Posted by Michael Folkson
May 8, 2023/12:33 UTC
In a recent post on the Bitcoin-dev mailing list, Ali Sherief expressed concern over the congestion caused by high volume side projects such as BRC-20 that are pricing out real bitcoin transactions. He suggested taking action to curtail the loophole in BIP 342 which has allowed these unintended consequences. However, Michael Folkson responded by pointing out that if transactions are consensus compatible and paying fees at the market rate, the system is working as it should. He further explained the technical reasons for the design decisions in BIP 342, highlighting the difficulties with a policy change or a consensus change. Folkson argued that a game of whack-a-mole with blunt tools such as policy rules and especially consensus rules is ineffective at best and harmful at worst. Finally, he warned that assuming one embarks on a game of whack-a-mole, there is nothing to stop a group of people from popping up in a year declaring their opposition to one's use case and trying to prevent it.
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May 7 - May 12, 2023
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