The Bitcoin community has been buzzing with excitement over Ordinal inscriptions, a new way to store data on the Bitcoin blockchain. However, a recent opinion editorial by Bitcoms, a Bitcoin writer, sheds light on the misleading and potentially harmful ways in which Ordinal inscriptions are being marketed and sold.
The article argues against the fallacy that ownership of Ordinal inscriptions is protected by the rules of the Bitcoin protocol itself. While some platforms and media outlets suggest that inscriptions are permanently stored on individual satoshis on the blockchain, Bitcoms points out that this is not the case. In reality, the link between an inscription and a specific satoshi is created off-chain by a centralized external indexer.
The spread of this fallacy in marketing materials and media coverage has the potential to mislead potential investors. Statements claiming that inscriptions are directly embedded onto satoshis without the need for an external indexer create a dangerous misconception about the security and ownership of Ordinal inscriptions.
Bitcoms highlights several examples of misleading statements from platforms and media outlets, urging readers to be cautious and informed when considering investing in Ordinal inscriptions. The article concludes by emphasizing the importance of clearing up confusion and educating potential buyers about the true nature of Ordinal inscriptions.
Overall, Bitcoms’ opinion editorial serves as a valuable reminder to approach new technologies and investments with a critical eye and a healthy dose of skepticism. As the Bitcoin community continues to evolve, it is essential to stay informed and vigilant to avoid falling victim to misleading marketing tactics.
