What's the worst thing that can happen if this passes? There's too much "spam" getting into the chain? Still a 4mb block limit. If people think it's an issue, they can downgrade (likely won't upgrade anyways) or run a soft fork like knots? I'm actually curious. I don't think anything can happen that will irreparably break Bitcoin. But I want to know your thoughts.
Discussion
It shifts the narrative from electronic peer to peer cash to electronic cash and other stuff. It will lead to a larger blockchain which will result in less node runners and make bitcoin more susceptible to attacks.
Image publicly traded miners and blackrock team up and try to slow throughput on the blockchain. They load up 30,000 transactions to occupy 30,000 blocks (4mb txs) and turn off their hash power. Yes after 2016 blocks / transactions there would be a difficulty adjustment but then they could load up another 30,000 blocks/ transactions. I know what you’re thinking they can do that now. That’s not really true because right now the core node operators don’t pass around and propagate tx over the 80 byte limit so they wouldn’t be able to get all those tx mined they would have to do them 1 by 1 going out of band to these shady miners like marathon and Luxor.
Right now the average txs per block is like 3,000 that could trend way lower with a limitless OP_RETURN.
These people want to force us to pass around dick butts to each other and they don’t want you to opt out because then it’s harder for them to slow down the throughput of the network.
This is just one hypothesis
A bad actor will be able to "spam" attack the network either way. High fees are not detrimental to Bitcoin, only to people who, like Btrashers, believe that on-chain transactions should be viable for micro payments. This is not a feasable position if you accept that a limited supply will lead to price appreciation.
Btw knots is not a soft fork it shares the same consensus rules as core