pull down to refresh

The big difference between email spam and blockchain spam is that the former has virtually no cost, and the latter extracts a cost that miners are happy to pocket. They have to pay to put their Angry Ape crap on the blockchain. And the larger the inscription, the more bytes it takes up, the more expensive it is for them. There is a negligible cost for node runners in hard drive space. I run a node, and this does not bother me at all.
I say, let them pay. This fad will eventually whither away and tx fees will continue to decline. The solution is worse than the problem. Spending precious dev resources figuring out ways to filter this spam is not a good use of their time and furthermore, it will create new problems. The spammers will always find a way forward. E.g. They will pay miners directly to validate their bloated transactions. The side effect will be that miners who welcome this extra revenue will become more profitable than others and over time, this will centralize mining even more than it is today. This is a much worse problem than a bit of blockchain bloat.
Ordinals do not pose an existential threat to Bitcoin. It is a mere annoyance to some, and a novelty to others. The best solution, IMHO, is for Bitcoin devs to do nothing and let spammers pay for inscriptions, and allow this ridiculous fad to fade away into historical irrelevance. You want to stuff shit on the blockchain, you have to pay for it. That's the way it was designed.
Finally someone who understands the game theory behind this.
Very insightful that private minting deals could lead to centralisation.
An you know, there are people who think that the blockchain is growing much faster since inscriptions began. The whole "bloat" argument is severely misunderstood - fees continue to keep inscribers in check.
reply
fees continue to keep inscribers in check.
Precisely.
reply
Can you go more into detail on the bloat? Are you talking about the UTXO set increasing more rapidly ?
reply
No, I'm talking about the size of the blockchain. It grows at a constant pace of about 2MB per block. Blocks with a lot of inscriptions can get over 3MB, but a hard cap per consensus is 4MB - you literally can't grow faster, regardless how many monkeys you stuff into a block.
There is no such data structure in the blockchain as "UTXO set". What "UTXO set" is, is a subset of the entire blockchain. It's an artificial construct, effectively a database index, that Bitcoin Core uses as a solution to a particular problem (that some transactions need to be more accessible to the program than others). Other implementations might do it differently (e.g. store UTXOs and STXOs separately).
If this solution is no longer capable of solving the problem, that's where the developers' time should be spent.
reply
I was going to reply this! Good job.
reply