Author: Erik Aronesty 2022-07-25 15:04:39
Published on: 2022-07-25T15:04:39+00:00
Based on the given context, it is stated that even without block rewards and minimal fees, large holders who perform no transactions will still mine in order to preserve the network's value. This is not related to "mining your own tx" but instead refers to "mining at a small loss to preserve your stake". The author argues that issuance or fees are not necessary and censorship resistance is not improved with issuance. The subsidy to directly tie miner revenue to the total value of Bitcoin is not an ideal way to incentivize the service that keeps the system secure for large transactions. Instead, large holders are incentivized to mine if the fees are not enough to keep Bitcoin secure, making it a straightforward process.
Updated on: 2023-06-15T22:32:20.972073+00:00