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0 sats \ 1 reply \ @028559d218 OP 1 May \ parent \ on: Powerful arguments for the 'meaning' of Bitcoin - What is going on? bitcoin
People must have no idea... just the amount of arbitrary data that is already being stored on-chain.
Bitcoin is being used for relatively large amounts of arbitrary data right now, especially through inscription, but through op_return outputs/runes too.
No amount of hand-wringing and 'ideological purity' will fundamentally change this.
Yes Bitcoin is money... yes it is a monetary network. But that can not and has not stopped people from using op_return to create and trade random memecoins... based on ~ 5 bytes of data in op_return. Look at halving block 840000 it's all op_return.
Even if op_return limits are relaxed... (and I'm not saying they should be) would it really increase the amount of data on-chain? My understanding is that it probably wouldn't.
Inscription/witness data already gets a 75% discount, so why would a spammer use op_return which is 4x more expensive? 4x more expensive just to upload a jpeg or name a memecoin. They are already doing that and paying less
I see. If the data on-chain would not increase, then we could expect that the number of nodes would not be negatively impacted. I would be more convinced by those in favor of the change then.
Ultimately regarding spam, I saw a post from Sjors I think saying that to get rid of useless data (by useless I mean unrelated to Bitcoin as a payment network), a deeper change in the consensus mechanism or soft fork would be needed anyway.
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