Bitcoin Q&A: Spam Transactions and the Fee Market
Channel: aantonop
Date: 2019-03-25

VeriBlock has recently been taking up about one quarter of bitcoin transactions, using OP_RETURN for "proof-of-proof" (PoP). Is this spam? How does Bitcoin's fee market prevent spam on the network?

Chapters
0:00 What are your thoughts on VeriBlock being responsible for one quarter of bitcoin transactions in January by using the OP_RETURN script for proof-of-proof? Could this and other such uses of the Bitcoin blockchain have an impact on the fee market? Would it affect the use of bitcoin as money?
1:01 One possible way is to set rules in the protocol that differentiate between what is spam and what is not
2:07 In Bitcoin today, we use a market-based mechanism
3:45 Is there a problem with the Bitcoin network?
4:37 In the absence of a fee market or market-based solution for prioritization and capacity management within the Bitcoin blockchain, we have two options

This question is from the February monthly subscriber session, which took place on February 23rd 2019. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop

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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.

Follow on Twitter: @aantonop https://twitter.com/aantonop
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He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.

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MASTERING BITCOIN, 2nd Edition: https://amzn.to/2xcdsY9

Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/

THE INTERNET OF MONEY, v1: https://amzn.to/2ykmXFs

THE INTERNET OF MONEY, v2: https://amzn.to/2IIG5BJ

Translations of THE INTERNET OF MONEY:
Spanish, 'Internet del Dinero' (v1) - https://amzn.to/2yoaTTq
French, 'L'internet de l'argent' (v1) - https://www.amazon.fr/Linternet-largent-Andreas-M-Antonopoulos/dp/2856083390
Russian, 'Интернет денег' (v1) - https://www.olbuss.ru/catalog/ekonomika-i-biznes/korporativnye-finansy-bankovskoe-delo/internet-deneg
Vietnamese, 'Internet Của Tiền Tệ' (v1) - https://alphabooks.vn/khi-tien-len-mang

MASTERING ETHEREUM (Q4): https://amzn.to/2xdxmlK

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