Re: [bitcoin-dev] [Bitcoin Advent Calendar] What's Smart about Smart Contracts

[Prayank <prayank@tutanota.de>]

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Hi Jeremy,

> Here's the day 6 post: https://rubin.io/bitcoin/2021/12/03/advent-6/, the
topic is why smart contracts (in extended form) may be a critical precursor
to securing Bitcoin's future rather than something we should do after
making the base layer more robust.

There are few comparisons in this post and links that I consider misleading or incomplete. I had already tweeted this but such discussions are better archived here:

Difference between Bitcoin and Ethereum that is not mentioned on the website which should be considered while looking at fees: 1. Size of blocks added to chain everyday (600 MB) 2. Block limit (500 MB per 10 mins) 3. UTXO vs Account model 4. Failed transactions that pay fees (50k per day) 5. Will these fancy smart contracts work without nodes? No. Where are these nodes running? AWS and Infura has nice articles to highlight their importance 6. Who is paying the fees? Stablecoins, DEX, NFT platforms, CEX and VCs

There can be lot of other differences that affect the fee market including lot of users in Bitcoin obsessed with supply and hodling. Things that have changed in last few years: 1. Darknet markets using Monero 2. Stablecoins stopped using Omni and lot of alternatives exist right now 3. Most of the transactions are related to exchanges. They have started using their own tokens, less exchanges support layer 2 for Bitcoin and users are forced to withdraw some altcoin even if they need bitcoin. 4. Newbies are reading influencers like Elon Musk and happy with their doggy coins to get rich quick/rekt. 5. Bitcoin users or influencers declared DeFi a scam and even sidechains like Liquid, Rootstock do not qualify their purity tests. Projects like DLCs are still not used in any projects with good volume.


-- 
Prayank

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