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Uumni20d ago
Why can't fees out price spam.. Has anyone done the numbers on this? Do minimal fees eliminate more than 95% of the spam? Some thoughts from another post: 📝 3cd8368b…
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Replying to: 3eb44bb3c6b9…

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HHide&Seek20d ago
Honnestly I think it's hard to generalize the answer, because the non-monetary market oscillates between two states: hyped or dormant. Hyped markets, such as during the inscription craze, can actually outprice monetary usage & that's precisely what caused all the resentment against these use cases - they are also incredibly hungry in block space and significantly deter scaling efforts, on a system that is already low throughput. Luckily, this state isn't sustainable - it's a bubble - but it's definitely a nuisance. Dormant markets can definitely be outpriced, though the UTXO clutter and block burden from the past doesn't go anywhere, right? What's happening right now is that, because onchain activity is so low, miners will fill the blocks with whatever garbage at whatever price - which is always better than 0. In other words, for miners, there's always an incentive to fill the blocks no matter what. This is why I think we entered an era of forever-full blocks, because miners can now marginally stimulate markets that will buy the stranded block space for storage or meme. This whole thing gives the statistical illusion that spam has been able to constantly occupy a significant portion of our blocks, and that it will be able to keep doing so; But that's conflating two different states of the market. In the first state, it was a real nuisance because it was outpricing bitcoin users, clogging the throughput. In the second, current state, it's not outpricing anyone, it's just that bitcoin is not being used at full capacity. Arguably, the spam market is now so weak that we could easily outprice it if more people were to use bitcoin - it's not clogging the throughput anymore, but it is definitely filling the blocks, adding unecessary weight to the blockchain. My point in an earlier note was that, whether or not you manage to defeat that spam, it won't take long before the block fills again durably because of mass adoption. Either way, forever-full block is a state of things we'll have to adapt to. Now, if we could dodge another spam hype or two, that would definitely be a great thing — but doing so through a BIP that hurts bitcoin fundamentals & legitimate projects is definitely a bad trade. Good engineering requires to be level-headed, patient, focused, and be willing to look at the problem from as many angles as possible in orders to discover the best trade-offs. Only the highest quality solutions should be allowed to make their way into bitcoin consensus. There's a reason why most proposal fails, and it's a very healthy state of things. :)
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