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Subject: Re: [bitcoin-dev] Block solving slowdown
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Good morning Andrew,
Another thing I did not consider is how miners will actually behave under t=
his ruleset.
Miners are the direct beneficiaries of any increased inflation rate voted i=
n.
Miners are also ultimately the ones who decide which transactions get added=
into blocks, or put another way, which UTXOs are deleted and which UTXOs a=
re created.
Thus, miners are likely to accept attempts to delete UTXOs that vote for lo=
wer inflation rates and create UTXOs that vote for higher inflation rates, =
and reject attempts to delete UTXOs that vote for higher inflation rates an=
d create UTXOs that vote for lower inflation rates.
Thus, miners will end up strongly controlling the inflation rate of the coi=
n.
Even worse, since the inflation gives increased coins to miners, more and m=
ore of the value of the coin, with which you vote for, will be in the hands=
of miners, who can then vote directly instead of censoring votes they disl=
ike.
The entire point of Bitcoin having a fixed inflation rate schedule (that is=
ultimately disinflationary) is to avoid the moral hazard of having the ben=
eficiaries of higher inflation rates also be the ones who decide what the i=
nflation rate will be.
Regards,
ZmnSCPxj
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