Bitcoin Mechanic
· 4w
If Bitcoin is not optimized for financial activity, people will transact off chain using trusted third parties, and the blockchain will increasingly consist of junk data no one wants to store.
The as...
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To be money all UTXO’s need to be as fungible as possible.
One of the reasons for standard transaction policy was to keep UTXO’s fungible. The nodes were responsible for filtering/censoring non standard transactions so only fungible ones would get sent to miners to be added to a block. All the miners did was pick the order but were expected to add any and all transactions relayed.
Now the standards have widened so UTXO’s received by mining pools are no longer fungible. Centralized mining pools are in charge of the filtering/censoring now as Bitcoin Core has given away that power and responsibility.
