Author: Billy Tetrud 2022-07-14 04:55:35
Published on: 2022-07-14T04:55:35+00:00
In a discussion on the bitcoin-dev mailing list, several users debated the optimal amount of security needed for Bitcoin. Peter Todd stated that the present amount of security is about 1.7% of the total coin supply per year, while Erik Voskuil disagreed with the claim that lower confirmation rates produce much higher fees or better security. He argued that the value of Bitcoin is subjective and cannot be predicted, but Todd countered that reducing the block size would likely increase total fees collected by miners. Meanwhile, Carvalho claimed that proof-of-work and the difficulty adjustment scheme already solve all issues, but did not provide logical support for their argument.Todd also noted that finding an optimal amount of security is important to ensure that Bitcoin remains secure and avoids market-distorting effects. However, he acknowledged that estimating this value did not have to be super accurate and should be non-zero but easily affordable. In response, another user used the analogy of a popular restaurant that may struggle to survive despite efficiently feeding the entire country, highlighting the need to ensure that Bitcoin can afford to staff itself despite increases in efficiency.The discussion also touched on the impact of zero-size blocks on fees and the security of the coin. While there are block sizes that are optimal for fees, they are unlikely to be zero, which would cause the system to collapse. The group agreed that being cautious about block-compressing technology like mweb and more aggressive about fee-driving tech would help maintain Bitcoin's security without resorting to inflation.
Updated on: 2023-06-15T21:24:52.936838+00:00