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All valid transactions are equally legitimate

  1. People will always be able to stuff arbitrary data into valid transactions.
  2. There is no test possible for transaction legitimacy.
  3. "Spam" is a subjective term.
  4. Bitcoin answers subjective questions with markets.
  5. The fee market is the best way to determine which valid transactions end up in blocks.

The sender of each transaction should decide for themselves how much of a priority it has

If we have to decide which transactions should and which transactions shouldn't get into a block because we have limited space, there's really only two ways to do that. One is to specify in the software which transactions are good transactions and which are bad transactions -- what I euphemistically call a dictatorship of developers. Think about it. If developers get to decide which is a valid transaction that should be prioritized versus which transaction is wasteful or spam or for an irrelevant application that they don't particularly need, we just created a dictatorship of developers. They decide which applications are now allowed on the network simply by controlling that function. There is only one way to correctly price the scarce resource of blockspace in a way that doesn't give any one control -- and that is a market. So fees operate as a market, in order to give the freedom of the sender of each transaction to decide for themselves how important the transaction is and how much of a priority it has in their perspective.
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this territory is moderated
101 sats \ 1 reply \ @LibertasBR 18h
Those who rushed to use Knots should go back to using fiat since they want a central authority, a middleman, defining the sacred and the profane in the blockchain.
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202 sats \ 0 replies \ @DarthCoin 10h
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Shocked, absolutely shocked that people are coming around to the idea of markets functioning better than monopolists!
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It seems like an idea that bitcoiners would generally get behind, and yet...
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Bitcoiners don’t seem to be into the nuts and bolts of the economy, at all. Perhaps they are just speculating, vis-a-vis fiat. I just don’t understand.
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0 sats \ 1 reply \ @anon 10h
There are two types of transactions (1) d1ckhut jpeg posts on chain (2) people buying stuff with bitcoin
(2) is wholesome
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102 sats \ 0 replies \ @DarthCoin 9h
(3) opening /closing LN channels btw, you do not "buy stuff" with an onchain transaction. LN is THE payment network (for buying stuff with bitcoin). Onchain is THE transaction network (settlement).
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