Stephan Livera: What Everyone Gets Wrong About BIP-110

I think people have been misled.

I think that's the key issue.

They have been misled about what is possible, because in their mind they think, "If only we banned enough opcodes, or if only we filtered hard enough, we could stop the spam." While there is a lot of noise online, and there are certain influencers who are screaming really loudly about it, and they've kind of built up this kind of echo chamber of people who are, let's say, extremely engaged on this topic, their view is a, literally a minority view in the network.

There is a special kind of output called op_return.

That's on the output side of the transaction.

It's seen as the least harmful place to put your spam.

It's kind of like the trash can.

But here's the thing.

Those of us on the anti-110 side see it like, no, Bitcoin is already money.

It doesn't need your change.

In fact, your change does not stop spam, does not meaningfully increase the cost of spam, and fundamentally it is a virtue signal.