⚡Arvik⚡'s avatar
⚡Arvik⚡ 5 days ago
What is getting worse? How does protecting other information affect it's ability to act as money?

Replies (1)

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.