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0 sats \ 1 reply \ @028559d218 OP 8 Sep \ parent \ on: Knots doesn't make any sense to me bitcoin
My understanding is that the 'witness discount' made it cheaper to batch transactions... to include consolidating UTXOs/change or cheaper for exchanges to batch transactions to many different users (which they do all the time).
So it was 'more efficient' to pay to many... or consolidate UTXOs and an improvement from legacy addresses (This is just what I have read I am not an expert).
Also, with fees at 0, 16 years in, it's hard to argue we needed the witness discount to increase the block size.
Block size is a very tricky thing. A few years ago it was "wow we need scaling" now it's common to see a tumbleweed/half empty blocks. I don't understand it honestly.
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10 sats \ 0 replies \ @000w2 8 Sep
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.
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