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81 sats \ 0 replies \ @justin_shocknet 11h \ on: What problems would there be if L1 were filled by something other than BTC tx? bitcoin
I think your framing is backwards here... the right question imo is what problems must be present such that the chain becomes shared storage.
The only reason non-tx data gets to the chain is because it's not yet priced out, and that the nature of markets is trying all the wrong things it can afford to try before profit maximizing the right thing.
Non-monetary use-cases are experimentation in wrong things, like the ordinals example, omni before that... I can't even imagine how long an exhaustive list is. These things come in waves, try -> fail, and that's natural. With each failure there's a new cohort to profit maximize the right thing, Bitcoin as money.
As Bitcoin becomes more valuable and stupidity lifecycle reaches its inevitable conclusion, spam will be a non-issue.
The asterisk to this of course is a scenario where Bitcoin fails to reach its value potential, thereby leaving room for perpetual experiments in frivolities. What could cause that is its own question.
Another issue I see in your framing is the equivalence of L1 and L2 Bitcoin. L2 is inherently less valuable at the margins than L1 because there are inherent and unavoidable trade-offs like online-ness. Also the infrequency that L1 needs to be interacted with, because of L2's, creates a Jevon's paradox: Space on L1 becomes even more valuable, not less.
Lastly, the spam issue of the hour is coming from fake layer 2's...
Bitcoin is so unfathomably scarce that the majority of VC funding in the ecosystem is in fake Layer 2's. Your Liquids, Arks, Sparks, Mints, Spider/State/Shadowchains, Shitrea's, and so on...
Why?
Because only a very small minority of the planet will ever be able to afford to use Bitcoin independently, so they have identified a potentially massive market in trust-smuggling their usage.
This means that the latest spam threat is actually the market sniffing out a massive value appreciation in Bitcoin, and that because these are trusted systems without the scaling boundaries, the spam will actually decrease as most of them become redundant and therefore priced out.