Counterproductive Bitcoin

Topic

Recently, Roger Taylor, the author of the ElectrumSV wallet, wrote several articles (https://roger-taylor.medium.com/) discussing the wallet backup/recovery issues encountered. He worries that ElectrumX’s services may be interrupted next year because of the size of the block and that the status of some of the services _unwriter has done before is unknown. He has some ideas about how to deal with it.

Problems

This year some developers have expanded Bitcoin’s use in the social space. Take data on the chain as the main technical means. Look at the record of the large block below, a block of 638M was dug out on 3/13, and the first 2G block was dug out on 8/16.

Why

Why are there so many dog pictures stored on blockchain? Bitcoin is essentially a permissionless system in which miners are interested in including blocks for a sufficient miner fee. If someone is willing to pay, naturally, someone is willing to make this money, and nobody else can stop it.

Technology Base

The concerns are not a problem actually. Just delete the dog image from ElectrumX. Let’s take a look at Bitcoin transactions.

Solutions

Modify Electrum server as soon as possible and support Prune mode, delete useless data.

Economics of Bitcoin

Economics is the study of how individuals, families, and societies acquire wealth and happiness. Its main task is to study whether certain ideas, propositions, and actions can backfire. The big block temporarily created problems that backfired.

Worry

Some mining pools or developers may continue to subsidize this practice.

The Vision of Bitcoin

What should Bitcoin be? This is the root problem. If you want to build world currency, there will be no dog pictures application unless it comes from misunderstanding, misleading or deliberate inducement. Alternatively, it may be a different vision from the White Paper.

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