Purple fomo
this book is the best attempt at that:
https://www.amazon.com/Reasons-Buy-Altcoins-Comprehensive-Guide/dp/B09K1TWRFL
and then miners will get used to false profits and when it dries up they will try to force change to bitcoin not because its better for bitcoin but because its better for their profits
gmax on OP_RETURN
thats why its good to have many different mining pools, including lukes.
funny how this is the same thing nostr will have through to prevent relay centralization, we always need to have the choice in relays, same with mining pools.
great to finally get the real jimmy here instead of your regular syndicated copy pastes. keep it up!
people forget that bitcoiners only need miners to solve the double spending problem, without that problem miners wouldn't exist in the first place.
we pay miners either directly with fees or indirectly through inflation by block subsidy to fulfil that role.
if miners find other ways to increase profits thats fine for them but if it starts conflicting with solving the double spending problem, it becomes a problem.
when spending becomes too expensive - not because of market demand for spending - but because of miners choosing to direct resources to processing arbitrary data instead of financial transactions, it conflicts with solving the double spending problem.
there aren't many ways out of this problem but ocean is one way, i think they have long term staying power. ordinals or inscriptions come and go, we've all seen this before in the previous cycles.
these are not just profit seeking miners, they are willing to sacrifice some profit for the health of the network, the long term value of their bitcoin outweighs the short term gains of spam fees.
TEST
New psyop just dropped. The existing standardness rules such as the 80 byte limit on OP_RETURN are now called "paternalisms", and a few devs have started to make moves to remove them from Bitcoin Core v26 and onwards.
This would change the default relaying policy to further encourage the use of Bitcoin as a permanent storage medium.
If you want to voice your concern over this development you can do it in this Pull Request: https://github.com/bitcoin/bitcoin/pull/28130
not surprising that it is coming from #[0] hes been acting a bit strange lately, wanting to remove the 21m limit and spreading lies when #[1] got hacked
👍
They also become the validators for anything that happens on the sidechains. Bitcoiners have an ethos of running nodes themselves to validate. That same ethos won’t exist on the sidechains and people will just trust the miners to do it.
If you haven’t noticed, in Ethereum they even renamed the miners to validators.
I don’t like anything that changes the role of mining to anything other than providing Proof of Work. Their role is very simple now, provide valid Proof of Work, get paid.
Adding anything else to their job description distorts incentives and its unknown what the outcomes are on Bitcoin but its disastrous on Ethereum
Assuming it wouldn't end up in failure? Because we already have seen what happened, some did choose the big block route, the block size limit was bigger, but usage lower, so the answer in reality is close to 200 GB.
In a fantasy where we have a magic wand to remove all the bad side effects of that route, maybe between 750-1000GB?
- obfuscate arbitrary data in transactions
"under 1 BTC" means nothing if you don't account for bitcoins price. The 50, 25 and 12,5 BTC block rewards of the first epochs could buy a lot less than todays 6.25 BTC reward.
Unless you are assuming Bitcoin has already become a unit of account in the next few years its a bit speculative to assume 1 BTC will be worth less than 6,25 BTC now.
Apple wouldn’t allow a browser that comes with pornhub as a default tab. In a nostr client the default relays are the default browser tabs. I don’t think Apple would have a problem with users adding their own relays, just as you can visit any website you want.