If y’all want Bitcoin to stay purely a monetary protocol- then start fucking using it as money.
Before you read this take, know that my ideal scenario is monetary protocol only. Also know that I think it’s fucking dumb that nostr:nprofile1qqs8fl79rnpsz5x00xmvkvtd8g2u7ve2k2dr3lkfadyy4v24r4k3s4spremhxue69uhkummnw3ez6ur4vgh8wetvd3hhyer9wghxuet59uq32amnwvaz7tmjv4kxz7fwv3sk6atn9e5k7tc9vz57s got silenced for expressing a valid concern.
Here we go:
Hodling, sitting and waiting for NGU do NOTHING to increase long term demand for blockspace- which, in case you didn’t know, is needed to secure and stabilize the network once the block reward dwindles. This is what most people in Bitcoin do, unfortunately. This is why we started Conduit and why I’m personally hyper focused on marketplaces: if we can make global Bitcoin circular economies then there’s a chance this thing becomes self-sustaining and the phase change to zero block reward doesn’t result in fucking chaos.
So far, Nostr is the biggest circular economy here, and hate to say it, but since it’s all happening on Lightning we are barely moving the needle for base chain settlement demand. Surprised about empty blocks? I’m not.
Do all of you who disapprove of Core devs approach to increase block space demand actually use the blockchain for anything besides UTXO management when fees are low? Are you building anything that increases block space demand for monetary use?
nostr:nprofile1qqsve2jcud7fnjzmchn4gq52wx9agey9uhfukv69dy0v4wpuw4w53nqpr3mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmqpp4mhxue69uhkummn9ekx7mqx7hhq8 is not stupid. He’s been writing about long term instability for years: https://petertodd.org/2022/surprisingly-tail-emission-is-not-inflationary
Important quote:
“To date no proof-of-work currency has ever operated solely on transaction fees, and academic analysis has found that in this condition block generation is unstable. To paraphrase Andrew Poelstra, it’s a scary phase change that no other coin has gone through.”
He also created Opentimestamps which is severely under used in my opinion (NIP 03 would enable so many great features for a decentralized social protocol).
Neither is nostr:nprofile1qqs0w2xeumnsfq6cuuynpaw2vjcfwacdnzwvmp59flnp3mdfez3czpsprpmhxue69uhhyetvv9ujumn0wd68y6trdqhxgef0qy2hwumn8ghj7un9d3shjtnyv9kh2uewd9hj7wrtw00 stupid. Or anyone else involved in the current drama. They’ve probably thought this through more than most.
You think these people are evil and don’t care about Bitcoin’s long term health? Think again. They are being practical and doing something about the blockspace demand problem.
You don’t agree with how they are going about it? Then build something that increases demand for block space in the way YOU want it.
Or run Knots. That’s a great and valid way to express that view. I support it. But make sure you’re prepared for the consequences if you win this war (stay sat flow positive)- and probably consider using the base chain more, or participating in the Bitcoin circular economy (which means spending Bitcoin).
I find it funny how so many people here celebrated big money and big government when it came in and are now surprised these same parties are taking action to protect their investment. If you don’t do it yourselves, they’ll continue to do so for you.
