bitcoin fees are a dynamic free market
block space is scarce and intentionally limited to improve mining and node distribution
as transaction demand increases so do the fees associated with sending a bitcoin transaction
this fee market provides decentralized spam mitigation
fees provide a real cost to spam attacks
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If you wanna pay the troll tole, you can get the boy's soul.
It's just not profitable. Shouldn't everyone have figured that out with ordinals?
Just wait until private mempools are more normalized and publicly known. Then people will be big mad.
yes but also transactors have a natural incentive to distribute transactions across as many miners as possible
Eh. Why not just target miners with enough hash? What's the incentive to spread it across miners if there's no urgency?
more competition = lower fees
Which is why we'll have more private mempools in the future.
every mempool is technically private, the important part is it being possible to globally broadcast and receive relatively easily
I think the incentives for receiving easily is stronger than the global broadcast, especially if a large partition of the network begins filtering valid fee paying tx's with juicy fees.
Although the two are somewhat related.
simple thought experiment:
would you want to be reliant on a single pool to mine your transactions?
This only applies to the sending party. The receiving one is the one we have to incentivize to include the tx in a block.
To answer the question, no, I do not like single points of failure.
True, but also gate keeps…
Blockspace is digital silver.
Yes.
It also costs more to write graffiti on a mansion with high security than a townhouse in a city with no security.
You can create cost multiples by adding more security. When this is code, the cost to attack versus cost to cost to defend shifts dramatically.
Cost comes in many forms.
Yes, but fees are not high enough yet. So, temporarily, we should discourage the spam in other ways. That said, I am not against changing the default limit, but for a minimal increase based on effective necessity.
No one gets to decide what I do and don’t relay at a Mempool level. Denying end users that long time choice will motivate them to run clients that give them that option.
i agree with this
Are nodes not allowed to decide for themselves on what they want to store?
I get that fees are a deterrent to spam but thats the case with or without Op_Return removal so why remove it?
We should still make spam as difficult as possible to mitigate the Blockchain being used as free data storage. Filters are the main tool to do this.
We aren't on a bitcoin standard and people will use abundant fiat to pay people to shove crap into the Blockchain, causing unnecessary competition against people using bitcoin as money (the intended purpose of the protocol)
A junk transaction is protocol valid but if it is not a legitimate financial transaction and we should attempt to filter it, the same way we filter junk emails, junk mail, junk nostr posts, etc
Yes but it's also a huge reason we don't have huge adoption for use case. If Bitcoin is to be used for everyday activities, it must be feeless to compete with fiat systems which are already feeless. Set base fees punish transactions of higher frequency, punishing the dollar store more than car dealership, making unbalanced market viability. With the world turning to microtransactions, should we really be making base fees that actually deter mtxs?
That's called going the wrong way.
That is why Zenon Network, a sister network for Bitcoin, is working to provide feeless infrastructure and decentralized apps for Bitcoin so that it can actually be used in the real world frictionlessly everyday.
Take the green pill.
That's what L2s are for
The main chain must optimize for decentralization and security not low fees
This is the opposite of Bitcoin core design. Go and read the white paper again.
There is already 2nd and 3rd layers where this belongs
If you do not get it go ethereum and stay FIAT ...
people need to be able to run a full node without a $10k server if we want a decentralized and permissionless network. spam costs more than fees, it requires compute and memory.
