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86 sats \ 12 replies \ @BlokchainB 28 Sep \ on: Calle On Core/Knots bitcoin
My views align with this post. It’s always been very simple for me. If you pay the fee your transaction gets mined.
If bitcoin was congested and fees spiked and were elevated for a long time this wouldn’t be an issue at all.
But thanks to all the degen trading being nerfed by Wall Street the chain isn’t used as much as it used to be thus fees are always at or near the lower bound of 1 sat.
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Luke Dashjr is famous for having a very wide array of very-well-documented crazy opinions, where he wants the state to set rules and he will follow them blindly, and therefore it's very believable that he would advocate an OFAC-compliant hardfork. I agree that he's probably not actually seriously considering it, but he has lost credibility through he own arguments over decades.
- banning monetary transaction that he doesn't like, such as gambling
- women are the property of their husband
- death penalty for adultery
- everybody should follow all laws (even laws that ban Bitcoin)
- monarchy is the best form of government
The evidence is here in this blog post: https://blog.lopp.net/knot-a-serious-project/ . You might distrust the author of that blog post, but he links to large amounts of hard evidence.
Luke is incredibly smart, and his engineering skills have helped Bitcoin a lot, and I hope he will continue to contribute and that we can thank him. But he must not be taken seriously as any sort of leader in Bitcoin
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Because Witness data gets a discount. And inscriptions disguise that arbitrary data as 'program script' basically fake scripts or pushdata (that's my understanding).
The 'witness limit' is 4mb meaning that individual transactions can be quite large. And a certain developer figured out a way to 'pretend' that certain sats were 'traceable'...
So you can 'pretend' that a certain sat corresponds to 'ownership' of certain arbitrary data and then 'sell it' as an nft or collectible etc. It's all so pointless because you can right-click on a jpeg.
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Be practical. Are you advocating for a fork to remove the discount? A lot of people might be open to the idea, if you can get support for a credible plan, as any fork is obviously very difficult
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Or how about just go out and use Bitcoin?
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Not you specifically. You're a Stacker. The collective 'you' as in everybody
My understanding is that the 'witness discount' was created to make the consolidation of UTXOs, and the batching of transactions cheaper.
Legacy addresses were cheaper to spend than to consolidate, meaning that people wouldn't spend/consolidate their change which would result in UTXO bloat over time.
Segwit (and Segwit addresses) made that cheaper (which was its intention) however a much-later byproduct was that arbitrary data, disguised as witness script, also got the same discount basically 75%.
#1 rule of engineering is that design decisions years later can have unintended effects.
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