Author: John Carvalho 2022-07-07 13:24:39
Published on: 2022-07-07T13:24:39+00:00
The email thread on the bitcoin-dev mailing list discusses the issue of determining the optimum amount of security for Bitcoin. Billy Tetrud suggests a framework for determining the minimum requirements for running a node based on the number of public nodes and the percentage of machines likely to run a node. He also suggests adjusting the block size to target a certain amount of security and having programmatic adjustments to stay near the parabolic maximum so that miners are paid enough to provide sufficient blockchain security. However, there is no clear trustless way to determine the market value of Bitcoin at any given time, making it difficult to maintain this target over time. The email also discusses other options such as soft-forking in a reduction in mining rewards or using merged mining to pay for security. John Carvalho expresses frustration with the discussion and argues that proof of work and the difficulty adjustment function already solve the problem and that Bitcoin does not need active economic governance by developers or meddlers.
Updated on: 2023-06-15T21:28:21.967810+00:00