This is fantastic!
I had always thought the argument that large arbitrary data txs would inevitably be priced out by fees was a hopeful rationalization at best - but I nonetheless uncritically accepted it as plausible.... Until now:
This an excellent facts-first reply to nostr:nprofile1qqs9pk20ctv9srrg9vr354p03v0rrgsqkpggh2u45va77zz4mu5p6ccpz3mhxue69uhhyetvv9ujuerpd46hxtnfduqs6amnwvaz7tmwdaejumr0dswvjvel and other people advocating for spam-friendly mempool policies https://x.com/cguida6/status/1973826768084914238
Discussion
It's like you're talking past each other. The only thing different is how easy it is *within the network* . If it's happening it will still happen either way. Making it harder via relays only incentives doing it outside the mempool, which can be made centralized and efficient, watch it take over transaction submittal and pricing
Ialso never got this argument. It makes sense in an indefinite future where bitcoin is the monetary standard and is used as MoE and on chain txs are costly.
But I don't see how this idea can work now, where btc is used as SoV and on chain fees are cheap as. It makes sense, but now does not seem like the right time, too early for this imo
Fair point: That payment txs can't compete with data tx is really only relevant to the extent that the conditions for that competition for block space are present... I don't think that necessarily suggests it's "too early" to do something about it, though. After all, It's probably best not to wait until hurricane season to construct a dike.
sorry man maybe I expressed myself incorrectly (cause I think we agree on this!).
Basically I agree that payment txs will "push out" data txs, but in a condition where btc is used as MoE and so ppl actually fight for block space and on chain fees are costly. We don't have this codition NOW.
At the moment on chain fees are low, there's no fight for block space, and btc is used as SoV (so little payment txs). In the present condition I think data txs will greatly outperform payment txs. And this is why I don't think NOW it makes sense to say that "data txs will be pushed out by payment txs". Now they will not! Rather the opposite, data txs will push out payment txs! So I agree with you that now is the time to construct dikes to allow payment txs to compete with data txs. In the future we will not need these dike anymore, but now we do.
Did I get it correctly now? Do we actually agree? lol
Ah, I see... it's probably on me for misinterpreting.
Yes, I think we agree for the most part. Though, I disagree that payment txs will ever "push out" data txs as long as the price per unit of time that a payment tx is intended to remain useful to the payee exceeds the infinitely small price per unit of time of any other tx that is intended to remain useful to the payee forever.
you are right, I haven't stop to think enough about the "forever" value aspect of data txs embedded into btc....the value might indeed be so great that even in the "future scenario" I described it will still be worth it to pay high fees for data txs
Agreed, great point.