Tweet of the day https://blossom.primal.net/ee7304661d9ea0b4bc507f38f3dbefba4ec6d7f73813c2d13d3b2fd9e8bf70a5.jpg
Ben - you should stop listening to the influencers who need to go to the Bitcoin conference every year to grow their number of followers. It’s run by David Bailey who invested in a LOT of spamming companies. That means influencers need to sit this one out or attack BIP-110. If they support BIP-110 they might not get on stage in Nashville next year.
Arbitrary data is harmful for node operators. It doesn’t matter if it is because they worry about legal, ethical, moral, or resource concerns - that’s their personal decision. As node operators decide not to run nodes anymore, nodes gradually get centralized like mining pools and miners already have and Bitcoin will be easier to capture.
When you send an on-chain payment transaction that typically uses less than 300 bytes (you can verify this by opening your Bitcoin wallet and clicking the link to see one of your transactions in the mempool). Even opening or closing a lightning channel that uses multisig and time locks is typically less than 600 bytes.
On chain payments and lightning channels account for almost all financial use cases in Bitcoin.
So… that begs the obvious question of who needs 100,000 bytes of OP_RETURN data for a monetary use case?
Enshrining the 83 bytes OP_RETURN limits from before Core v30 in consensus rules so even if node filters get bypassed by miners, those transactions are still invalid is the main thing BIP-110 achieves. It also causes minor disruption to ordinals and limits how much data can be embedded in some scripts.
Perhaps most importantly, it signals to VCs that spam is not welcome so they should reconsider before investing in spammers.
Take 10 minutes to read the BIP. There’s going to be nothing there that you disagree with. That will get you to start questioning what your heros have told you about the BIP.
https://bip110.org/
Arbitrary data is harmful for node operators. It doesn’t matter if it is because they worry about legal, ethical, moral, or resource concerns - that’s their personal decision. As node operators decide not to run nodes anymore, nodes gradually get centralized like mining pools and miners already have and Bitcoin will be easier to capture.
When you send an on-chain payment transaction that typically uses less than 300 bytes (you can verify this by opening your Bitcoin wallet and clicking the link to see one of your transactions in the mempool). Even opening or closing a lightning channel that uses multisig and time locks is typically less than 600 bytes.
On chain payments and lightning channels account for almost all financial use cases in Bitcoin.
So… that begs the obvious question of who needs 100,000 bytes of OP_RETURN data for a monetary use case?
Enshrining the 83 bytes OP_RETURN limits from before Core v30 in consensus rules so even if node filters get bypassed by miners, those transactions are still invalid is the main thing BIP-110 achieves. It also causes minor disruption to ordinals and limits how much data can be embedded in some scripts.
Perhaps most importantly, it signals to VCs that spam is not welcome so they should reconsider before investing in spammers.
Take 10 minutes to read the BIP. There’s going to be nothing there that you disagree with. That will get you to start questioning what your heros have told you about the BIP.
https://bip110.org/
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