If this is doable what will you add or remove? - page 3.

Odohu

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Quote from: _act_ on May 21, 2024, 07:15:10 AM

If possible and a proposal accepted to not let the memepool to be higher than 10 sat/vbyte and almost all the time staying at 1 sat/vbyte. This would be what I will first prefer to do, making bitcoin transaction fee to the low almost all the time. This should be done in a way that those bitcoin tokens will not even affect it.

I agree with you because high transaction fees is one of the key factor militating against bitcoin adoption in many spheres. The few days Bitcoin transaction fee remained very low have been very exciting for people to continue their transaction without the pain of paying stupendous fees for minor business transactions. If there is any way to keep the fee very low, that will really encourage more Bitcoin adoption in businesses.

The challenge of this will only be if mining will be profitable because setting a limit for memepool might require adjusting the mining difficulty in order to keep the business profitable.

dzungmobile

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Quote from: Outhue on May 21, 2024, 07:10:21 AM

Let's all pretend to be a developer for today, and I have a question for you all.

I disagree with this assumption because firstly it's untrue and secondly you can not know pros and cons in technical side because you are not a programmer and Bitcoin developer.

You can raise your idea, make your proposals for what you want to be upgraded with Bitcoin blockchain, as a Bitcoin user, not as a Bitcoin developer.

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If you are to add 1 thing to Bitcoin what will it be? And also if you are to remove just one thing from Bitcoin what will it be?

It's hard to say like this because many things are correlated with each other and if you change one factor, some other factors will be affected or need to be changed too.

Block size, block time, and network security and you can not simply decrease block time but at the same time, network security will remain.

Zaguru12

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Quote from: _act_ on May 21, 2024, 07:15:10 AM

If possible and a proposal accepted to not let the memepool to be higher than 10 sat/vbyte and almost all the time staying at 1 sat/vbyte. This would be what I will first prefer to do, making bitcoin transaction fee to the low almost all the time. This should be done in a way that those bitcoin tokens will not even affect it.

In a short term this looks to me as a very good proposal but on a long term basis this proposal might have to be revised again because after mining might have ended then the only incentive left for miners will be transaction fee. With 10sat/vbyte and the current limited block size it will certainly too small to call an incentive and would discourage miners to continue mining most especially with the amount spent on the mining rigs and electricity, which will reduce decentralization. .

Although if some miners stop mining then it will actually reduce the power (hashrate) needed to mine and could potentially increase attacks like that of 51% attack.

Quote from: Outhue on May 21, 2024, 07:10:21 AM

Let's all pretend to be a developer for today, and I have a question for you all.

If you are to add 1 thing to Bitcoin what will it be? And also if you are to remove just one thing from Bitcoin what will it be?

I will like to have the block size still the same like this but have transactions(UTXO) on them having lesser weight, yes I know it’s what Segwit is about both I will need it to lower again than just separating the witness alone.

The UTXO method seems perfect but will like transactions on an address be a single UTXO no matter how many individuals transactions sent to that address.

Also would like a proposal that inscriptions or it’s likes if not removed then should only occupy a certain amount of space in the block like Just 20%.

btc78

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Quote from: Outhue on May 21, 2024, 07:10:21 AM

Let's all pretend to be a developer for today, and I have a question for you all.

If you are to add 1 thing to Bitcoin what will it be?

I am not a developer myself so I wouldn’t know specifically what to add but whatever could fix the scalability issues and make transaction fees much accessible for the rest of us that would be nice.

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And also if you are to remove just one thing from Bitcoin what will it be?

With scalability issues being mentioned, I’d probably remove ordinals.

It definitely only contributes to already growing issue of bitcoin. At some point we have to do something about its issues and face the inevitable. We will soon really feel the consequences of these and if we do not act now, bitcoin will be not accessible nor useable at all.

kryptqnick

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It's hard to imagine being a developer when you don't know how developers work, and what they can actually achieve, especially with Bitcoin consensus mechanism. I think I'd be interested in tackling the issue of fee spikes by creating something that perhaps doesn't ban Ordinals and other similar things but greatly discourages them. That would uphold the freedom Bitcoin stands for, while also helping to solve the issue. However, I don't know if it's technically doable and how.

Doan9269

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Quote from: Outhue on May 21, 2024, 07:10:21 AM

Let's all pretend to be a developer for today, and I have a question for you all.

If you are to add 1 thing to Bitcoin what will it be? And also if you are to remove just one thing from Bitcoin what will it be?

I will like the issue of transaction inputs to be addressed and how such could be consolidated in such a way that everything will be the best interest of the bitcoin users, and also, the way whereby the transaction fee will not be a challenge anymore with or without the influence of inscribed ordinance, lastly, I will like the issue of mixers be addressed and seen ad not a means of harbouring financial fraudulencies, but a go after privacy for every bitcoin users, all these will make the bitcoin network more suitable for use wjen we are having less challenges onbthe network.

kentrolla

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I would get much into the technical stuff but look at the paid and expectations from a layman's point of view and hence if provided with an opportunity to be developer I would like to figure out a way to cap the transaction fees at a certain limit which would be capped at certain USD instead of being charged in Bitcoin, also I would try to improve the speed of transaction for Bitcoin transaction. Hence speed is something which I would like to add nd huge transactions fees are something which I want to remove.

Learn Bitcoin

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Quote from: Outhue on May 21, 2024, 07:10:21 AM

Let's all pretend to be a developer for today, and I have a question for you all.

If you are to add 1 thing to Bitcoin what will it be? And also if you are to remove just one thing from Bitcoin what will it be?

The only thing I care about is the fees. So, I could change anything; I would remove those BRC-20 ordinals things. But I guess there is a lot of opposition. These recent developments are increasing the use case of Bitcoin, and these protocols have a lot of transactions every day. Miners are making money from those transactions. So, If I could set the fee limit, I Would set it lower than 20 sat/vb and see how it works. I do not have problems with the Runes and the BRC-20 tokens as long as they do not bother the mempool and the fees.

Franctoshi

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Bitcoin is OK the way it was made, but base on the fact we keep having occurring high transaction fees, Therefor in this case what I would like to add to Bitcoin to try to improve it is that, I make Bitcoin in such a way we can use it to literally Buy almost anything because, That making it transaction fees becomes almost zero.

Plaguedeath

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I want to add a feature to delete previous history transaction, so if I send from A address to B address, people will not know if B address received from A address. This is important in order to make Bitcoin become fungible, most people especially centralized exchanges always look Bitcoin as non fungible.

I also want to add a feature that whenever we see an address from someone, let's say it's an address in legacy format (start with 1) we can know the segwit format, native segwit format or taproot format, without need they to post their native segwit format. This is important when you want to send Bitcoin to someone or site that still in legacy format, but you want to reduce the fees.

examplens

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Quote from: _act_ on May 21, 2024, 07:15:10 AM

If possible and a proposal accepted to not let the memepool to be higher than 10 sat/vbyte and almost all the time staying at 1 sat/vbyte. This would be what I will first prefer to do, making bitcoin transaction fee to the low almost all the time. This should be done in a way that those bitcoin tokens will not even affect it.

Or, for example, tokens with expensive transactions can occupy only 33% of the block, the other 2/3 reserved for regular transactions

Felicity_Tide

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Would be adding the Mimblewimble look alike protocol to increase user privacy, but I doubt if the community would even approve Grin

. As for the remover, would be wiping out ordinals and anything that relates to it. Tired of experiencing regular high TX fee caused by congestion. Undecided

Churchillvv

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Perhaps we are on an imaginative situation here but I would love my desire to be true for bitcoin including what other privacy lovers would want to add.

On a personal level I would want bitcoin to be as more decentralised more than it is today, monero is more decentralised than bitcoin but if I was to be a developer I would write a script to make the bitcoin network more decentralised than monero that I know of.

If there where to be more option, I would add this, I would develop bitcoin in a way that those tokens like ordinals that cause problems of congestion in the bitcoin network would never get into bitcoin network.

Ojima-ojo

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Taking away the persistent increase fees associated with bitcoin network, making the source code impossible for possible spammers who send in junks just to conggest the network, we have experienced enough attack on the bitcoin meme pool and it's time to free up and making it impossible for future attacks.

Most times we are really afraid of possible bull market because of the associated reality of high fees and conggested network.

Eleutheria

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I will add a demo system where users can run a node and play. This will be purely for educational purposes so those who for any reason cannot run a node will be able to learn how it works without having to download the entire chain. This will bring bitcoin closer to home and show people that it is not too complicated or at least all of it is not.
The goal will be to encourage more users to take the step and run their own nodes, contributing to how decentralized the network is.

That is what I will do on the side, as the main course, I will create a fully decentralized system that is as immune to regulation as bitcoin is. This will replace other services that are being dominated by centralization like exchanges and mixers. This makes it much easier to stay private and not have to choose between decentralization and efficient service.

I know this is not adding anything to Bitcoin directly, but that is because there is mighty little one can add, all we are left with is to create efficient, censorship resistant channels and we are not doing so well now.

Litzki1990

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We are satisfied with all the features Bitcoin has and we certainly feel comfortable using Bitcoin, so there is nothing to change to Bitcoin. We can accept bitcoin as it is. What has sometimes caused problems with Bitcoin for some time is its high transaction fees. Sometimes trading in Bitcoin becomes a difficult matter due to its extra transaction fees but apart from all this Bitcoin is definitely complete. If there was a problem with Bitcoin or if some of it had to be removed then there wouldn't be so many people around the world using Bitcoin or the popularity of Bitcoin would not have increased over time. Bitcoin is growing in popularity and will continue to grow in the future so if we are developers then we don't need to remove anything from Bitcoin or add anything new to Bitcoin.

_act_

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If possible and a proposal accepted to not let the memepool to be higher than 10 sat/vbyte and almost all the time staying at 1 sat/vbyte. This would be what I will first prefer to do, making bitcoin transaction fee to the low almost all the time. This should be done in a way that those bitcoin tokens will not even affect it.

Outhue

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Let's all pretend to be a developer for today, and I have a question for you all.

If you are to add 1 thing to Bitcoin what will it be? And also if you are to remove just one thing from Bitcoin what will it be?

Topic: If this is doable what will you add or remove? - page 3. (Read 457 times)