Meetup # 9 – February 9, 2023 Meetup # 9 – February 9, 2023

2 Agenda Agenda Mission: “Our mission is to share bitcoin knowledge, tools, and resources in order to grow adoption within the local Round Rock community. The purpose of this group is 2 fold: - Share knowledge while discussing tools, resources, and benefits of the Bitcoin network for advancing humankind. - Peer to peer networking with local bitcoiners in order to grow adoption by small businesses within our community. Location(s): - Lamppost Coffee 6-7PM - BrassTap – 7- ??? Rules: No shitcoining No pictures/video unless we agree ahead of time Chatham house – speakers should not be attributed Announcements: OshiApp Lamppost Gift Cards The Bitcoin Company Honey Badger – Free Sats! Circular Economy (Satoshi Square) - Azteco Vouchers Bitcoin Magazine Sponsorship – 50% Off Bitcoin 2023 & The Bitcoin Games - Miami BTCPayserver for Donations Stickers from MVDEX & Lucho Poletti Questions: Who has made an on-chain bitcoin transaction? Who has made a lightning transaction? Who is running a bitcoin full node?

3 Connect to our node Connect to our node 02dd5649b3b872024e6c9cac775fdea95f08c05a5fa9575e96e214b6a90baed438@z7wmavvxd irafksqhm2mwmfvujymsfzwyf7tzitmrzfgn6fynn2fioqd.onion:9735 Open a channel with us and we will open one with you

4 Donate some sats to our BTCPayserver Donate some sats to our BTCPayserver Goes to paying for our meetup costs and outreach

5 Connect w/ us on Twitter @RBitcoiners Connect w/ us on Twitter @RBitcoiners Give us a follow!

6 Find Us on NOSTR Find Us on NOSTR NIP-05 ID: [email protected] NIP-05 ID: [email protected] Npub17ysayggwumkpkpgsq75axd7ed9guw03wz9jldz5d0zrkgz0cja2qd09tzu wss://nostr.roundrockbitcoiners.com Is this the real Web 3.0?

7 OMG Ordinals! OMG Ordinals! Spam on the blockchain or numismatic value for rare sats? Rare sats based on periodic events

8 OMG Ordinals – NFTs on the blockchain? OMG Ordinals – NFTs on the blockchain? Do ordinals break bitcoin’s fungibility? Must use ord wallet

9 What is Ordinal Theory? What is Ordinal Theory? ● This is not a new idea. First proposed in 2012 by Johnson Lau ● Although bitcoin is designed as fungible, it is possible to assign an unique serial number to each atomic unit (aka satoshi). ● With this serial number, a satoshi may represent more than its face value (e.g. colored bitcoin, smart property, securities) ● Ordinals overview ● Ordinal theory does not require a sidechain or token aside from Bitcoin, and can be used without any changes to the Bitcoin network. It works right now. ● Ordinal theory imbues satoshis with numismatic value, allowing them to be collected and traded as curios. ● Individual satoshis can be inscribed with arbitrary content, creating unique Bitcoin- native digital artifacts that can be held in Bitcoin wallets and transferred using Bitcoin transactions. Inscriptions are as durable, immutable, secure, and decentralized as Bitcoin itself. Numismatic curios

10 Ordinals theory gives us the following rarity Ordinals theory gives us the following rarity levels: levels: common: Any sat that is not the first sat of its block uncommon: The first sat of each block rare: The first sat of each difficulty adjustment period epic: The first sat of each halving epoch legendary: The first sat of each cycle mythic: The first sat of the genesis block

11 What’s the big deal? What’s the big deal? What problems do you foresee w/ Jpegs on the main?

12 Ordinals Pitfalls Spamming the witness data

13 Show me the data! Show me the data! Pierre’s node data showing ord inscriptions in red

14 Show me the data! Show me the data! Blue blocks on mempool.space

15 What enabled this? What enabled this? ● SegWit Upgrade in 2018 increased block size from ~1Mb to ~4Mb ● Taproot upgrade enabled inscriptions to take advantage of the witness data discount (originally intended to encourage smart contract usage)

16 What does the ordinals creator have to say? What does the ordinals creator have to say?

17 Where can you find out more? Where can you find out more? ordinals.com See the latest ordinals and inscriptions. docs.ordinals.com Understand ordinal theory and inscriptions. Have Ordinals And Inscriptions Ruined Bitcoin? Watch a short video that outlines some of the pros and cons. A Comprehensive Explanation of Ordinals NFTs on Bitcoin A review by Tara Annison

18 Related Bitcoin History Related Bitcoin History BitMex Blog on OP_RETURN wars Counter Party and Rare Pepes

19 What did Hal Finney have to say? What did Hal Finney have to say?

20 Satoshi Made an Inscription Too! Satoshi Made an Inscription Too!