Maybe users should be free to store arbitrary data on Bitcoin’s blockchain if they are willing to pay the fees, aligning with its censorship-resistant ethos. Such data could be vital in future scenarios like information destruction or book burning, preserving critical records. However, this increases the UTXO set, slowing node syncing times. Storage capacity isn’t the issue, syncing delays are, especially if Bitcoin faces threats from powerful entities, potentially hindering users ability to influence its direction through full node participation.
Fortunately, solutions like Utreexo and UTXO snapshots are in development to reduce syncing times, and I’m optimistic about ongoing innovations. Higher fees from arbitrary data boost miner rewards, incentivizing mining and strengthening network security, which could be crucial as block rewards halve. This supports Bitcoin’s growth as a global monetary base layer, fostering a freer market and reducing systemic oppression.
Compromises like the Lightning Network help manage high fees with several trade offs. Supporting decentralized mining, including home mining, enhances Bitcoin’s resilience. I value Bitcoin for its immutable, fungible, democratic, and decentralized properties, but we must ensure miners remain incentivized to secure the network, paving the way for a global, equitable financial system.
That said, I’m not convinced mining profitability will continue to be under threat particularly with the growth of decentralised and innovative solutions coming to home based mining and especially as Bitcoin’s value rises against fiat, which “has no bottom.” Concerns about dwindling block rewards might be temporary a hiccup in Bitcoin’s long-term growth as adoption grows so will node and mining participation, Still, I recognize my perspective may reflect financial privilege from a first-world country like Australia. In many regions, lower fees would have a far greater impact, enabling broader adoption.
I’m not wedded to these views and believe we all might need to reconsider rigid perspectives. Bitcoin’s monetary properties are crucial, but I’m eager to learn more, as knowledge is never enough. I want Bitcoin to succeed as money more than anything as it’s my main source of hope in a truly unfair world, not just for "number go up" but the "freedom go up" it promises. I share this to spark discussion, learn from others, and gain new perspectives, acknowledging my view is shaped by the information that I currently have.
I could also be completely retarded but I'd like you to explain to me how.
There's so many layers to this onion.