Supporting BIP-110? Let's take action now and reduce small UTXOs on the mainnet.

[sharphill]

Supporting BIP-110? Let's take action now and reduce small UTXOs on the mainnet.

We oppose this proposal. This filtering is a highly subjective personal choice and does not align with Satoshi Nakamoto's design principles for Bitcoin. The subjective view of how many satoshis a UTXO must contain to avoid being considered junk should not be enforced on the Bitcoin network. This proposal should not be passed.

If some people believe that UTXOs with too few satoshis are junk and should be removed to make the network more stable and secure, there's a better way to incentivize more people to collect small UTXOs without modifying the BTC mainnet. We've developed a new channel contract for this purpose: the Recycle Bin. On the mainnet, sending any UTXO less than 1000 satoshis to the contract address completes a contract interaction. With luck, you can receive a reward from the Recycle Bin contract, turning a small UTXO into a large UTXO. Essentially, it's a garbage collection process, randomly rewarding lucky individuals with large UTXOs. No one can control this process; its randomness is determined by both the mainnet block hash and the transaction hash. We expect anyone supporting a similar proposal to act immediately and transfer all UTXOs they consider junk to this contract address. The effect is a significant reduction in small UTXOs on the mainnet; lucky individuals will receive a potentially very large UTXO as a "garbage dump."

Contract Address: bc1qauv59s8cp4x9ktjxfsrguflx9uwkd0tmurvvrls9w45cqeyk2r8qeed2wg
On the BTC mainnet, any wallet can transfer small UTXOs to this contract address. The contract will only check for sufficient luck after 6 blocks have confirmed.

The contract code is open-source: https://github.com/sat20-labs/sat20wallet/blob/main/sdk/wallet/contract_recycle.go

[She shining]

It would be easier if you posted this on X or Twitter where you can find people that understand nothing. Saying gibberish doesn't make you smart.

[Satofan44]

I have a better idea, give me the list of YOUR UTXOs and I will make a BIP to confiscate them. That will reduce the number of UTXOs in the network. I can ask a LLM to invent a long list of justification why doing this is right, similarly to how you did it for confiscating small UTXOs. Sounds good? Let's start working together to make this BIP happen.  

It would be easier if you posted this on X or Twitter where you can find people that understand nothing. Saying gibberish doesn't make you smart.

People who come here to post shit like this should be instantly be given negative tags or banned, but this forum has some of the worst rules possible. In many cases it is actually worse than X. Some people will read this topic without reading all of the replies and take away that something like this is a good idea. Generally we have spent too much time entertaining stupid or malicious ideas. We need to tighten up our approach even more.

[She shining]

Snip

I reported this since and quite surprised it's still here.

[ABCbits]

We've developed a new channel contract for this purpose: the Recycle Bin. On the mainnet, sending any UTXO less than 1000 satoshis to the contract address completes a contract interaction. With luck, you can receive a reward from the Recycle Bin contract, turning a small UTXO into a large UTXO.

I'm mostly sure Bitcoin "smart contract" unable to automatically send Bitcoin based on certain condition, without also running server/app to do it. So to me, it seems you're trying to scam us. Besides, we could just perform normal UTXO consolidation with low fee rate (below 1 sat/vB).

[Donneski]

If small UTXOs are a problem to you, I think the safest way to fix it is to merge them yourself not send them away and hope luck returns them bigger. Bitcoin’s strength is self-custody and predictability not random rewards. Good wallet practices solve this without adding new trust assumptions.