Post
Topic
Board Bitcoin Discussion
Re: Why is there such a strong sentiment against putting data on the blockchain?
by
dothebeats
on 19/06/2020, 17:23:23 UTC
I recently made a post about an idea I had for standardising OP_RETURN outputs such that data may more easily be stored on the blockchain, and I received a lot of resistance and opposition, For me this makes no sense and data storage is one of the killer apps of blockchain.

People are always looking for killer apps or other things to utilize the blockchain, but do these same people realize that it's often useless to include such "feature" since there already exist tons and tons of viable and better ways to do just that one thing? We don't need to cram the blockchain with different features, we need to improve what's already in it.

I totally get why they don't want tons of data going on to the BTC blockchain and inflating transaction fees, possibly causing the price to tank as it did in the 2018 crash. I strongly believe that this crash was mainly due to the fees, as it coincided perfectly with the upper TPS limit.

The crash happened because the momentum was lost and people can't buy more bitcoin due to its high asking price and not because of high fees and reaching tps limit.

Let me ask a counter question: Why would you want to store more? And what kind of data would you want to store in the blockchain that can't be stored any other (better!) way?

Some people are looking at the blockchain as a huge advertisement wall so I guess that's one of the reasons why they are pushing for such???