Nobody is claiming that there is currently a massive swarm of high premium private order flow.
What we’re saying is that if you EXPAND the market for high fee paying private order flow (by moving standardness further from consensus), then you are basically guaranteed to increase the demand for a service such as Slipsteam.
This is very bad. Having 1 miner with privileged access to very high premium private order flow which has reliable demand from multiple popular and emerging applications undermines block producer incentives.
Why shouldn’t everyone just buy the slipstream powered template from Mara? Then Mara can build everyone’s templates for them.
What effect would that have on Bitcoin’s censorship resistant properties?
Now, in this particular case, that’s unlikely - copying slipstream and/or simply loosening the filters are each simple enough that it’s unlikely to see a “specialist MEV capture” scenario play out from this.
But if you guys do not sit down and actually have this conversation in an honest way fairly soon, it’s extremely likely that you could wind up in a specialist-inducing scenario. And you most certainly could see plenty of other undesirable consequences.
When you say “the point of filters is to make spam costly and cumbersome” YOU ARE LITERALLY BEGGING TO FORCE BITCOIN INTO SEVERE MEV REGIMES.
Just did a little sleuthing on the OP_RETURN > 83 bytes from @oomahq's post ( Since his post, a lot of people have been slipstreaming OP_RETURNS to troll him.
There were 30 such transactions in the ~4 month period:
8 had reasonable fees (< 2x the median for the block)
11 had around double fees
7 had around triple fees
4 had 5x-8x fees
9 were mined by F2Pool (10-11%)
21 were mined by Mara (6-7%)
So in general, the OP_RETURN filter means the non-standard transactions were on average paying a good deal more than normal transactions to get into a block. And since only about 18% of the hashing power seems to mine them, they had to wait 5-6x longer to confirm.
If the point of filters is to make spamming cumbersome and costly, I'd say that they're doing their job. TX IDs in the first comment so you can look for yourself.
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