Re: What stops people storing large objects on the blockchain?

I believe that formula for calculating TX fee goes (I am not 100% sure):

normal_fee := 0.0005
size := X * 148 + Y * 34 + 10 +- X
fee := normal_fee / (1 - size / 500kB)

Is this is correct or I messed something?

This is for X inputs (with compressed keys) and Y outputs on a regular transaction that is spending coins, but OP wants to know about storing arbitrary data on the blockchain. If we take cryptograffiti[1] as a reference 2,000 bytes cost 0.00144600 BTC according to their preview. A ASCII picture like this costs ~0.03[2,3]. The limit on the costs is for one the fees needed for a TX and the max blocksize, but also that you need to burn bitcoin to an output that you will not be able to spend at a later date as its representing your data. There might be someday someone with the matching private key but the chances for that are as good as impossible.

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[1] http://cryptograffiti.info/
[2] http://cryptograffiti.info/?txnr=3334
[3] https://www.blocktrail.com/BTC/tx/0fc0c50e410b62ee3a316135711116db6b4e728841c976f29ab85e2a41e0dcc3

That is very expensive and lame way of storing data unless the data is very important.

Yeah seems pretty stupid to me. The best use would be to store hashes that convert to anything. A hash can convert into an entire book for example, and you can store the hash string for peanuts.