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Date: Mon, 11 Mar 2013 11:59:14 -0700
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From: Mark Friedenbach <mark@monetize.io>
To: Benjamin Lindner <ben@benlabs.net>
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Cc: Bitcoin Dev <bitcoin-development@lists.sourceforge.net>
Subject: Re: [Bitcoin-development] Blocking uneconomical UTXO creation
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--e89a8f3ba6e3e135e204d7aac43a
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On Mon, Mar 11, 2013 at 11:17 AM, Benjamin Lindner <ben@benlabs.net> wrote:
> > Just activate a non-proportional
> > demurrage (well, I won't complain if you just turn bitcoin into
> > freicoin, just think that non-proportional would be more acceptable by
> > most bitcoiners) that incentives old transactions to be moved
>
> You could delegate the decision to the user with a rule like:
>
> if (output<fee):
> limit lifetime of the UTXO to 10 years.
> if (output>fee):
> unlimited lifetime
>
> Then, when a user creates a transaction, he can decide whether he wants to
> have limited or unlimited lifetime. The rationale for limiting the lifetime
> for (output<fee) transactions is that they may have no inherent economic
> incentive to be spend.
>
If you think demurrage has a bad rep, wait until you see the response to
escheatment (which is what's really being proposed here).
UTXO growth over time is worst-case linear, while computational resources
increase exponentially. Mike nailed it on the head: all of this is a
solution in search of a problem.
Mark
--e89a8f3ba6e3e135e204d7aac43a
Content-Type: text/html; charset=UTF-8
Content-Transfer-Encoding: quoted-printable
<div dir=3D"ltr"><div class=3D"gmail_extra"><div class=3D"gmail_quote">On M=
on, Mar 11, 2013 at 11:17 AM, Benjamin Lindner <span dir=3D"ltr"><<a hre=
f=3D"mailto:ben@benlabs.net" target=3D"_blank">ben@benlabs.net</a>></spa=
n> wrote:<br>
<blockquote class=3D"gmail_quote" style=3D"margin:0px 0px 0px 0.8ex;border-=
left:1px solid rgb(204,204,204);padding-left:1ex"><div class=3D"im">> Ju=
st activate a non-proportional<br>
</div><div class=3D"im">> demurrage (well, I won't complain if you j=
ust turn bitcoin into<br>
> freicoin, just think that non-proportional would be more acceptable by=
<br>
> most bitcoiners) that incentives old transactions to be moved<br>
<br>
</div>You could delegate the decision to the user with a rule like:<br>
<br>
if (output<fee):<br>
=C2=A0limit lifetime of the UTXO to 10 years.<br>
if (output>fee):<br>
=C2=A0unlimited lifetime<br>
<br>
Then, when a user creates a transaction, he can decide whether he wants to =
have limited or unlimited lifetime. The rationale for limiting the lifetime=
for (output<fee) transactions is that they may have no inherent economi=
c incentive to be spend.<br>
</blockquote></div><br></div><div class=3D"gmail_extra"></div><div class=3D=
"gmail_extra">If you think demurrage has a bad rep, wait until you see the =
response to escheatment (which is what's really being proposed here).<b=
r>
<br>UTXO growth over time is worst-case linear, while computational resourc=
es increase exponentially. Mike nailed it on the head: all of this is a sol=
ution in search of a problem.<br><br></div><div class=3D"gmail_extra">Mark<=
br>
</div></div>
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