Good morning Andrew,
Another thing I did not consider is how miners will actually behave under this
ruleset.
Miners are the direct beneficiaries of any increased inflation rate voted in.
Miners are also ultimately the ones who decide which transactions get added
into blocks, or put another way
Good morning Andrew,
> > Fortunately in our case, only the top 4,000,000 weight worth of transactions
> > gets in a block. Every bitcoin spender has an incentive to spend as little
> > as possible to get into this top 4,000,000 weight and no more, but they
> > still
> > have to outbid every other
> Fortunately in our case, only the top 4,000,000 weight worth of transactions
> gets in a block. Every bitcoin spender has an incentive to spend as little
> as possible to get into this top 4,000,000 weight and no more, but they still
> have to outbid every other user who wants the same security.
Good morning Andrew,
> Here's a better explanation than I could write of the phenomenon I'm talking
> about:
>
> > As a thought experiment, let’s consider aquaculture (fish farming) in a
> > lake.
> > Imagine a lake with a thousand identical fish farms owned by a thousand
> > competing companies.
> To change the supply is far too big a change.
It would also be a big change if bitcoin became unusable due to mining profits
dropping low enough for a state actor with a warehouse full of asics to mount a
51% attack and mine empty blocks all day.
> What happens if I own a few million Bitcoin an
Hi, noob question here: Is there a long-term plan for if the block reward drops
too low to ensure the security of the network?
IIUC miners only make profit from block rewards and transaction fees, and once
the block reward drop to zero we're merely hoping that transaction fees will
keep mining exp
Hi, thanks for the replies.
> Anyway, yes, your idea is fundamentally broken because a zero block reward
> happens because creating even one more satoshi will push the amount of
> bitcoin over 21,000,, breaking the meaning of "bitcoin," or, if you
> like, creating a fundamental contradiction i
Good morning Andrew,
>
> > Anyway, yes, your idea is fundamentally broken because a zero block reward
> > happens because creating even one more satoshi will push the amount of
> > bitcoin over 21,000,, breaking the meaning of "bitcoin," or, if you
> > like, creating a fundamental contradictio
Good morning Andrew,
> > Hi, noob question here: Is there a long-term plan for if the block reward
> > drops
> > too low to ensure the security of the network?
> >
> > IIUC miners only make profit from block rewards and transaction fees, and
> > once
> > the block reward drop to zero we're mere
I believe this isn't something we need to address. The fact is that every
byte stored in the blockchain is already valuable to everyone who downloads
the blockchain because of what it allows them to prove - by adding more
bytes to it. Over time, the value per byte will increase. Perhaps there
wi
t:* Sunday, 22 March 2020 6:54 PM
> *To:* Dave Scotese ; Bitcoin Protocol Discussion
>
> *Subject:* Re: [bitcoin-dev] Block solving slowdown question/poll
>
> On Sat, Mar 21, 2020 at 11:40:24AM -0700, Dave Scotese via bitcoin-dev
> wrote:
> > [Imagine] we also see mining power
sed
> elsewhere some time ago.
>
> Regards,
> LORD HIS EXCELLENCY JAMES HRMH
>
>
> From: bitcoin-dev on behalf
> of David A. Harding via bitcoin-dev
> Sent: Sunday, 22 March 2020 6:54 PM
> To: Dave Scotese ; Bitcoin Protocol Discussion
>
> Subject: Re: [bitc
bitcoin-dev
Sent: Sunday, 22 March 2020 6:54 PM
To: Dave Scotese ; Bitcoin Protocol Discussion
Subject: Re: [bitcoin-dev] Block solving slowdown question/poll
On Sat, Mar 21, 2020 at 11:40:24AM -0700, Dave Scotese via bitcoin-dev wrote:
> [Imagine] we also see mining power dropping off at a r
On Sat, Mar 21, 2020 at 11:40:24AM -0700, Dave Scotese via bitcoin-dev wrote:
> [Imagine] we also see mining power dropping off at a rate that
> suggests the few days [until retarget] might become a few weeks, and
> then, possibly, a few months or even the unthinkable, a few eons. I'm
> curious to
It seems that many on this list think deeply enough to imagine the scenario
where we have few days left before a difficulty adjustment comes up but we
also see mining power dropping off at a rate that suggests the few days
might become a few weeks, and then, possibly, a few months or even the
unth
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