• Olga Ukolova, director of the board for the LNP/BP Standards Association, discusses Ordinals and inscriptions from a numismatic perspective.
• She highlights the example of a golden double-eagle coin minted in 1933 in the U.S., worth $18.9 million today, which was proposed by President Theodore Roosevelt and designed by Augustus Saint-Gaudens.
• Its rarity due to a limited supply and unique inscriptions makes it highly sought after and valuable even after it was declared illegal by President Franklin Delano Roosevelt in 1933.
The History of Numismatics
Olga Ukolova, the director of the board for the LNP/BP Standards Association, has been studying ordinals and inscriptions from a numismatic perspective. From reading up on Ordinals resources (the handbook, Ordinal theory overview, and BIP documentation), one can see there is a pretty straightforward idea behind this concept: if you have a rare coin (and a satoshi is indeed rare due to its limited supply), then you want to store it as long as possible either for your own pleasure or to pass down to future generations who may be able to sell it at an even higher price than you could ever imagine. This idea has classical numismatic roots that date back centuries ago when coins were produced with unique inscriptions that made them highly sought after and valuable despite their limited supply.
The Example of the Double-Eagle Coin
As an example, we can look at the history of the golden double-eagle coin minted in 1933 in the United States that is currently worth $18.9 million making it one of the most expensive collectibles in existence today. The concept for this coin was proposed by President Theodore Roosevelt and was enthusiastically accepted by designer Augustus Saint-Gaudens who wrote about this project saying “I have long wished to do what little I could to improve our money.” However, despite its perfect design that included pure gold content and unique inscriptions that increased its value, President Franklin Delano Roosevelt declared this type of currency illegal in 1933 forcing all 445 thousand existing coins to be melted down or destroyed making them even more valuable due to their extreme rarity.
The Value Of Rare Coins
From these examples we can see how important rarity is when it comes to valuing coins – because they are so scarce they become extremely coveted items which leads them into becoming highly priced collectibles over time as more people learn about their story or seek out owning such pieces themselves.. This is why many investors often put their money into buying rare coins as they know they will eventually increase in value due not only to its inherent material value but also because of its symbolism or historical importance associated with them making them great investments regardless of whether they are legal tender or not anymore like was seen with this particular golden double-eagle coin mentioned above.
Bitcoin’s Unique Properties
In addition to traditional currencies such as gold coins , Bitcoin offers similar opportunities but with some distinct advantages such as decentralization , pseudonymity , immutability , global acceptance , fixed supply , fast transactions . These properties make Bitcoin attractive both from an investment standpoint but also from philosophical perspectives since it serves a greater purpose besides just being used for monetary exchanges . In fact , many investors choose Bitcoin over other assets precisely because of these features .
To conclude , Olga Ukolova discussed how ordinals and inscriptions make sense within numismatic contexts especially when looking at examples like the golden double-eagle coin minted in 1933 which experienced huge increases in value despite becoming illegal shortly after being released . She also highlighted how cryptocurrencies such as Bitcoin offer additional benefits beyond traditional currencies due to their decentralized nature which makes them more attractive investments while still offering philosophical purposes too .