My Take on BIP-110 & Core vs. Knots
Full disclosure:
⇒ I currently run Knots on my main node
⇒ I have 9 miners with a total power of over 1200 TH/s running in the Ocean pool
What is the argument really about?
⇒ Should we allow “non-monetary” use cases?
⇒ Can we filter out non-monetary use cases?
⇒ Will BTC die if we don’t act? Or if we act?
First of all, my opinions:
Bitcoin is Money
I hate all non-monetary use cases on BTC. I don’t think they’re part of Bitcoin, and I hope they go away.
I don't only HODL
I earn & spend a good amount directly in BTC Self Custody.
Should we use BTC only for monetary reasons?
YESS!
Can/Should we enforce that?
This is the Question I'm not very sure about for 2 specific reasons:
1.) I worked as a software Dev for 6 Years, so I know that changing a working system always comes with unintended consequences.
2.) Even though I'm technical, I don't think I'm expert enough to fully crasp all the second order effects.
I’m leaning towards yes, though.
Will BTC die if we don't act? Of if we act?
No, but there is a more nuanced better question:
⇒ How much does non-monetary data actually degrade Bitcoin’s main properties, and is that harm large enough to justify the cost and risk of intervening?
What’s next?
2 paths forward:
Either this resolves and blows over quite soon. (I don’t think that’s very likely.) Or there’s a way bigger fight coming down the line.
In both those cases, I’d rather preserve my energy.
I’m not enough of an expert.
I’m not fully convinced of the solutions.
I think there’s a bigger fight coming!
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