Author: ZmnSCPxj 2022-07-09 21:59:06
Published on: 2022-07-09T21:59:06+00:00
The context of the conversation is about perpetual issuance and censorship resistance. The writer clarifies that the reason to object to perpetual issuance is not on the market price but on censorship resistance. They explain that the block subsidy is a market distortion which erodes the value of held coins to pay for the security of coins being moved. Thus, there is no incentive to not censor coin movements considering only the block subsidy. The incentive to not censor coin movements lies in per-transaction fees. The writer suggests preparing for a future where the block subsidy must be removed, possibly before the existing schedule removes it, in case a majority coalition of miners ever decides to censor particular transactions without community consensus. Fortunately, forcing the block subsidy to 0 is a soft fork that is easier to deploy.
Updated on: 2023-06-15T22:29:44.133198+00:00