Author: jk_14 at op.pl 2022-07-26 15:44:55
Published on: 2022-07-26T15:44:55+00:00
According to a conversation on the bitcoin-dev mailing list, even if there is no block reward and minimal fees, large holders who perform zero transactions will still mine in order to preserve the value of the network. This is referred to as "mining at a small loss to preserve your stake" and is unrelated to mining one's own transactions. The conversation also discusses the idea of a subsidy to tie miner revenue to the total value of Bitcoin, which some argue is not the ideal way to incentivize a service that keeps the network secure for large transactions. Instead, it is argued that if fees are not enough to keep the network secure, then large holders are incentivized to mine. The Prisoner's Dilemma is cited as an example of why completely rational large holders might not cooperate, even if it appears to be in their best interests to do so. It is noted that censorship resistance is not meaningfully improved with issuance.
Updated on: 2023-06-15T22:36:38.354264+00:00