184 sats \ 3 replies \ @TheBTCManual 23 Sep 2023 \ on: Nic Carter comments on security budget bitcoin
I don't know man I think this security budget debate is a lot of fear-mongering, or maybe it's just me just sensitive about anything that messes with the hard cap. Surely there's a lot more that can be done before entertaining things like those extremes?
I want Bitcoin to win, and to do that ideas need to proliferate, and should be discussed but we don't know what the future holds. If we do get more on-chain volume that make side chains more popular, merged mine income is also part of the deal, maybe spider chain validator income, maybe miners are routing on LN too
As long as transactions are moving on-chain or on L2s theres fees to be earned, and I think the main way to do that is to either bring the ability for exchanges to run on-chain or make it way more attractive to not use exchanges for internal settlement where they are pocketing the fees
Nobody (not me, and, so far as I know, nobody else) is arguing that anything be done about this right now. Like you say, these are extreme measures! And we're not having a problem right now. And who knows what the future holds? So many things could happen.
The issue is whether the community becomes so dominated by faith-based reasoning that people don't do the work, they don't think adversarially, they don't threat model, they don't prepare. Basically, kicking the can down the road, covering their eyes and ears and pretending that everything will be fine because it would be really inconvenient if everything weren't fine.
About as fiat-mindset as it gets.
reply
I am with you there, whats the point of this whole thing if it can be taken down by something? Then we are larping about this network being the most robust, immutable, censorship-resistant money, it needs to be attacked, be that through computation, policy, alternative networks, legal means, and more.
reply
Spiderchain is a remora chain thet would increase miner centralization(if the node is expensive/hard to run) while siphoning off txn fees from mainchain. Unfortunately sidechain txn fees paid to L2 validators etc does not secure Bitcoin from the cost to attack. Im not saying spiderchain etc are attacks on BTC but if they had some incredible fantastic magical features and took away traffic from L1 it would be bad. Drivechain blind merge mining is a potential solution to this. Regular merge mining is good too but BMM allows for new mining pools to spin up and compete far easier than if they had to tool for an expensive (potentially permissioned) L2 validator thing
reply