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268 sats \ 5 replies \ @faithandcredit 25 Dec 2022 \ on: Pseudocode for robust tail emission bitcoin
In my opnion some people are looking at the block subsidy wrong. Its not meant to secure the network its meant to distribute coins as fairly as possible. When the coins have been distributed the security will come from usage of the network, it will come from the fees. Some people have assumed there will be tonnes of usage and everything is awesome and they can put their entire networth in it and never have to work again and now isntead of adjusting their holdings because they might have second thoughts about their position they want to change the parameters of the protocol and continue coin emission in an attempt to protect their degen position. But they are just being reckless again and should be ignored.
they want to change the parameters of the protocol and continue coin emission in an attempt to protect their degen position
The degen position is the one that maximizes “number go up” at the expense of the security and fairness of the network.
Now which position is really “degen” here?
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scarcity does not create value in itself and niether does creating coins to pay for security. Its the commodity like features that gives value, and you are compromising those with tail emissions hardforks.
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delay the halving schedule by single cycle - only if the network security after long 4 years is still degraded (instead of killing it more)
if no need to rescue the network security in such situation - I don't know when
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The degen position is the one that maximizes “number go up” at the expense of the security
1k sat, because your comment is perfect :)
Let me add yet:
- simple solution (easy to understand for Average Joe)
- no hardcoded value of tail emission (only the circumstances define it)
- as long as income from transactions compensate cut-off of block subsidy - nothing is changed
- the network may grow by tiny single ASIC miner every 4 years - and nothing is changed as well
Just the network security oriented and only a safety measure.
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the security will come from usage of the network, it will come from the fees
that's great
...and if you really believe in what you wrote above - you wouldn't write it at all
as this safety measure would never be triggered - according to your bold claim
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