What is getting worse?
How does protecting other information affect it's ability to act as money?
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What is getting worse:
- cost of transacting: the more non-p2p-cash transactions in a block, the higher the cost to get into a block for p2p cash txs
- this impacts L2 exit costs and other operational transactions
- higher cumulative cost of cpu, storage and network i/o of running a full node. higher costs hurts decentralization of nodes, serving archive blocks and maintaining a healthy p2p layer (mempool)
- non-monetary tx create drift to exotic protocols being a backbone for scams, this is called ethereumization and we know how it ends
How does tolerating garbage affect it's ability to act as money?
- attracts scammers
- makes bitcoin a vehicle for and of scammers
- slows monetary user growth
- delays hyperbitcoinization
- abuse vectors are kept open leading to more complex code and friction to improve maintainability through simplicity
Bitcoin has a purpose. Satoshi didn't create electronic, p2p library. By doing other things in a resource-limited environment, the secondary, latched-on abuses, evict the users of the purpose of money. eg. Money with spending limits is a worse money. Money costlier to transact is a worse money, and so on.