Cointime

Download App
iOS & Android

The dispute between SegWit and the mempool, preventing SegWit from potentially causing a "Bitcoin civil war".

The Original Title: "INSCRIPTIONS: THE CURE IS WORSE THAN THE DISEASE"

The Original Author: BEN CARMAN

The Original Translation: Luccy, BlockBeats

Editor's Note:Since the launch of the Ordinals protocol, Bitcoin Core developer Luke Dashjr has been opposed to it and even tweeted that he would fix the "vulnerability" in the Inscriptions. This statement sparked a heated discussion in the community, and various Bitcoin OGs also expressed their opinions.

BEN CARMAN is a developer at Suredbits and also works on Bitcoin and Lightning Network. He also believes that Inscriptions are "garbage" for Bitcoin, but he does not agree with excessive opposition and intervention to stop Inscriptions. He believes that Inscriptions will eventually be proven to be a bubble like other shitcoins. BlockBeats has translated the original article as follows:

Since the infamous Taproot Wizard 4mb block, Bitcoin enthusiasts have been working hard to prevent inscriptions. Inscriptions are certainly detrimental to Bitcoin, but the way Bitcoin holders are trying to stop them is much more severe than any damage inscriptions may cause.

The inscription embeds images or other data into the Bitcoin blockchain using a trick in Bitcoin script. They essentially put the data into an inaccessible code block, followed by the actual consumption conditions, so that users can claim the original NFT. This is a rather clever trick, but it breaks many of the assumptions that Bitcoin users had previously.

Before, the main method of embedding data into Bitcoin was to use OP_RETURN, which is essentially an opcode specifically designed for embedding data. However, for NFTs, there are two problems: it makes the coin unspendable and is limited to 80 bytes according to the memory pool policy. The advantage of inscriptions is that their only size limit is the block size, and because their data is in the witness rather than the output, they benefit from the witness discount and can embed four times the data. This breaks the assumption of many Bitcoin users that a theoretical 4MB block will never occur because having only witness data would be foolish. However, NFT enthusiasts have found a way to monetize this. Now it has become a common phenomenon, and we have seen a large number of inscriptions occurring, driving up fees and block sizes.

However, since it has already happened and become commonplace, we cannot stop it.

In order to retaliate, Bitcoin users have proposed some "blocking" methods for inscriptions, which will bring more serious damage than inscriptions. Almost every proposal to block inscriptions boils down to preventing these transactions from entering the memory pool. The memory pool is the battlefield of Bitcoin transactions, and we need to protect it. The memory pool is only effective when it is the preferred way to send the highest fee transactions to miners. If we lose this guarantee, people will turn to centralized systems, and we may never be able to recover the memory pool. Filtering out junk transactions from the memory pool will not block inscriptions, at most it will only delay them for a week. They have established backchannel communication with mining pools, and if we cut them off from the memory pool, the only mining pools that can get these fees will be those aligned with Shitcoin.

This has already happened in many shitcoin networks, where for various reasons their memory pools have been closed, and now the main way to broadcast transactions is through a centralized API. This essentially creates a permissioned network, where even though anyone can run a node, if you don't have access to the transaction broadcast API, you won't be able to access Bitcoin. We are currently seeing Congress increasingly trying to regulate nodes, miners, and wallets as money transmitters, and losing the memory pool would make this problem 1000 times worse. If we lose the memory pool, there will be serious security issues as we won't be able to perform trustless fee estimation, but this is beyond the scope of this post.

In addition, filtering transactions based on the "spam" indicator may lead us down a bleak path. The most economical way to trade in Bitcoin is not necessarily the most private. Nowadays, the most popular way to obtain Bitcoin privacy on the chain is to perform Coinjoin. Coinjoin is not necessarily an economic transaction, you just spend it with others. If we establish such a precedent that you must prove the usefulness of your transaction to avoid being considered spam, people will soon find a way to use this and try to exclude Coinjoin and other privacy technologies from the memory pool because they are considered spam.

Over the past decade, we have witnessed many shitcoin bubbles, and this time is no exception. Supporters of shitcoins will eventually deceive all fools, and things will return to normal. However, we should not try to stop things prematurely and cause confusion. We just need to wait for them to resolve themselves.

Comments

All Comments

Recommended for you

  • ITI Opposes FCC's Inclusion of Optical Modules in Covered List

    According to the authoritative U.S. communications media Communications Daily, the Information Technology Industry Council (ITI) formally expressed its opposition to the Federal Communications Commission (FCC) last week, urging the FCC not to include foreign-manufactured optical modules in the restricted list. This represents the latest stance of the U.S. technology industry organization on this issue, further reducing the likelihood of a blanket inclusion of optical modules in the Covered List. In its latest submission to the FCC, ITI explicitly recommended that the Covered List should continue to adopt a 'precise, risk-based' approach, focusing on entities or products with clear ties to foreign adversaries, rather than broadly covering entire categories of technology from trusted companies. More importantly, ITI specifically stated that optical transceivers should not be included in the Covered List, particularly opposing the inclusion of all foreign-produced optical modules in the restrictions.

  • ITI Opposes FCC's Inclusion of Optical Modules in Covered List

    According to the authoritative U.S. communications media Communications Daily, the Information Technology Industry Council (ITI) formally expressed its opposition to the Federal Communications Commission (FCC) last week, urging the FCC not to include foreign-manufactured optical modules in the restricted list. This represents the latest statement from the U.S. technology industry organization on the matter, further reducing the likelihood of a blanket inclusion of optical modules in the Covered List. In its latest submission to the FCC, ITI explicitly recommended that the Covered List should continue to adopt a 'targeted, risk-based' approach, focusing on entities or products with clear ties to foreign adversaries, rather than broadly covering entire categories of technology from trusted companies. More importantly, ITI specifically stated that optical transceivers should not be included in the Covered List, particularly opposing the inclusion of all foreign-produced optical modules in the restrictions.

  • Ulanqab Plans 12.5GW, Surpassing OpenAI's Stargate Target

    According to Goldman Sachs, Ulanqab, a prefecture-level city in Inner Mongolia, has committed to a total data center capacity of approximately 12.5GW, which exceeds OpenAI's initial target of 10GW for Stargate. However, only about 1.2GW is currently operational. This expansion has primarily occurred in the past year, with over 70% of the capacity commitments made in this timeframe. DeepSeek plans to build approximately 1GW of data centers, while Xiaohongshu is reportedly considering a project of around 600MW. Companies like ByteDance and Alibaba have also entered the market. The area benefits from low land and electricity costs, cold weather, and proximity to Beijing. Dedicated fiber optics have reduced the average latency from Ulanqab to Beijing to under 5 milliseconds.

  • Ulanqab Plans 12.5GW, Exceeding OpenAI's Stargate Target

    According to Goldman Sachs, the city of Ulanqab in Inner Mongolia has a total committed data center capacity of approximately 12.5GW, which surpasses the initial 10GW target set by OpenAI for Stargate. However, only about 1.2GW is currently operational. This expansion has primarily occurred in the past year, with over 70% of the capacity commitments made in that timeframe. DeepSeek plans to build approximately 1GW of data center capacity, while Xiaohongshu is reportedly considering a project of around 600MW. Companies such as ByteDance and Alibaba have also entered the market. The area benefits from low land and electricity costs, cold weather, and proximity to Beijing. Dedicated fiber optics have reduced the average latency from Ulanqab to Beijing to under 5 milliseconds.

  • Saudi Reconnaissance Drone Shot Down in Yemen's Hajjah Province

    According to the Iranian Tasnim News Agency, a Yemeni military source stated that the Yemeni armed forces shot down a Saudi 'ScanEagle' reconnaissance drone over Hajjah Province while it was attempting to enter Yemeni airspace. The source informed the Yemeni official news agency that the drone was hit and downed using 'appropriate weapons'.

  • Iranian Parliament Speaker Mocks: U.S. Economic Pressure on Iran Will Backfire

    Iranian Parliament Speaker Mohammad Baqer Qalibaf shared an image on social media platform X, outlining the economic pressures against Iran and the impact of changes in the energy market on the U.S. economy. Referring to recent measures taken by Trump to control U.S. commodity prices, he wrote: 'Importing frozen meat to control meat prices? Well, maybe effective. But what is the U.S. plan for national debt? Want to import “frozen yields”? For the housing market, are you going to introduce “frozen buyers”? To address wage issues, are you going to issue “frozen payrolls”? A rigid and uninnovative foreign policy will lead to a frozen and stagnant economy. What is the only thing still functioning? It is the boomerang of imposing “devastating economic pressure” on Iran, which will ultimately come back to the U.S. itself.' (Jinshi)

  • US Military Casualties in Iran War Rise to 774

    According to the Washington Post, the casualty statistics system of the U.S. Department of Defense shows that the number of U.S. military casualties in the Iran war has risen to 774, including 18 deaths and 756 injuries. Even during periods without large-scale combat, the Department of Defense has quietly added about 60 new injury records recently. A significant number of the injured were affected by traumatic brain injuries caused by explosions when U.S. bases in Jordan, Kuwait, Iraq, and Saudi Arabia were attacked.

  • US Military Casualties in Iran War Rise to 774

    According to the Washington Post, the casualty statistics system of the U.S. Department of Defense shows that U.S. military casualties in the Iran war have risen to 774, including 18 deaths and 756 injuries. Even during periods without large-scale combat, the Department of Defense has quietly added about 60 new injury records recently. A significant number of the injured were affected by traumatic brain injuries caused by explosions during attacks on U.S. bases located in Jordan, Kuwait, Iraq, and Saudi Arabia.

  • Fed's Kashkari: U.S. Treasury Market is Operating Normally

    On August 23, Federal Reserve's Kashkari downplayed market concerns over rising U.S. Treasury yields, stating that the market is functioning well and that the recent surge is unlikely to impact discussions on monetary policy. Kashkari said on Sunday, "All signs indicate that the U.S. Treasury market is operating normally, trading is proceeding smoothly, and market liquidity is ample, so we can use the federal funds rate as the primary tool to reduce inflation." Last week, yields on U.S. Treasuries across various maturities rose, with the benchmark 10-year Treasury yield closing around 4.73%. The 30-year Treasury yield remained near its highest level since 2007. Kashkari noted that while current Treasury yields are relatively high compared to recent historical levels, they are much lower than those in the 1990s. "We need more data, but I don't want to prejudge the outcome of the next meeting," he said, "However, I do not currently believe that inflation will fall back to target levels in the short term." (Jin Shi)

  • Fed's Kashkari: U.S. Treasury Market Operating Normally

    On August 23, Federal Reserve's Kashkari downplayed market concerns regarding rising U.S. Treasury yields, stating that the market is functioning well and that the recent surge is unlikely to affect discussions on monetary policy. Kashkari said on Sunday, "All signs indicate that the U.S. Treasury market is operating normally, trading is proceeding smoothly, and market liquidity is sufficient, allowing us to use the federal funds rate as the primary tool for reducing inflation." Last week, yields on U.S. Treasuries across various maturities rose, with the benchmark 10-year Treasury yield closing at around 4.73%. The 30-year Treasury yield remained near its highest level since 2007. Kashkari noted that while current Treasury yields are relatively high compared to recent historical levels, they are much lower than those in the 1990s. "We need more data, but I don't want to prejudge the outcome of the next meeting," he said. "However, I do not currently believe inflation will fall back to target levels in the short term." (Jin Shi)