Author: Russell O'Connor 2022-10-18 14:30:26
Published on: 2022-10-18T14:30:26+00:00
In a Bitcoin-dev forum discussion, Jeremy Rubin argues that Satoshi's original whitepaper serves as a "social contract" for what Bitcoin is and what can be agreed upon. However, he believes that it's misguided to simply accept the assumption of an honest majority without considering incentives. The stability of mining in a low subsidy environment is a significant concern since it has never been tested before. While there are worries about this issue, Rubin speculates that with a thick mempool or miners rationally leaving behind transactions, mining will remain stable. Although one can construct situations where not mining on the tip is preferred, it's not enough to collapse the protocol, but rather a question of rarity and reducing the chances of such situations arising through mining policy updates or leaving an explicit ANYONECANSPEND transaction output.
Updated on: 2023-06-16T01:50:52.988474+00:00