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Let me start off by acknowledging that Ordinals are amazing! Ordinal Theory is a very clever method of tokenizing individual satoshis and Casey Rodarmor deserves high praise and recognition for gamifying the blockchain and Making Bitcoin Fun Again. For the first time in the history of Bitcoin, we have NFTs on the heaviest proof-of-work chain, preserved indelibly forever!
Okay, now that we got that out of the way, let’s dive into some “inconvenient” history. Ordinals was not the first — far from it. Tokens have existed on meta layers on top of the Bitcoin blockchain for at least a decade. Most have been flashes in the pan like Colored Coins; never quite launched, like RGB; or under-the-radar this whole time, like Counterparty.
You may not have heard of Counterparty — a shockingly high number of Bitcoiners haven’t — which la
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