Post
Topic
Board Bitcoin Discussion
Merits 27 from 13 users
Re: Important reminders
by
LoyceV
on 21/04/2024, 10:19:00 UTC
⭐ Merited by BlackHatCoiner (4) ,NeuroticFish (4) ,RickDeckard (4) ,ABCbits (3) ,hosseinimr93 (2) ,Pmalek (2) ,NotATether (2) ,BlackBoss_ (1) ,Despairo (1) ,Z-tight (1) ,JayJuanGee (1) ,goinmerry (1) ,DdmrDdmr (1)
I may be hated for saying this, but what's currently happening in the mempool is a feature, not a bug. The fact that we have a fixed-sized block limit means that the current clogged up state would inevitably happen sometime.
I'm going to disagree with you. The fact that Bitcoin is currently useless for small transactions, and very expensive for large transactions is a serious problem. I'm now teaching my kids to use Monero, simply because Bitcoin fees take up an entire year of their allowance. Bitcoin has lost out on so many potential users and transactions over the years, just because it can't handle more. I don't like it.
LN isn't going to solve this if opening and closing a channel costs a week worth of food.

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Another important reminder: Censorship won't prevent monkey jpegs. Let's leave asides if censoring monkeys would undermine one of the important properties: It just technically doesn't work. People who spend dozens of millions of dollars in monkeys everyday can bypass every censorship measure and save them straight to the UTXO set, which would be a lot worse for the rest of us.
Reinstating the "coin days destroyed" priority mechanism can help. Spammers can't destroy unlimited coin days, but this isn't in the interest of miners. And that's a fundamental problem: the ones who earn from high fees benefit from the flaws in the fee system.

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Here's another: As long as the law of supply and demand defines the price of block bytes, we can never on-board billions or even millions of people on a layer-1 solution, unless we undermine another important property; being practical to verify the ledger.
Yep. It sucks. What's left: all Bitcoin users keeping their coins on large centralized exchanges and ETFs? That destroys the concept of "electronic cash".

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Final reminder: The free market decides the ideal tradeoff. "Is it better to have a dynamical block size?", "Would it be worse if we traded 'being practical to verify' with 'being for the poor'?", "Would a tail emission save the situation?". These questions are not easy to answer. However, we have a lot of cryptocurrency options, each tailored to meet different needs. It's up to us to determine which option suits us best and to refrain from complaining about the shortcomings of a single solution.
Hey, I get to complain about transaction fees! At least let me have this Tongue
I just hate seeing Bitcoin lose market share to shitcoins, because Bitcoin can't handle the transaction volume that comes with it's popularity.