Supply Shock Bitcoin’s Last Stand: The OP_RETURN Invasion | Chris Guida
May 15, 2025
Chris Guida, an educator and software engineer, dives into the hotly debated OP_RETURN limit in Bitcoin. He argues that protecting Bitcoin's cultural values is crucial to prevent it from becoming like Ethereum 2.0. Guida critiques the notion of Bitcoin's permissionless nature and discusses the implications of miner incentives on decentralization. He warns against excessive data embedded in transactions, highlighting its risks and the importance of community consensus in safeguarding Bitcoin's integrity.
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Bitcoin's Conditional Permissionless Nature
- Bitcoin is permissionless only when used in ways that Bitcoiners consent to, mainly as money.
- Using Bitcoin for abusive or non-consensual purposes lacks community approval and is considered an attack on Bitcoin.
Limits on Arbitrary Data in Bitcoin
- Embedding small amounts of arbitrary data as hashes in Bitcoin is tolerable and accepted.
- Larger arbitrary data usage competes with Bitcoin's purpose and is disfavored by node operators.
Miners' Short-Term Focus Risks Bitcoin
- Miners prioritize short-term profits, which conflicts with Bitcoin’s long-term health.
- Users must push back against miners to protect Bitcoin's future value and decentralization.