Author: Peter Todd 2022-07-07 14:12:41
Published on: 2022-07-07T14:12:41+00:00
In a discussion on the bitcoin-dev mailing list, John Carvalho argued that proof of work and the difficulty adjustment function already solve all the issues pertaining to Bitcoin's security. However, Peter Todd countered by pointing out that the difficulty adjustment function merely adjusts for changes in hashing power and does nothing against a 51% attack or a censor. He also noted that Bitcoin does not need active economic governance by developers or others who may exploit it. Instead, he advocated for a non-zero yearly inflation rate, which would be easily affordable and likely to be dwarfed by economic shifts. Todd suggested that an amount as low as 0.1% would be fine, working out to be a 7.2% tax on savings over 75 years.
Updated on: 2023-06-15T21:27:21.723757+00:00