In the past two weeks, however, NFTs have entered Bitcoin’s orbit, thanks to Ordinals.
This newly launched protocol lets users “inscribe” images on satoshis, the lowest denomination of Bitcoin — images that then live in perpetuity on the eponymous blockchain.
With grim inevitability, a user used Ordinals to inscribe an offensive image on the blockchain.
This image — as with all other information on Bitcoin — is inscribed permanently on to satoshis. These images also automatically appear on the Ordinal’s homepage, in this case forcing creator Casey Rodarmor to scramble into action and manually remove the image from the site.
What Mr Rodarmor could never do, though, is permanently remove the image.
As such, this incident — which may seem frivolous and inconsequential to some — has raised serious questions about censorship resistance.
And this is a principle that sits at the very heart of the cryptocurrency industry and certainly at the heart of Bitcoin, which is by far the most censorship-resistant of all chains.
Why care about censorship resistance?
There are mixed views on Bitcoin’s censorship resistance.
Bitcoin proponents contend that it is one of the network’s strongest advantages, an attribute assured by its high level of decentralisation and absolutely critical to the network’s overall health.
Others — including those who long to see stronger regulations brought to the cryptocurrency industry — believe some level of censorship may be required to weed out those using blockchain to launder money, fund illegal enterprises or publish offensive images, for example.
While block explorers can enforce their own moderation policies, users are free to inscribe whatever image they want on to the blockchain.
On the Ordinals scandal, Mr Rodarmor observed: “The inscription is still on the chain and if you run your own copy ofOrdinals — which everybody is free to do — it will not have the config file and you will see the [image] if that is what you so desire.”
The question is, should we care about this? If someone elects to spend their own money defacing a satoshi with an offensive image or something worse, does it warrant our concern?
More than that, does it warrant censorship of Bitcoin or any other blockchain?
The cost of financial freedom
To my mind, Bitcoin’s uncensorable, immutable and permissionless nature is one of its greatest strengths as a currency and the Ordinals imbroglio doesn’t relate to currency.
Instead, it relates to everyday users’ “freedom” to add their own non-financial contributions (digital artefacts, etc) to the network.
A use-case that Satoshi Nakamoto, for all his brilliance, could not have foreseen.
There are clearly benefits to some level of censorship when we are discussing Web3 features such as those offered by Ordinals.
I do not think any of us can be blase about the prospect of criminals freely minting, say, NFTs with grim imagery.
We can fiercely oppose such degeneracy while also being ardent supporters of Bitcoin’s transactional immutability.
Currently, Bitcoin’s founding mission as a transparent, independent currency and store of value available to any citizen is under threat.
Cryptocurrencies — in pictures
The crypto market, which includes currencies such as Bitcoin, pictured, has lost $2 trillion of its value in six months. Unsplash
The price of Ethereum, the second largest cryptocurrency by market size, has fallen by 70 per cent this year. Investors and analysts are watching to see if it will dip below $1,000. Unsplash
Dogecoin, supported by Elon Musk, is about 90 per cent down from May last year, yet it is outperforming Bitcoin and Ethereum in the current crash. Unsplash
The government of El Salvador has invested $105 million in Bitcoin. President Nayib Bukele's embrace of the cryptocurrency as legal tender is being questioned as the market crashes. Getty
Changpeng Zhao, founder of crypto exchange giant Binance, has compared the current market turmoil to the dotcom bubble of the early 2000s. Still, the company is aggressively pursuing licensing in international jurisdictions and introducing new products. Getty
Tether is the biggest issuer of stablecoins, a type of cryptocurrency pegged to a traditionally stable asset like the US dollar. Most stablecoins are meant to maintain a constant price of $1 and are backed by real reserve funds, making it easy to convert crypto investments into cash. But Tether's financial statements show that may not be true, leaving the issuer and its investors vulnerable. Unsplash
The recent crypto crash can in part be attributed to the collapse of TerraUSD, a stablecoin pegged to the US dollar through algorithms and linked to a "sister" cryptocurrency named Luna. When the price of Luna plummeted, TerraUSD also fell, creating a “death spiral” to practically zero for both coins. Unsplash
On June 12 crypto lender Celsius Network said it had paused customer withdrawals, saying it needed “to stabilise liquidity and operations”. Investors are still waiting, with no signs that the current meltdown will let up. Getty
The preponderance of centralised banks and corporations adding Bitcoin to their portfolio, not to mention offering crypto custody services to money managers, is significantly threatening the network’s decentralisation.
In this use case, centralised censorship is absolutely something to be resisted, and we can be thankful Bitcoin is hard-wired against it.
As the past year has shown, centralisation is not only anathema to the founding principles of the blockchain and cryptocurrency project but in this space, frankly dangerous.
Decentralisation is the only way to ensure the safe growth of a truly censorship-resistant, fully accessible financial ecosystem.
Bitcoin remains the flagship project of this mission, and we shouldn't let an NFT experiment detract from that, regardless of the sensational headlines it attracts.
What we can say in favour of the Ordinals NFT project is that it has brought anew wave of interest to Bitcoin, resulting in an enlarged average block size as more users join the network.
However, while this is a welcome development, we must not forget the founding principles of Bitcoin as a blockchain and currency that can resist censorship and manipulation by central and investment banks, which fiat currencies such as the US dollar cannot.
The future of finance may not be Bitcoin, but it must and will be decentralised and censorship-resistant.
Stefan Rust is the founder of Laguna Labs, a blockchain development house, and former chief executive of bitcoin.com
THE SPECS
Engine: AMG-enhanced 3.0L inline-6 turbo with EQ Boost and electric auxiliary compressor
Donald Trump and Kim Jong-un shake hands ahead of one-on-one discussion
US and North Korean teams sit down for bilateral summit
Kim: “I believe this is a good prelude for peace."
Trump: “We will solve it, we will be successful.”
All times UTC 4
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
Engine: 3.9-litre twin-turbo V8 Power: 620hp from 5,750-7,500rpm Torque: 760Nm from 3,000-5,750rpm Transmission: Eight-speed dual-clutch auto On sale: Now Price: From Dh1.05 million ($286,000)
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.
Hidden killer
Sepsis arises when the body tries to fight an infection but damages its own tissue and organs in the process.
The World Health Organisation estimates it affects about 30 million people each year and that about six million die.
Of those about three million are newborns and 1.2 are young children.
Patients with septic shock must often have limbs amputated if clots in their limbs prevent blood flow, causing the limbs to die.
Campaigners say the condition is often diagnosed far too late by medical professionals and that many patients wait too long to seek treatment, confusing the symptoms with flu.
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
The biog
Fast facts on Neil Armstrong’s personal life:
Armstrong was born on August 5, 1930, in Wapakoneta, Ohio
He earned his private pilot’s license when he was 16 – he could fly before he could drive
There was tragedy in his married life: Neil and Janet Armstrong’s daughter Karen died at the age of two in 1962 after suffering a brain tumour. She was the couple’s only daughter. Their two sons, Rick and Mark, consulted on the film
After Armstrong departed Nasa, he bought a farm in the town of Lebanon, Ohio, in 1971 – its airstrip allowed him to tap back into his love of flying
In 1994, Janet divorced Neil after 38 years of marriage. Two years earlier, Neil met Carol Knight, who became his second wife in 1994
Global state-owned investor ranking by size
1.
United States
2.
China
3.
UAE
4.
Japan
5
Norway
6.
Canada
7.
Singapore
8.
Australia
9.
Saudi Arabia
10.
South Korea
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
A list of the animal rescue organisations in the UAE
Looking for a new family pet? Here are the links to visit when it comes to adopting...
Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
