Topic - GROUP tokenization proposal by Andrew Stone

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Excalibur
5 days ago
There needs to be a sat/byte market for archiving OP_RETURN metadata that is distinct (separate market) from the lean, efficient UTXO for BCH payments as money
Excalibur
5 days ago
If you want your OP_RETURN spam on memo.cash preserved forever... you can pay an archival miner for this service or you can do it yourself. Don't force everyone
Excalibur
5 days ago
Bitcoin must interact with the real world at some point + trust. Tokeda recognizes this fact and refrains from creating unnecessary problems for no extra value
Excalibur
5 days ago
79b79aa8
5 days ago
GROUP and tokeda achieve different things. they are not exactly comparable, also not incompatible. we might get either, both, or neither.
Excalibur
5 days ago
Tokeda does everything that OP_GROUP can do and much much more. OP_GROUP adds nothing good. But does add a lot of bad (affects scaling massively)
79b79aa8
5 days ago
it's good u have a pony in the race, but best to keep facts straight. it's not OP_GROUP anymore, it's GROUP. and no, TOKEDA does not do the same as GROUP at all.
Simon Van Gelder
5 days ago
You lost me at "trust-but-verify".
StackmyBCHup
5 days ago
Just for those who have not read this as it was published a while ago.https://medium.com/@jonaldfyookball/op-group-potentially-dangerous-3720464a2ddc
Simon Van Gelder
5 days ago
And again at "To do so, the bank freezes 1 billion USD and external audit companies monitor..."
Excalibur
5 days ago
79b79aa8 I can call it "GROUP" that's fine. But you're wrong. GROUP adds NOTHING. amazon just whitelist approved ids... you can transfer all you like..no value
Excalibur
5 days ago
Just please please do not push for GROUP to be included in a hasty hardfork to cure the bear market. Give it time. This idea is very new. I am strongly against
Excalibur
5 days ago
Simon Van Gelder. So a national currency on GROUP would not need to have any proof that they hold the asset as promised??? What is your argument?
Excalibur
5 days ago
If you are against Tokeda then you're basically saying that memo.cash is impossible and can't work. But here it is... working!
Excalibur
5 days ago
If one day, miners do not want to store all of the metadata of memo.cash, we will all just have to cough up a little extra 1sat/byte or whatever to pay archival
Excalibur
5 days ago
miners to perform this (sweeten the deal). Currently bitcoin cash is in infancy so miners are ALL archival. This will not be forever. GROUP wants to force them
Excalibur
5 days ago
all to store every last piece of crap ever broadcast onto the blockchain... this is crazy. OP_RETURN metadata has always been prunable from the UTXO for a reason
Excalibur
5 days ago
You can have shit-tokens that are maintained in the UTX if you're willing to pay... but long term at scale you will need to be profitable and of value to keep
Excalibur
5 days ago
this going... this is normal. Healthy. Economically sensible. If your token fails and goes to zero... the archival miners can stop persisting this in the UTX :)
Excalibur
5 days ago
Tokeda is perfect. I can see it lasting 1000 years. It is perfectly sustainable and dynamic at every level. Market driven. Massively scalable.
Excalibur
5 days ago
Maybe there can be "Grand archival master node repositories" where every piece of metadata crap is stored forever and you pay to query it for research purposed
Simon Van Gelder
1 day ago
Why not store the information in the UTXO?
Simon Van Gelder
3 hours ago
Seriously, no bites? I guess all are in their
Simon Van Gelder
3 hours ago
corners.
Barricade
3 hours ago
AFAIK, UTXO consumes miner's RAM, which is a scarce resource.
Simon Van Gelder
3 hours ago
The method does not require any additional data in the UTXO set, and requires no additional work for miners.