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10 sats \ 17 replies \ @random_ 16 Jan 2024 \ parent \ on: Opinion: Spam can't cause high fees - Thriller post bitcoin
You need a concrete definition for spam.
"[Bitcoin] verifies and secures endogenous data. Your use of a blockchain to store exogenous data shows you don’t understand the oracle problem."
Exogenous data (spam) has a price advantage to endogenous data, so of course it isn't being priced out. Let me put it to you this way: every 3 sat/vbyte increase in next block confirmation for a real transaction is a 1 sat/vbyte increase for a spam transaction. Couple that with the fact that the data of the spam tx can be sold and you've got yourself a spamchain flywheel.
Would love to see comparison of the number of stamps (not mentioned in the article) to the number of inscriptions. My guess is there are more inscriptions.
If inscriptions were priced out by being 4× more expensive, why did the feerates go up ~500×?
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Re-read that, friend.
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Novel concept: Spam makes money....
Why do you think your inbox is so full?
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Because sending an email does not cost anything.
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Actually, it's because the cost to send spam is less than the expected return. (Bitcoin is here.)
Spam makes money....
... when the spam has nearly zero cost.
I'm not sure I agree with the definition of spam as exogenous data.
If a person encodes some arbitrary data as a signature, it seems like that is clearly exogenous data.
But what if someone uses bitcoin script in a novel way, kinda like BitVM? Is the script exogenous data?
I think the only definition of spam that doesn't bring in subjective value judgments is what I said in the article: transactions that aren't willing to pay the fees.
As to whether there are more or less inscriptions/stamps, I still don't think it's relevant. If bitcoin block space is more valuable to idiots who want to put cat videos there than it is to people who want to use the hardest, most freedom-preserving, censorship resistant money ever invented, we aren't doing a very good job.