Oddbean new post about login | logout Inscriptions could happen before SegWit, it would have only meant fees would have gone up a little less. And it would pollute the UTXO set instead of storing it in witness
Yeah none of it really stops or prevents anything. And the witness discount makes sense because having inscriptions there means it can be pruned by anyone who doesn’t want to store that trash.
No one said Segwit allowed spam, it simply made giant blocks full of it possible and added financial incentives to do it.
None of those are true
Both of them are true. 4mb blocks can contain a lot more spam than 1mb blocks and the witness discount made it cheaper
Made it cheaper how? On the surface it may seem like it but you have to realize this availability of space meant more demand and more fees, until the market reached the amount they would pay reasonably per byte stored Contain more spam, sure, but also contains more non-spam TXs
The witness discount means that each byte of spam is cheaper than a bit of meaningful transaction. This was all done when blocks were mostly empty.
and today, stuffing the witness section full of bullshit is cheaper and the amount of witness is unlimited. Spam fest
ah, "more tx" yes so you probably should use bcash because that has massive blocks full of those wonderful transactions. There will never be enough transaction space in bitcoin no matter what you do. Incentivizing spam is only making it worse.
even today blockspace is cheap for transactions yet we incentivize spam. The good news is that eventually a single transaction is going to cost $1000 or more and that will probably put an end to spam. The bad news is, nothing will drive "big block" bullshit harder than that.
The bottom line is it doesn't really matter cause those things have been merged in. Taproot and the rest is live and there is no way to get the pee out of the pool. But we can certainly prevent more exploits from being added in an attempt to "scale bitcoin" which is an absurd idea when you understand why blocks and small and blocktime is long
before segwit spam had to compete with legit transactions for space. The witness discount was core basically saying "ok you can spam, but put it in the witness section so it doesn't bloat the utxo set. And then taproot took out the witness limit and now our blocks are full of dickbutts. Personally I'm of the opinion that if spam had to compete for blockspace on an even playing field you would see a lot less of it. The moral of the story, especially with taproot, is that when you start fucking around with "perfect money" all you can really do is make it less perfect.... If it aint broken, dont fix it.
They are competing for blockspace even with Segwit. Not that it would stop spam. Please do research.
with a discount, please do some research
normal transactions also get a discount
A normal segwit transaction is 60% witness. A spam is 90% witness or more. This makes spam cheaper per vbyte. But I think you know this you're just being argumentative.
after actually examining some of them, looks like a lot of inscriptions are 99% witness data.... so. yeah.
increased block weight, decreased tx cost for spam, both bad for bitcoin