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0 sats \ 1 reply \ @028559d218 15h \ parent \ on: Peter Wuille post about dropping OP_RETURN limit bitcoin
Because there is no alternative to using Bitcoin. There is no second best, and no viable realistic alternative.
Therefore 200 million companies, 8 billion people more or less on 7 continents, if they want the 'very best' monetary settlement layer and settlement system (which they will) will have to compete for blockspace.
The 'arbitrary data' crowd will still be there. Banging away up to 1mb-per-10 minutes among 8 billion people in op_return.
But they will pay to compete for this 'space' with the entire world making financial/primarily monetary transactions and the fees (demand) will be absolutely outrageous.
I need to move those funds from London to Tokyo. I need to move those funds to an exchange to liquidate... to recapitalize my business or other investment.
Or I need to pay for this item/thing/service which is so valuable... I need it "high priority" mail... as in now I cannot wait.
Oh and you need arbitrary data? Great. Well we'll see how a billion people and 20 million companies compete for that data and monetary access and it will ultimately be a bidding war of epic proportions.
1 mb per 10 minutes for the entire planet.
VS all the world's really valuable monetary transactions that users will bid up...
It will be a vicious bidding war as that was the inevitable, ethical, fate of the mempool anyway.
You misunderstood my post. I was saying why wouldn't someone construct a kind of exclusive version of Steemit on Bitcoin using OP_RETURN.
Lots of people post, maybe using Lightning, and the most popular posts are "settled" on L1 Bitcoin.
The assumption is that these posts would be low value, but what if their very exclusivity and competitive nature made them valuable enough to outcompete monetary transactions?
I want it to be a vicious bidding war between monetary transactions because I believe that content and communication is inherently more valuable to the communicators, and that they will outbid the monetarists if the policy layer is removed and all we are left with is what is valid.
I believe that all of the content demand went to other blockchains because the policy layer made Bitcoin hostile to spam.
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