This is an op-ed by Mark Maria, a professional development author and Bitcoin researcher.
For years, Bitcoiners have been telling almost everyone that Bitcoin is undervalued. Any Bitcoiner who has done the research knows that bitcoin is an undervalued asset. I sincerely agree! But even though bitcoin, the asset, is undervalued, it pales in comparison to how undervalued the bitcoin network is. I have long believed that Bitcoiners, as a group, devalue the Bitcoin network as as many or more no coins devalue Bitcoin.
So, through some amusement, I’ve noticed the heated debate among Bitcoin proponents who believe that using the Bitcoin network (i.e. an immutable digital ledger) is Just To send value (bitcoin), inscriptions, Ordinals and BRC token pool that says and does otherwise.
In my opinion, what most bitcoin purists miss is the difference between a bitcoin asset and an immutable digital ledger, also called a “time chain”. The highest and best use of the immutable ledger is to hold and transmit value, but it is no The only use, as the inscriptions and BRC tokens show us.
In addition, I have always thought of the network and protocol (the immutable digital ledger) as a place where I can post a message It cannot be changed. Hence, when Declaration of Monetary Independence (DoMI) was first published on October 31, 2021, and I had a fellow Bitcoiner permanently blog it into the time-string.
I believe it can be found at block height 707575. And when we created the 2023 version of DoMI that people in Miami signed at the Bitcoin 2023 event, I had another Bitcoiner create a token for it. Both can now be found in the Immutable Ledger. I fully understand why many would want to use the time series only for money, but I consider it naive to think that it will be used for this purpose only.
One man’s nonsense what is the meaning of another man
where i work is how small the market is (all of us) time series values. In my opinion, there isn’t a single person on the planet who values the network properly… yet.
What inscriptions and BRC tokens do is increase the perceived value of a time series. In general, this is a plus. Until the network is valued at 250 sats per $1, it is insanely Undervalued!
Even in the era of BRC tokens and tokens, the ledger remains immutable drastically It is undervalued and the cost of putting data on it is much lower than where a smart market would put it.
It’s as if Satoshi Nakamoto invented two things: One, a new kind of rare digital money And Second, an immutable ledger to keep track of every satoshi. Using a metaphor to illustrate the idea, he/she invents a new type of train car And The tracks on which the railcar runs.
We silly, money-obsessed humans pay 99.9% of our attention to the original and almost nothing to the network (i.e., the time series) even though the network is just as mind-blowing as the original. Even more impressive and often overlooked: Nakamoto had to devise a new way of keeping time in order to allow the immutable ledger to remain decentralized. Are we celebrating, praising, and appreciating this new way of keeping time? Not real. As of this writing, at block height 794,076, we are still assuming and considering that this new timekeeping method will continue to work for decades. Tuk-tuk, next block.
We all need to be a little more modest and, dare I say, reverent about the immutable ledger and appreciate that some people will “waste” block space by putting things on the time chain that will last as long as they keep ticking. Who am I to tell the other how to appreciate him? Today, every Bitcoiner devalues and pays to use an immutable digital ledger.
Consider this carved into a majestic 300-year-old oak tree: “Satoshi loves the Temishin series.”
For those who love majestic oak trees, such an engraving might be seen as subversive or macabre. For the person who did the carving, it might represent an act of love to inscribe this message in the tree. The tree doesn’t care, only people care.
Instead of wasting more human energy arguing about patterns and ordinal arrangements, I’m going to take advantage of Bitcoin’s time sequence. The time series is completely neutral about how we humans use it in the same way that a tree is unconcerned about the carvings it makes on its trunk.
This is a guest post by Mark Maria. The opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.
