Controversial Bitcoin Proposal Aims to Ban Ordinals and NFTs
Normally, You would think a proposal like this is gonna be straightforward, But Actually, it’s really complicated. Generally, People are saying The Cat proposal is a bad idea, and it’s gonna cause more problems than it solves. Apparently, The author of the proposal, Claire Ostrom, thinks it’s a good idea to get rid of all the NFT data on the Bitcoin blockchain. Obviously, This is a pretty big deal, and it’s got a lot of people talking.
Background
Basically, The proposal is trying to use a consensus-level soft fork to mark all the tiny outputs with NFT data as unspendable, Which is a pretty drastic measure, if You ask me. Currently, The UTXO set is getting really big, and it’s causing some problems, So Ostrom thinks this is the best way to deal with it. Usually, I would say this is a good idea, But in this case, I’m Not so sure.
Background
Personally, I think the UTXO set is a real problem, and something needs to be done about it, But I’m Not sure if this is the right solution. Probably, The best way to deal with it is to just let the market figure it out, Instead of trying to impose some kind of solution from the top down. Naturally, This is just my opinion, and I could be wrong.
Criticism
Generally, People are really upset about this proposal, and they’re saying it’s a bad idea, For a lot of different reasons. Specifically, Greg Maxwell is saying it’s a total non-starter, and it’s gonna cause more problems than it solves, Which is a pretty strong statement. Obviously, He’s a pretty influential guy, so his opinion carries a lot of weight.
Supporters’ View
Apparently, Some people think this proposal is a good idea, and they’re saying it’s gonna save a lot of disk space, and it’s gonna discourage spam activity, Which is a pretty good argument, I guess. Normally, I would say that’s a good thing, But in this case, I’m Not so sure, Because it’s also gonna cause some problems, Like confiscating people’s funds, Which is a pretty big deal.
Alternative Proposal: “Lynx”
Usually, When there’s a proposal like this, there’s also an alternative proposal, and in this case, it’s called Lynx, Which is a pretty interesting idea, Actually. Basically, It’s saying that instead of targeting specific protocols, we should just have a periodic cleanup, tied to the halving schedule, Which is a pretty clever idea, I think.
Broader Context
Naturally, This proposal is part of a bigger debate about Bitcoin’s purpose, and governance, Which is a pretty complicated topic, To be honest. Generally, People are saying that Bitcoin should be used for one thing, and one thing only, But others are saying it should be more flexible, and allow for more uses, Which is a pretty good argument, I think. Obviously, This is just the beginning of the debate, and it’s gonna be interesting to see how it all plays out.
