21 sats \ 3 replies \ @nerd2ninja 9 May 2023 \ parent \ on: Is situation you hate - a perfect solution to block subsidy issue? [bitcoin-dev] bitcoin
What is the hash rate the Bitcoin network actually needs to remain secure? Is the Bitcoin network still secure with half of its current hash rate? Does price need to double? Do miners need the current subsidy's worth of reward translated to dollars?
Those are the other questions, I have not seen any analysis of.
If half of current network hashrate would drop, i.e. if current security level is half of some security from the past - you can't preach about any Store-of-Value feature - which is one of most (if not most) important Bitcoin feature and as such advertised...
If you really care about SoV - you can't accept network security regressions. Period.
Delay of halving only in case of 4 years long network difficulty regression situation - is free market in its finest, and if not triggered till A.D. 2140 - it means: no hard fork
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You don't understand, I want the verbose academic research paper. Peter Todd in his article about tail emissions, he linked "On the Instability of Bitcoin Without the Block Reward" It was an interesting read which mostly was around miners being incentivized to mine previous blocks rather than build a new one and I came from that thinking "Well, all that means is that you'd need to wait 6 blocks instead of 1 probably". That's the level of academic research I'm trying to look for with this. Is constant growth of hash rate (at rates higher than the productivity curve or the innovation of faster computers) really necessary for Bitcoin to be secure? What is the real academic analysis. The best theory, though still much less academic than I'd like, is Jason Lowry's Hash War paper in which the hash rate increase is independent of block rewards and rather driven by international warfare. Countries securing their financial position from other countries trying to disrupt it with a reorg.
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Yes, some academic research paper on this topic would be always interesting to read...
There is also so called academic discussion - where two sides have different view on given matter and sometimes it requires a time to be verified by the reality.
I only want to say from my almost 50yo experience (academic, too) - network hashrate can be more-less constant or can be slightly increasing (both options are "good for Bitcoin") but we should definitely try to avoid network security regression. That's all.
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