Author: Gino Pinuto 2022-07-14 11:42:56
Published on: 2022-07-14T11:42:56+00:00
The discussion on the Bitcoin-dev mailing list has focused on various approaches to maintain the security and value of the Bitcoin network. One suggestion involved burning all fees and keeping a block reward that would smooth out while preserving the ~21M coins limit, benefiting miners by incentivizing them to collect higher fee transactions with the indirect perspective of generating more reward in the future. However, it was noted that this approach would require an elegant implementation. Another proposal suggested that long-term holders could invest in mining to secure the value of their stake instead of relying on fees and miner rewards for security. A concern was raised that if only rich people were able to mine and participate in the consensus process, they could create a cartel, breaking game theory and leading to a drop in the Bitcoin network's value. The discussion also touched on the issue of "tail supply attacks" and how they could be countered by locking coins in an endless circulation loop or by burning them. Finally, there was a debate about the shape of the emission curve and its impact on proper distribution, with Monero and Ethereum being seen as worse than Bitcoin due to their large premine and fast halving of rewards.
Updated on: 2023-06-15T22:48:48.025475+00:00