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No. Because I don't see how we can have a "permanent" reduction in arbitrary data storage. People will just figure out other hacky ways to embed arbitrary data. So I don't see the point in chasing. I think the block size limit and the fee market are adequate to address this problem.
What if someone proposed expanding arbitrary data limits?
Do you mean expand the block size limit? I don't think I'd run that.
Is that the only bound on data storage? I thought some fields had maximum values.
Mempool Policy limits some fields. For example transactions above 100,000 vB are considered non-standard and will not get admitted to nodes’ mempools.
Consensus Rules are very lenient to transactions, it has e.g., always been valid to fill the entire block with a single transaction, or even just a single output script (although output scripts over 10,000 bytes are unspendable).
I’m not interested in defending this particular approach.
Would you feel differently if it was just a straightforward permanent reduction in arbitrary data storage?