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@000w2
stacking since: #708835
0 sats \ 0 replies \ @000w2 1h \ parent \ on: Saying 1 btc = 1 btc when fiat price goes down is stupidity/cope bitcoin
You don't have to use it. If you travel a lot you get used to using your own unit of account (the unit of your main savings) and you mentally convert random prices in random fiat currencies to your unit of account.
In the tweets above I just see some arrogant douche who's personal unit of account is the dollar trying to tell someone on a bitcoin standard they are wrong.
Exactly, it was meant to reduce utxo set bloat by making utxo consolidation cheaper. But I think we can all agree at this point, it has had the complete opposite effect in practice. The net result has been more utxo bloat due to all the jpeg spam.
If blocks were still 1mb (i.e. no witness discount), and the jpegers were paying 4x the cost to fairly compete with monetary transactions, I think a lot of the spam never would have happened.
You said it yourself...
So who is to blame?
the fact that op_return is 4x as expensive as Witness
But there is no reflection as to why witness data is ¼ the price, and whether or not making it so was a mistake.
IMO it clearly was a mistake in hindsight. All the arguing about mempool filters seems to be anger boiling over that there has been no admission that this was a mistake from core devs.
Also, with fees at 0, 16 years in, it's hard to argue we needed the witness discount to increase the block size.
Right, but the original intent of the witness discount was to incentivize utxo consolidation.
Before the discount, a tx with 1 input and 2 outputs was cheaper than a tx with 2 inputs and 1 output (because 2 inputs require 2 signatures). The discount was an attempt to equalize the costs and reduce utxo bloat.
It's wild to me that it had the complete opposite effect.
This is the insane thing to me. The witness discount was put in place to incentivize not creating additional utxos, but has had the complete opposite effect. What's wrong with admitting it was a mistake?
If you just download bitcoin core, run it, connect a wallet, and use it to verify your own transactions, your node won't show up in these counts.
I'm scared of driving, to the point where I trust random people and even robots to drive me around, rather than trust myself. My life is literally in their hands, and I trust them more. But would never trust an exchange with my keys.
Fiat is the ponzi scheme. This is the largest speculative attack on fiat money happening right now. You're looking at it through a fiat lens - bitcoin is the money, they have a shit load of it.
And whether or not the country coerces you into taking experimental shots in order to keep your job.