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From: Erik Aronesty <erik@q32.com>
Date: Wed, 13 Jul 2022 08:18:43 -0400
Message-ID: <CAJowKgK2dgs+0edq4aN-dK9qeGAWBhUcgH_Hu=_H+yx8LBHoVw@mail.gmail.com>
To: Tom Harding <tomh@thinlink.com>,
Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
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X-Mailman-Approved-At: Wed, 13 Jul 2022 12:21:40 +0000
Subject: Re: [bitcoin-dev] Security problems with relying on transaction
fees for security
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Bitcoin doesn't rely on fees. It relys on users protecting the network out
of self interest
- running nodes now
- mining later
It has always been incentivised by holders acting out of self interest
If large holders allocating a small percentage to mining to protect their
interest, that's all Bitcoin needs
Although I can think of other protocols that work that way and people don't
like them
On Wed, Jul 13, 2022, 4:06 AM Tom Harding via bitcoin-dev <
bitcoin-dev@lists.linuxfoundation.org> wrote:
> On 7/11/22 15:26, Peter Todd via bitcoin-dev wrote:
> >
> > Anyway, designing protocols for "price go up forever" hopium is a bad
> idea.
>
> Yet that is the design, and it's a good one. It is equivalent to
> relying on bitcoin to steadily grow in utility vs. fiat currencies.
>
> If it fails to do that, there's no point anyway.
>
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev@lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
--00000000000004c43105e3aeca43
Content-Type: text/html; charset="UTF-8"
Content-Transfer-Encoding: quoted-printable
<div dir=3D"auto">Bitcoin doesn't rely on fees.=C2=A0 It relys on users=
protecting the network out of self interest<div dir=3D"auto"><br></div><di=
v dir=3D"auto">- running nodes now</div><div dir=3D"auto">- mining later</d=
iv><div dir=3D"auto"><br></div><div dir=3D"auto">It has always been incenti=
vised by holders acting out of self interest</div><div dir=3D"auto"><br></d=
iv><div dir=3D"auto">If large holders allocating a small percentage to mini=
ng to protect their interest, that's all Bitcoin needs</div><div dir=3D=
"auto"><br></div><div dir=3D"auto">Although I can think of other protocols =
that work that way and people don't like them</div><div dir=3D"auto"><b=
r></div><div dir=3D"auto"><br></div><div dir=3D"auto"><br></div><div dir=3D=
"auto"><br></div><div dir=3D"auto"><br></div><div dir=3D"auto"><br></div></=
div><br><div class=3D"gmail_quote"><div dir=3D"ltr" class=3D"gmail_attr">On=
Wed, Jul 13, 2022, 4:06 AM Tom Harding via bitcoin-dev <<a href=3D"mail=
to:bitcoin-dev@lists.linuxfoundation.org">bitcoin-dev@lists.linuxfoundation=
.org</a>> wrote:<br></div><blockquote class=3D"gmail_quote" style=3D"mar=
gin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">On 7/11/22 15:2=
6, Peter Todd via bitcoin-dev wrote:<br>
><br>
> Anyway, designing protocols for "price go up forever" hopium=
is a bad idea.<br>
<br>
Yet that is the design, and it's a good one.=C2=A0 It is equivalent to =
<br>
relying on bitcoin to steadily grow in utility vs. fiat currencies.<br>
<br>
If it fails to do that, there's no point anyway.<br>
<br>
_______________________________________________<br>
bitcoin-dev mailing list<br>
<a href=3D"mailto:bitcoin-dev@lists.linuxfoundation.org" target=3D"_blank" =
rel=3D"noreferrer">bitcoin-dev@lists.linuxfoundation.org</a><br>
<a href=3D"https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev" =
rel=3D"noreferrer noreferrer" target=3D"_blank">https://lists.linuxfoundati=
on.org/mailman/listinfo/bitcoin-dev</a><br>
</blockquote></div>
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