With an enormous annual inflation rate at the beginning, stakeholders
were able to survive such a harsh for them phase only because of the
system's expansion where "numbers go up" (e.g., almost no one from
outside Turkey would like to buy and just hold the turkish lira).
Now we are in a comp
> Imagine a system that tries to maintain a constant level of difficulty and
> reacts flexibly to changes in difficulty, by modulating the block reward
> level accordingly (using negative feedback).
This is exactly what I did, when experimenting with LN-based mining. CPU power
was too low to g
Ok, instead of (maybe too general) term "network security," - I may
change it into a more precise term then:
"security of Store-of-Value"
Of course, your private keys are private and your note is fully
validating...
...but: miners provide security of Store-of-Value property. Miners
simply
Hi Erik,
> currently, there are providers of anonymity services, scaling services,
> custody, and other services layered on top of bitcoin using trust-based and
> federated models.
>
> as bitcoin becomes more popular, these service providers have increasingly
> had a louder "voice" in developm
On Fri, Nov 3, 2023 at 8:59 PM Erik Aronesty via bitcoin-dev
wrote:
> is anyone else worried about this?
Yes. +1
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I don't believe the narrative that miners provide network security
they provide double spend insurance
and that's it
so that limits the size of the transaction and the number of confirmations
that are required before that transaction is cleared
But it doesn't provide security for the rest of th
I'm worried even more about something else, but still fits into the same
topic category.
A tax in the form of a direct tax is less acceptable to people than a
hidden tax. This is human nature, as the saying goes, "What the eye
doesn't see, the heart doesn't grieve over." A high direct tax (
