Posted by jk_14 at op.pl
May 9, 2023/08:41 UTC
The discussion surrounding Bitcoin network has led to the realization that the real reason for feeling like "something must be done" is not the spam itself, but rather the $30 fee per transaction. The lack of block subsidy long term and necessity of a high transaction fee threaten the smooth and normal use of the Bitcoin network as a peer-to-peer digital currency, as it was intended to be used as. Due to this issue, the harmony of Bitcoin transactions is being disrupted right now. It is imperative to find a solution for a long-term horrible fees problem that fits everyone's common ground. During the discussion, some participants suggested that action against exorbitant fees should have been taken months ago. Some proposed solutions include implementing existing filters to Taproot transactions or trying a more narrow approach like OP_RETURN. Others suggested enforcing censorship at the node level and introducing a run-time option to instantly prune all non-standard Taproot transactions. However, some individuals may criticize these proposals due to their belief in absolutism/libertarianism/maximum-freedom advocacy. It is worth noting that while some blame side projects such as BRC-20 for causing congestion on the Bitcoin mempool, others argue that it is largely the fault of miners allowing the system to be abused like this. In any case, the community has a responsibility to do something to ensure that this kind of tremendous $40 tx fees can never happen again. One possible suggestion is delaying halving in case of a 4-year long network difficulty regression situation. Ultimately, the Bitcoin network needs a solution for long-term horrible fees problem that fits everyone's common ground.
Thread Summary (24 replies)
May 7 - May 12, 2023
25 messages • 24 replies
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