Author: Peter Todd 2022-07-12 00:31:19
Published on: 2022-07-12T00:31:19+00:00
In an email conversation between James MacWhyte and Peter Todd on July 12, 2022, the topic of designing protocols for potential scenarios was discussed. Peter Todd argued that designing protocols based on the assumption that prices will go up forever is a bad idea. In response, James MacWhyte stated that the price does not require "hopium," and even if it stays between its current level and the all-time high, it would be enough to make mining rewards appealing. He also mentioned that designing protocols in anticipation of increased adoption is important instead of assuming the world will remain static.MacWhyte emphasized the need to design protocols that can perform well in different situations since the future is unknown. He suggested that planning for potential environments where fee demands are very high is necessary. He highlighted that basing security budgets partly on the total value of the coin being secured solves the issue of ensuring sufficient mining rewards. Moreover, he acknowledged that the lightning network, replace-by-fee, among others, are viable options for handling high fee demands. Overall, the conversation concludes that designing protocols in anticipation of different scenarios is essential as the future remains unpredictable.
Updated on: 2023-06-15T22:51:36.678609+00:00