The real problem with blocking "dust" transactions is that it makes it more difficult to develop colored coin infrastructure using bitcoin. And to me, that is the most powerful application of decentralized payment networks. Imposing a barrier to developing that killer app on btc means that it will be developed first, or at least much more fluently, on another network or alt chain. I don't really think it's necessary to boycott btc client upgrades though. The market will sort out whether this is the killer app that I predict, or whether bitcoin is best used as a store of value as opposed to a payment network.
I just read
https://docs.google.com/document/d/1AnkP_cVZTCMLIzw4DvsW6M8Q2JC0lIzrTLuoWu2z1BE/edit. Why can't you just use small transactions instead of dust below the threashold?
What if tomorrow the devs again decide to raise the minimum limit? What will happen to earlier colored coins?
There is no set minimum only a default. Lower the min fee to relay setting for your node (default is 0.1 mBTC in 0.8.2) and you lower the dust threshold (54.3% of prior value). If enough miners and relay nodes operate with a lower value it doesn't really matter what the default is. However the trend has been that the min fee has gone DOWN (in nominal terms) over time due to the deflationary nature of Bitcoin and the rising exchange rate.
I think you under estimate the power of defaults. Nobody changes the default, and no one was ever going to change the default.
This is a consequential change, because one of the key qualities of bitcoin is divisibility. This change shatters divisibility. Colored coin people also suffered, but they are a minority.
The gain was that all the spam from satoshi dice, which is considerable, was lessened.
It's all about pros and cons.
In my view this was satoshi's project, and now it's gavins. Huge shoes to fill, but he's done a great job so far.
We should however be vigilant over future changes, in a reasoned way, and I think that's exactly what the core dev team want to happen.
Regarding colored coins. In my own personal view i dont see them as "bitcoin" they are a system built upon bitcoin that seeks to use it for its own purposes that are not strictly aligned with the concept of *this amount of bitcoins is worth this*. As a result i dont think its the devs responsibility to cater to a system that uses bitcoin for its own purposes at the expense of bitcoin itself. Regardless, there is no reason why colored coins cant continue to exist and function with a higher value and a larger amount of bitcoins.
The people that understand the issue regarding dust, know why this change is needed. The people that are against it, I dont think they understand the issue and as a result are not in a good position to judge whether or not its a good choice even if they think they may understand it.
But let me try to clarify some stuff.
Divisibility as far as bitcoin is concerned means how many decimal places to the right you can go. This aspect of bitcoin has not been altered in any way. the definition of what makes a non standard transaction has been expanded, to cover what is referred to now as 'dust' outputs.
Dust outputs, are not able to be spent as inputs for the recipient, without significant fees AND/OR wait time due to how the fee structure works, and has always worked(1), this is why we want to block 'dust outputs'. Fees have changed over time but have never been configurable client side. now with this update its lower then ever before and is configurable client side, with the value of dust being a percent of whatever you set the fee to. If by divisibility you mean 'its unfair i cant send half a penny, or 1/10th of a penny or 1/1000th of a penny.' Then you should be informed that you can if you connect to a node that mines them. But the recipient will still be saddled with large fees AND/OR large wait times, Regardless of whether this change happens or not.(1)
(1) this is partially negated by a pool ignoring certain rules for what is considered spam on the network, Which would allow anyone to simply flood blocks with garbage if they want unless they implement their own set of rules as to what they think doesnt belong in the blockchain.
The bottom line, bitcoin is a complex system that as we all knows requires a great deal of understanding to fully grasp. This change is needed.