On Wed, Dec 27, 2023 at 11:39 PM Keagan McClelland <keagan.mcclell...@gmail.com> wrote: > > > As a result, there are incentives structure distorted and critical > inefficiencies/vulnerabilities (e.g. misallocation of block space, > blockspace value destruction, disincentivized simple transaction, > centralization around complex transactions originators). > > Can you please describe the mechanism here?
Sure. Because of the preferential treatment there is incentive to bloat the underpriced part of transaction data (so-called Witness) at the expense of a number of genuine, simple transactions and so a number of updates in the ledger. Blockspace is allocated to useless, irrelevant data that don't affect state of Bitcoin, e.g. the transaction 1c35521798dde4d1621e9aa5a3bacac03100fca40b6fb99be546ec50c1bcbd4a could have been stripped of bloat and UTXO set wouldn't have changed; at the same time the freed space could have been allocated to a simple transaction that updates UTXO set (improving cost effectivness at the same time). Additionally, bloated transactions are bigger and so require more time to be downloaded during Initial Block Download - wasting bandwith (cost borne by node operators). > > > Price of blockspace should be the same for any data (1 byte = 1 byte, > irrespectively of location inside or outside of witness), e.g. 205/205 > and 767/767 bytes in the examples above. > > "Should" ... to what end? "Should" in order to avoid hazard of centralization. A single bidder who takes advantage of "buy 1 get 3 megabytes free" may outcompete a number of individuals whose simple transactions recieve anti-preferential treatment - "buy 1 get 0.33 megabytes free" in aggregate. There is the illustration at: "https://gregtonoski.github.io/bitcoin/segwit-mispricing/Comparison_of_4MB_and_1.33MB_blocks_in_Bitcoin.pdf";. _______________________________________________ bitcoin-dev mailing list bitcoin-dev@lists.linuxfoundation.org https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
