Author: Eric Voskuil 2022-07-18 21:48:46
Published on: 2022-07-18T21:48:46+00:00
The discussion on the bitcoin-dev mailing list revolves around incentivizing miners to keep the Bitcoin network secure. The suggestion of tying miner revenue to the total value of Bitcoin is deemed unsuitable for this purpose. Erik Aronesty argues that if fees are not enough to keep Bitcoin secure for large transactions, then large holders will be incentivized to mine. However, mining at cost sufficient to overpower the censor implies accepting higher fees on censored transactions from others, which cannot be used as a rational basis for security. Therefore, it is concluded that transaction fees are what provide censorship resistance, whether you mine your own or others’. In summary, the argument emphasizes the importance of transaction fees in maintaining the security and censorship-resistance of the Bitcoin network.
Updated on: 2023-06-15T22:28:04.521912+00:00