On Fri, Jul 19, 2019, 12:13 William Casarin via bitcoin-dev <
bitcoin-dev@lists.linuxfoundation.org> wrote:

>
> Hello Mike,
>
> Mike Brooks via bitcoin-dev <bitcoin-dev@lists.linuxfoundation.org>
> writes:
>
> > Motivation
> >
> > Giving scripts the ability to refer to data on the blockchain will reduce
> > transaction sizes because key material does not have to be repeated in
> > every Script. Users of the network are rewarded with smaller transaction
> > sizes, and miners are able to fit more transactions into new blocks.
> > Pointers are a common feature and it felt like this was missing from
> > Bitcoin Script.
>
> This would incentivize address re-use which would be bad for
> fungibility. It appears you're trying to optimize a use case which is
> already discouraged :(
>

Furthermore, right now block validation does not require access to the
whole historical chain (only to the set of unspent outputs), so a change
like this would massively increase storage requirements for validation.

Cheers,

-- 
Pieter