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Hey Jason, perhaps it isn’t clear, but the block weight limit has not changed and is not expected to change. Today, just as any day since segwit activated, the blockchain cannot grow more than 4 MB per block, but in reality, it grows by about 1.6 MB per block. If people put a lot of OP_RETURN data, it would grow closer to 1 MB per block, because output data does not get the witness discount. For all of these reasons, the concern that the blockchain will grow faster due to this mempool policy change is easily dismissed — it’s simply untenable.
As to whether porn will be stored on the blockchain, there has been smut and illegal content on the blockchain for over a decade. It’s an obvious result of a censorship resistant append-only data structure with open write access. You may understand then why that doesn’t keep people awake at night, and why it is hard to admit it as a some sort of changed reality. On the other hand, concern about sitcoms getting stored is just absurd. Even while feerates are pretty low now, blockspace is strictly limited (as described above), and if anyone added to the current demand by trying to store big data files, demand would immediately exceed the blockspace production. As you’d expect, the feerates would shoot up, and storing large amounts of data would be prohibitively expensive. While payment transactions would also get more expensive, they are generally tiny and people would be easily able to outbid other demand for urgent transactions. This dynamic in addition to the initial hype having tapered off, is why all the “NFTs on Bitcoin” crap is at a fraction of its ATH prices: the scarcity of blockspace makes it unsustainably expensive in the long run.
So, in my humble opinion, Mechanic has worked himself up over discovering how things always have been, but ymmv.
21 sats \ 0 replies \ @jasonb 8h
Yeah, thanks again. A lot to chew on here…including things that once made total sense to me, yet the debate has kind of got me to forget.
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21 sats \ 0 replies \ @jasonb 8h
Thanks for this. I’m tracking. I’m still not tracking enough to update to core 30 yet, but enough to shut up and listen again for a while.
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