reply on: A Knotty Irony - Nifynei shares her thoughts on the OP

pull down to refresh

324 sats \ 7 replies \ @LibreHans 19 Sep \ on: A Knotty Irony - Nifynei shares her thoughts on the OP_RETURN drama bitcoin

What her post conveniently ignores: there are ZERO incentives to use op_return over witness data, so changing op_return is pointless to her entire article. The change of op_return is about developers changing how bitcoin is governed, they want to push through controversial changes with sound technical reasons that don't match economic reality.

152 sats \ 6 replies \ @Murch 20 Sep

Luckily, the point is not that op_return takes over for witness data. It's that bigger op_return outputs are better than having data in payment outputs.

123 sats \ 3 replies \ @ek 20 Sep

Thank you @Murch for consistently contributing to discussions on SN!

But isn't using OP_RETURN to store data 4x more expensive since there's no witness discount? I think that's what @LibreHans was hinting at.

222 sats \ 2 replies \ @Murch 20 Sep

Thanks. Librehans’s argument is a strawman. He says op_return is not better than inscriptions, so it has no upside. But op_return is slightly cheaper than storing data in payment outputs, and much less harmful. This improvement over data being stored in payment outputs is the central reason for the op_return increase.

The linked tweet by Mononaut describes a scheme that is akin to brc-20 and plans to store data in one or several payment outputs when the op_return limit is exceeded.

123 sats \ 1 reply \ @ek 20 Sep

I think I really need to take @niftynei's intro to bitcoin transactions to understand all the differences between standard vs non-standard transactions, witness discount, OP_RETURN etc.

@niftynei when she reads this:

21 sats \ 0 replies \ @LibreHans 20 Sep

You should read about btc-20 tokens as well. It's funny that Murch brings them up as an argument for larger op_return, when they just need more storage because their design is ridiculously bad. Saying that brc-20 tokens need bigger op_return is making the case for not increasing op_return.

0 sats \ 0 replies \ @nitter 20 Sep

https://xcancel.com/mononautical/status/1968527558846419299

0 sats \ 0 replies \ @LibreHans 20 Sep

Ah yes, the evidence free economic reasoning again. We have zero known good use cases for bigger op returns, even citrea say they don't want to use them