Relax OP_RETURN standardness restrictions

The conversation delves into the nuanced terrain of Bitcoin's transaction policies, particularly focusing on spam transactions and relay policies. It begins with a clarification that the vast majority of current transactions adhere to standard formats, contrary to some discussions suggesting an increase in non-standard transactions due to speculative accommodations for a startup's whitepaper proposal. The discourse emphasizes that there is no significant shift towards making relay policies more restrictive; rather, the community is exploring ways to make them more flexible preemptively.

A critical examination of contrasting statements attributed to gmaxwell reveals a misunderstanding or misattribution regarding his stance on spam and relay policies. One claim suggests that spam transactions self-limit due to economic constraints, as perpetrators eventually cannot sustain the cost. However, this perspective is challenged by pointing out that issues with relay policy are not fundamentally about the volume of transactions but about the inconsistency between what gets relayed and what gets mined. It's highlighted that even small streams of transactions that bypass relay policies but get mined can disrupt the system without necessarily leading to a flood.

Furthermore, the dialogue scrutinizes the argument surrounding the potential removal of certain restrictions aimed at preventing spam. It's noted that those intending to embed data within transactions can already do so without limits, rendering the debate somewhat moot. The focus shifts to how using specific operations like OP_RETURN could mitigate the impact by preventing unnecessary data from being added to the UTXO set, thus alleviating some concerns related to spam without fundamentally altering the existing situation.

Lastly, the discussion touches upon the broader implications of standardized rules on block reconstruction and the dynamics between miners and direct transactions beyond relay rules. It's suggested that the influence of any random startup or speculative venture is minimal in the grand scheme of considerations for changing relay restrictions. This part of the conversation underscores a longstanding concern over how standardization might be affecting essential aspects of blockchain operation and miner interactions, independent of the specific debates on spam and relay policies.