On Sat, Mar 12, 2022 at 7:34 PM Billy Tetrud via bitcoin-dev <bitcoin-dev@lists.linuxfoundation.org> wrote: > > > If I find out I'm in the economic minority then I have little choice but > > to either accept the existence of the new rules or sell my Bitcoin > > I do worry about what I have called a "dumb majority soft fork". This is > where, say, mainstream adoption has happened, some crisis of some magnitude > happens that convinces a lot of people something needs to change now. Let's > say it's another congestion period where fees spike for months. Getting into > and out of lighting is hard and maybe even the security of lightning's > security model is called into question because it would either take too long > to get a transaction on chain or be too expensive. Panicy people might once > again think something like "let's increase the block size to 1GB, then we'll > never have this problem again". This could happen in a segwit-like soft fork.
I guess this is a better explained example for a hypothetical "evil fork" that may sound more concrete and plausible to some people than my own, which isn't that different. Thanks. > In a future where Bitcoin is the dominant world currency, it might not be > unrealistic to imagine that an economic majority might not understand why > such a thing would be so dangerous, or think the risk is low enough to be > worth it. At that point, we in the economic minority would need a plan to > hard fork away. One wouldn't necessarily need to sell all their majority fork > Bitcoin, but they could. > > That minority fork would of course need some mining power. How much? I don't > know, but we should think about how small of a minority chain we could > imagine might be worth saving. Is 5% enough? 1%? How long would the chain > stall if hash power dropped to 1%? In perfect competition the mining power costs per chain tends to equal the rewards offered by that chain, both in subsidy and transaction fees. For example, if chain A gets a reward 10 times as valuable as chain B's reward, then one should expect it to get 10 times more hashrate too. Of course, perfect competition is just a theoretical concept though. _______________________________________________ bitcoin-dev mailing list bitcoin-dev@lists.linuxfoundation.org https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
