Well, it’s not good. I’m not that long in Bitcoin but clearly people making changes were not running the numbers or not presenting it to everyone. 16x in timespace is quite crazy expansion, no life form would survive this as far as I’m concerned. It sounds like you nailed exact problem which was hidden in plain sight before.

🚨🚨SegWit introduced a subtle and deadly bug into Bitcoin 🚨🚨 Physically, every bit written to the blockchain is identical. Every bit consumes storage, bandwidth, validation time, and must be preserved forever by every future node. From the perspective of irreversible memory, physical memory cost = 1 bit Economically SegWit assigns different prices to identical physical bits through witness discounting. Different bits have different satoshi equivalence despite the fact that all memory is PHYSICAL. Economic memory cost ≠1 bit The ratio of 21 Bitcoin and 4MB block space has been significantly changed and distorted the pricing of blockspace. This means 1 bit ≠ 1 bit economically with respect to a conserved finite Satoshi. The fee market is no longer pricing the true thermodynamic burden of permanent memory. Instead, it prices protocol-defined/discounted classes of memory differently, even though every stored bit imposes the same perpetual cost on the network. This is a broken conservation law that is fundamental to Bitcoin that has been ongoing for 9 years now. We need to fix this ASAP. A conserved information system cannot simultaneously claim that every bit contributes equally to eternal memory while assigning unequal economic value to identical physical memory. Once that symmetry is broken, the incentives become distorted. Rational actors naturally migrate toward discounted memory, not because it is more valuable, but because the protocol made it artificially cheaper. OP_RETURN and inscriptions did not create this distortion. They revealed it. Bitcoin began with a remarkably simple conservation principle: 1 sat = 1 sat 1 bit = 1 bit We have broken the most basic principle in all of formal logic, the principle of identity. 1=1 Prior to Segwit, the fee market worked because every participant competed for the same finite resource under the same economic rules. We need to recover Satoshi’s symmetry and restore the original economics of blockspace. This is an existential threat to Bitcoin’s conservation of value. We need a Bitcoin Reversal Proposal. It’s fucked up that we need to fork to go back to the protocol, conservation and constants Satoshi gave us. What the fuck guys? We are so fucking wrong about Bitcoin. View quoted note →