If, however, some content appears in the chain that causes significant risks, we can fall back to the reactive method,
I have some real concerns about this… Who is going to be watching every transaction, detecting if there is a large Op_Return, and then trying to discern what type of data it is (PDF? JPEG? MP4?) and then making the call that it is reprehensible? That is a LOT of effort and transactions could be missed and still end up on the chain.
And then…
the reactive method, which is a retroactive chain reorganization to invalidate the offending block
I’ll be the first to admit that I am unsure of what this entails in full, but it doesn’t sound easy to do or free of cost. And I’d imagine the longer the offending transaction takes to discover, the larger the re-org will need to be.
Meanwhile, while the emergency has not been triggered, I would be very nervous to put any transaction on the chain.
I guess what I’m saying is: Screw this “emergency option”. It causes uncertainty as to how and when it will be activated and if Bitcoin will work during the re-org. I would rather, if the consensus is there, to immediately put it into action. Get it out there. If people are worried about the lockup (confiscation?) of funds for any length of time, then maybe make it shorter than a year… But make it happen ASAP.
We are all holding our breath and crossing our fingers that this doesn’t happen. I am dead set stressed about it. But let’s not “pray for good luck” before v30 gets too broadly deployed and triggers this by someone happening to find it. Let’s implement immediately (as soon as consensus is reached) so there is less anxiety about it, less work for the “watchers”, and send a clear signal to any bad actors.