the NFT community wanting ordinals while pumping their own coin and NFT projects. Their shilling has been somewhat successful, considering 50% rally in Stacks Network's STX token earlier this week.

Clearly shitcoiners who have never paid attention to bitcoin but want to collect NFTs have came into ordinals, and been filtered into stacks to buy the native token and perhaps NFTs on the stacks chain.

Stacks rally

Side note: This shitcoin is down 80% from its ATH in any case.

Dismissing bitcoin

Bitcoin has long been considered a high-risk investment that many feel is not reliable enough for a place in their portfolio. While bitcoin certainly has its share of risk, its potential for growth has always been the draw card for investors looking for a play with considerable upside as they are starved for returns in traditional markets.

Bitcoin has proven to be an excellent choice for those willing to accept it, so long as they understand the risks and can be used as a hedge in a well-diversified portfolio. While plebs and maxis will collect these sats regardless, projects like Ordinals can be seen as a deterrent to institutional investors.

It creates speculation and short-term hype cycles, that distract people and in doing so create uncertainty tied to the network. If you're trying to promote a bitcoin investment strategy to your company or clients and they see monkey jpegs on bitcoin trading for 6BTC then it's easy to see why people would use this as a way to dismiss it as a serious investment option.

Investing in Bitcoin requires knowledge and caution, and inscriptions only seem to muddy the waters and lump bitcoin into a category many have been trying to distance bitcoin from for years.

So what's your take?

Is all use for bitcoin good for bitcoin? Is this just a hype cycle? Does this distraction allow for plebs to stack while serious money/smart money stays on the sidelines not knowing what to make of all this? Will the ordinals bubble burst sooner or later?

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