Shitcoin Repellent

Bitcoin Maxi. Crypto is a disease. Shitcoins are a cancer. Central Banks are a scam.🌚

[Seth For Privacy @sethforprivacy]

All of the OP_RETURN drama just reinforces for me how few people actually understand how Bitcoin works at a fundamental level.

Anyone telling you that you can filter out arbitrary data at the mempool policy level are either malicious or misinformed, it simply is not feasible.

Soooo many people have just blindly believed their favorite influencer or podcaster and haven't taken the time to understand that Bitcoin is a simple decentralized database literally designed for data storage.

Should we optimize for financial transactions however possible? Sure!

Can we prevent arbitrary data storage? Absolutely not!

Are there good reasons to use Bitcoin for arbitrary data storage? Absolutely!

Many new L2s and scaling solutions would require storing proofs on-chain, something that is simple data storage. They can do this no matter what you run on your node as the only entity who matters for block inclusion are miners, and miners have a clear incentive to make more money. That incentive is at the core of Bitcoin's game theory, and cannot change or everything falls apart.

If you go nuts with mempool filters and everyone runs sketchy software to white knight as "Defenders of BitcoinTM", guess what happens -- everyone just sends transactions straight to miners for an additional fee, small miners can no longer be competitive, and miner centralization gets drastically worse. Or they find unstoppable ways to simply make their transactions look standard using steganography (hiding data in tweaked pubkeys, unspendable outputs, etc.) so that they don't have to bother with direct miner submission.

Not only would that be literally impossible to filter, it would also be drastically worse for scaling than the current state of things.

Now the last major effect of this insanity is that it will absolutely lead to faster burnout of the few devs willing to work full time on Bitcoin, and disincentivize future devs from working on Bitcoin as they'll know they have to wade through the morass of public opinion just to get simple changes in a PR. Guess what happens when less devs want to work on Bitcoin? It stagnates, becomes more and more vulnerable to attacks at a software level, and becomes less useful as money because not enough people are maintaining or building the software.

So what can you do about "spam"?

Bitcoin has a novel spam prevention mechanism -- fees. Don't want people spamming the chain with "useless" jpegs and zk proofs? Simply spend more sats on using Bitcoin day-to-day, take self-custody, participate in the circular economy. The current state of almost no Bitcoiners using Bitcoin regularly is a core reason why on-chain "spam" is happening more than ever the past couple of years, as more and more usage of Bitcoin has shifted to custodians like Strike, Wallet of Satoshi, Liquid, etc.

The more of us that actually use Bitcoin the more we disincentivize using Bitcoin for data storage as the fees necessary will prevent it. Simple and effective.

[Shitcoin Repellent @Maxi4Btc]

@notgrubles a "4MB 1 tx block" using OP_RETURN and paying the appropriate fee is a completely fair use and does not constitute a denial of service (you're paying for the space like everyone1) compared to discounted shit data in the witness.

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[Shitcoin Repellent @Maxi4Btc]

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[COLDCARD @COLDCARDwallet]

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[Shitcoin Repellent @Maxi4Btc]

@danoprey @jackmallers Makes perfect sense - but wouldn't someone as large as Strike be able to (maybe?) get Tether to redeem/swap the USDT on spend to their other chains while allowing users to always custody it in Liquid?

[Shitcoin Repellent @Maxi4Btc]

@jackmallers why not use Liquid as USDT is a natively issued asset there by Tether? No shitcoin exposure.

[Shitcoin Repellent @Maxi4Btc]

@RagnarLif @eliherf1 @SamouraiWallet why would they use a centralized samourai directory (paynyms) when they can just use their bip47 payment code?

we have indeed failed at educating bitcoiners ;)

[Shitcoin Repellent @Maxi4Btc]

@vladcostea weird

[Shitcoin Repellent @Maxi4Btc]

@Excellion @BTCsessions @Anon77789 @Blockstream Correct. You cannot unilaterally peg-out from Liquid.

[Shitcoin Repellent @Maxi4Btc]

@DiamondHandsLN your node seems offline

[Shitcoin Repellent @Maxi4Btc]

@DiamondHandsLN your node seems down from my end

[Shitcoin Repellent @Maxi4Btc]

@LaurentMT @SomsenRuben @Bitcoin_Woods @josibake bip47 doesn't rely on a trusted server.

paynyms DO rely on a centralized (SW affiliated) directory to fetch the corresponding xpub.

Why are you lying about this?

[Shitcoin Repellent @Maxi4Btc]

@ktreywalsh there is a disproportionate number of incredibly gross people in Bitcoin circles.

unhinged bigots, conspiracy theorists and lots of religious nuts.

[Shitcoin Repellent @Maxi4Btc]

@mikuhl_ @alexbosworth @walletofsatoshi brutal

disable channels (and eventually close) with peers who aren't reliably online

[Shitcoin Repellent @Maxi4Btc]

@mikuhl_ @alexbosworth @walletofsatoshi Looks to me like you lost ~20k sats for that FC incl. cpfp costs

And around 50k sats sweeping htlcs

Where did you get 1M from? 🤔

[Shitcoin Repellent @Maxi4Btc]

@alexbosworth maximal htlcs for which implementation?

if lnd at the absurd 480+ limit it's going to suck

[Shitcoin Repellent @Maxi4Btc]

@ogw_yuya Was this peer offline since the ~500 sat avg fee?

[Shitcoin Repellent @Maxi4Btc]

@CoffeeLarge @muun Muun is not a Lightning wallet.
Everything they do is pretty much reliant on onchain swaps.

[Shitcoin Repellent @Maxi4Btc]

@LogicalShaman @vladcostea @btc_21mil @Ledger No trust required. Ledger Live is open source software.