Nostr Web Client

#vlog 34

Core v30 Won't Kill Bitcoin

https://blossom.primal.net/00575006f1dbc2f1a4a8390c64fd36a4e0dc1339edcb595fe4db6acc828378d6.mov

Thanks for bringing some sanity back into this debate Jimmy. 160 was probably the right default. I think it remains to be seen though if this change adds more spam. This “new” vector is 4x the cost and I think inscriptions allow the full blocksize to be used, so up to 40x the storage of op_return.

The market for arbitrary data is partly a function of low fee rates combined with the novelty/rarity of the embedded data. I don’t think it’s possible to permanently address either, but it seems like higher fees will lead to decreased interest in spamming the chain, so let’s figure out ways to get the fees up

Reply to this note

Please Login to reply.

Discussion

Stacking Functions 3mo ago 💬 1

You're thinking about this rationally from a free market perspective. But do you think a state would ever seed compromising "data" and not care about paying 4x? Then people "hosting" that data on their nodes could be held liable, de-incentivizing node runneing and leading to more centralization and control

I haven't followed this discussion closely so if anyone has an answer to that I'm all ears

FernandoTheKoala 3mo ago 💬 2

I followed this discussion a lot, and I resonate with your impression of it namely:

core devs are looking at it from a purely technical angle + economic incentive angle, but they are not considering AT ALLthe possibility of a malicious actor who only cares about hurting the network (and does not care about using more expensive ways to achieve this).

It almost fee like this "we already won and so we can do whatever" mentality has spread a bit too much....I'm worried about this arrogance/over-confidence, and lack of being cautious

Stacking Functions 3mo ago 💬 1

100%. Pride (and lack of humility) tends to come before the fall- so I am the most bearish on Bitcoin since I bought my first sats

Feels like the same incremental destruction of liberty that the government uses to control people and outcomes (not a perfect analogy but same vibe)

Segwit, taproot, now op return..

It’s just..

Don’t worry…pats head condescendingly

The devs know what they’re doing..

Spam is already getting through..

Trust the science..

I’m a retard when it comes to technical details but I am good at pattern recognition, so my nonchalant “Bitcoin don’t care” attitude is quickly shifting

FernandoTheKoala 3mo ago

we are on the same page man, agree with everything you said.

I'm also bearish here, but on the other hand, if we want to look at the bright side, this whole debate was very useful to stop core "monopoly" as the only reference implementation and the push-back from the community has been great (it shows that we still have enough plebs who are vigilant and do not take shit)

Let's see how things unfold, gotta stay positive and vigilant though, also because ain't no other basket where we can put our hope in! 🤟

stacktoshi 🚀 ∞/21m 3mo ago 💬 1

tbh, I'd go for a 160 default, but this malicious actor stuff is all just FUD. It's possible today with inscriptions *and* OP_RETURN via libreRelay and a willing miner. Packing crap in the witness data has been possible for the past 4 years. What are they waiting for? "contiguous bytes", which this change makes slightly easier to do? That's the only thing stopping them?!

FernandoTheKoala 3mo ago

I hope you are right man. Guess I’m just being over cautious and paranoid