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Why do you think Inserting NOP instructions will not work?

1. You do not reduce an overhead by creating another overhead. 2. Aren't the 'NOP' inserted making the read easier for the code to be reversed ?

Current superscalar processors can skip over multiple NOPs at once.

I think it does not matter, skipping means the CPU does not execute it, but it still has room in RoB which is enough for defending Spectre. see this article: http://blog.stuffedcow.net/2013/05/measuring-rob-capacity/