Author: LORD HIS EXCELLENCY JAMES HRMH 2021-08-30 03:31:56
Published on: 2021-08-30T03:31:56+00:00
The email thread discusses the potential value of dust accumulated in Bitcoin transactions. The sender suggests that, hypothetically, if the value of 1 BTC reaches US$ 1,000,000.00, then the value of one satoshi will be US$ 0.01; therefore, the value of Bitcoin would have to rise substantially higher for 1 satoshi to hold any significant value. The sender suggests that there is a future case foreseeable where the value of Bitcoin may be so high that 1 satoshi could cover the mining cost of any transaction, despite the reduction in sat/B for including additional transactions. This could mean that wealthy individuals hold millions of dust transactions that are inheritable, potentially making them valuable. The current reason for excluding dust from transactions is that it costs more to add dust than its value, but this may not always be the case. The sender also mentions their plans to set up a website to collect dust transactions. In a separate email thread, the discussion revolves around the removal of the dust limit in Bitcoin transactions. One argument against the dust limit is that it causes an incentive to increase network centralization immediately. However, another participant notes that Lightning Network's spec already handles outputs below the dust limit by giving them over as fees to miners, which might make the existence of a dust limit incentivize-compatible for miners, regardless of centralization effects or not.The participants also consider the cost of maintenance of dust and suggest that miners may have a small incentive to mine transactions that use dust outputs with slightly lower fees to reduce the future maintenance cost for themselves. They propose adding something to the consensus rules to decrease vbytes for a transaction that consumes dust outputs, such that the value of removing them from the system (saving the future cost of maintenance) is approximately equal to the amount that the fee could be made lower for such transactions.
Updated on: 2023-06-15T00:45:49.215527+00:00