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Date: Sun, 19 Jun 2022 06:31:38 -0400
From: Peter Todd <pete@petertodd.org>
To: alicexbt <alicexbt@protonmail.com>
Message-ID: <Yq77CnxOhr615ip8@petertodd.org>
References: <mailman.9.1654344003.14400.bitcoin-dev@lists.linuxfoundation.org>
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Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Bitcoin covenants are inevitable
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On Sun, Jun 12, 2022 at 07:16:49PM +0000, alicexbt wrote:
> Hi Peter,
>=20
> > Only because the block reward goes away. If it was made to continue
> > indefinitely - most likely with an inflation hard fork - demand for blo=
ck space
> > would not be critical to Bitcoin's security.
>=20
>=20
> I am not completely against your proposal although 100% sure this will no=
t have "consensus" to be implemented. I think if bitcoin doesn't have enoug=
h demand for block space, it should die. I will be sad if bitcoin doesn't e=
xist but it should be a lesson for all the people opposing soft forks based=
on drama and politics instead of technical review.
>=20
> I don't see anything wrong with users paying 100x fees for opening and cl=
osing LN channels.
The PoW security of Bitcoin benefits all Bitcoin users, proportional to the
value of BTC they hold; if Bitcoin blocks aren't reliably created the value=
of
*all* BTC goes down. It doesn't make sense for the entire cost of that secu=
rity
to be paid for on a per-tx basis. And there's a high chance paying for it o=
n a
per-tx basis won't work anyway due to lack of consistent demand.
It would be extremely unfortunate if one of the very few decentralized ways=
to
store value died simply because we couldn't find a way to pay to keep it
secure.
--=20
https://petertodd.org 'peter'[:-1]@petertodd.org
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