Great read...
Bitcoin Has a Squatter Problem. BIP 110 Is the Eviction Notice.
Why a temporary soft fork is the most important thing happening in Bitcoin right now, and why the FUD about it is dead wrong.
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Great read...
Bitcoin Has a Squatter Problem. BIP 110 Is the Eviction Notice.
Why a temporary soft fork is the most important thing happening in Bitcoin right now, and why the FUD about it is dead wrong.
We must be living in different universes. The mempool cleared this week to 1.04 blocks worth of transactions waiting. The feerate necessary to be in the next block is currently 0.1033 s/vB. The spam transactions make up the absolute bottom of the mempool, their feerates are a fraction of those of payment transactions. So that “market failure” your son(?) is decrying seems to be insufficient demand for payment transactions. How is that supposed to be fixed by BIP 110?
That's beside the point. This is likely a temporary lull, the calm before the agent storm, it wasn't so long ago that fees were unreasonably high.
What exactly... will make fees go up high again?
Are we adding more Bitcoiners who are going out to use Bitcoin? No.
More merchants? Not really.
Price volatility for traders? I mean... maybe. But it's not payments so much as people sending and receiving to an exchange.
Most of the Stackers know how to use Lightning which is... CRAZY efficient. Buying one channel from an LSP with 1 million sats will cost you < 10$. Use and refill, use and refill, use and refill...
The only reason to transact is for a transaction more than 600-700$ or to move in/out of cold storage. That's it.
Have you heard of AI? Nonetheless if fees don't go back up (which they likely will, as they've done before), you're arguing in favor of bloating the blockchain with spam just to artificially make it more expensive to use Bitcoin? Not a great argument. What are the actual arguments against BIP110: spammers gonna spam? Cause that's weak ass.
The article is rather compelling. Until I hear an actually logical argument against BIP101 it's clear to me which way to vote.
No... no I'm not that is a crazy idea so no. But even if I wanted to...
The spammers don't want to pay for blockspace anymore.
The spammers only pay for ordinals/runes/inscriptions when they think someone will buy them from them... which they won't anymore so the spammers have left and we are at .1 sat/vbyte.
Even if I thought "spam was good" let's "bloat the chain" who's going to pay for it? Me? Core? Wall Street?
No the spammers have to pay, they did during the last havening they burned >37 BTC and what did it get them?
They left.
#1435533
uteeexo is the most important thing happening in bitcoin right now.
Bip 110 is decoy marketing collateral to force core to bemd the knee when luke releases the files.
help luke-jr, test and run existing utreexo implementatios.
#1277724
"The rumors have been swirling about a secret knots code fork that actually fixes the utxo bloat, at least since Bitcoin Prague 2024."
that he may finally
#ReleaseTheFiles 🫵🏼🎄✖️⭕ !
UTreeXO fixes UTXO set bloat. But it doesn't fix blockchain bloat from inscriptions.
what is the difference between utxo set bloat and blockchain bloat?
There is no difference.
Which Luke knows perfectly well. Possibly better than anyone.
Time will tell...
Of course there is a difference. The UTXO set are all of the unspent outputs, against which new transactions are verified. The blockchain is the entire history of transactions up until now. If you want to run a full node, you have to store the entire blockchain. You don't however need to store the entire UTXO set with UTreeXO, only the outputs that you own.
The point is that utxo bloat is a scarier problem than blockchain bloat.
So if you can solve utxo bloat, there really isn't any kind of bloat priblem.
( blocks are limited to 1mb, utxo set has no limit. )
tldr utreexo solves the more serious problem. and there is no other way to solve it.
making utreexo (on a long enougj timescale) inevitable.
Blocks are limited to 4 MB.
Agreed.
Though that doesn't make big spam-filled blocks any better.
It is not necessary to store the entire blockchain to run a full node.
My bad, I meant an archival node, which can bootstrap other full nodes.
Did you read the BIP?
Doesn't have to. He's a "Blockchain strategist" :)
Activating without the minimum threshold of miner signaling... just seems like the craziest thing to me. They would have way more support if they didn't do this.
Interesting perspective. The idea of calling it an “eviction notice” makes sense if you see block space as scarce property.
But how do we balance that with Bitcoin’s neutrality?
Where’s the line between protecting the protocol and restricting usage?
Data storage was always considered an abuse of Bitcoin.
https://en.bitcoin.it/wiki/Spam_transactions
https://en.bitcoin.it/wiki/Weaknesses#Illegal_content_in_the_block_chain
https://gnusha.org/pi/bitcoindev/CAAS2fgSkiqfhJxHJNw8i8G5yd1XY6tUTDynQ+AekbwmHP_jZmw@mail.gmail.com/t/#u
Bitcoin Block space is the SCARESEST and most DURABLE storage network on the planet.
A single HDD/SSD can store a 1MB jpeg for nano-pennies - but it is NOT durable, it will fail unexpectedly.
A raid-array can store a 1MB jpeg for ~$0.01 cent - but it is only single-host durable.
A network storage cluster (CEPH, Gluster, SAN) can store a 1MB for tens of pennies - but is only site/location durable (usually.)
Bitcoin is a Globally/Planet-wide durable storage device. This is a BIG deal, and the shitcoiners have figured it out. We are allowing grifters, like Citrea (Jameson Lopp, Peter Thiel, Eric Vorhees) to store 1->4MB of data onto 60,137 Full-Archive Bitcoin nodes for < $0.0229 per MB replicated! (Napkin math: 1MB*60.1k = $1372fee / ~60GB replicated) - this is planetarily durable!! All of us node runners, now and forever, then must now download, store, and keep in UTXO_Memory; all of this non-monetary bullshit. And we're doing it at OUR TIME and FINANCIAL BURDEN, this is also a barrier to entry for new node runners. [Block pricing reference: https://mempool.space/block/935967 , a stupid ogg/vorbis audio file ] PS: And fuck you Marathon for this block, publicly fiat-traded pieces of shit.
Rug the spammers. Rug Citrea. Rug Marathon. Rug Jameson Lopp, Eric Vorhees, Adam Back, and especially Peter Thiel. We've already voted Vitalk, Roger Ver, Craig Wright, and their ilk off the island. And each time Bitcoin became stronger.
Only utxos need to be stored in memory. OP_RETURN data does not as there's nothing spendable about it. It's always going to be possible to store data you don't like in the chain and whether it's two cents or two dollars per megabyte it's a steal for, and I'll do you one better, universe-wide redundancy. After all that BIP110 still doesn't make sense.
True-ish, on OP_RETURN. It is the lesser of arbitrary data evils (in UTXO memory space, but still a block-space blight. Most ordinal OP_RETURNs float right at the UTXO dust-limit. Meaning it is never intended to be of monetary value, but still remain transferable (spendable). This is how ordinals work... And most-evil are inscriptions which abuse Taproot operations and addresses to encode (inscribe) data into MANY UTXOs. These now represent the majority of Bitcoin UTXOs stored in UTXO memory.
Rug the scammers, take back Bitcoin. BIP110 detractors tend to be emotional mid-wits. If this stuff is OK to anybody here, go research Solana or Ethereum. We built Bitcoin, we were here first.
You are referring to BRC-20s... they caused most of the increase in the UTXO set. They were designed to "pump" and the "pumpers" gamed them in such a way that the more outputs in a transaction, the "more tokens" you had.
So what did the degens do? Make huge numbers of outputs then lost the keys when they didn't get that 100x that's what happened.
Otoh I don't know how Bip-110 fixes any of this. Bip-110 doesn't stop, prevent, or fix Runes memecoins, their proliferation or the next version of runes whatever they are called that fits in op_return.
The highlighted below is everything with an op_return...
This block burned up > 37 BTC in fees alone. If people are willing to spend that much just to burn it all in op_return how are you going to stop them?
And not even all UTXOs need to be stored in memory, just some.
Great information - I was not aware of this and hopefully it goes through and the spam on the blockchain stops.
Let the fee market work. Artificial constraints don't help the long term neutrality and development of use cases which are unknown today. Vote note on BIP110.
who is this "free market" that everyone keeps talking about, and how does one make him decide?
let's add this to the list of thot-terminating clichés: https://primal.net/e/nevent1qqsvz4p92j2ldlyxsgss88stqdnrcgezmcy7jc22mnrcca7r0xvvm3guvq45c