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From: James Lu <jamtlu@gmail.com>
Date: Sun, 23 May 2021 10:40:31 -0400
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Subject: [bitcoin-dev] Fwd:  Reducing block reward via soft fork
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> Well, it is done automatically every 4 years :)
Bitcoin's price has always been increasing exponentially faster than the
block size has been exponentially decreasing.

> It is a self-balancing system - more people shout about Bitcoin being
dirty -> less adoption -> lower the price -> less energy consumption.
Surely we can strive for adoption and be environmentally friendly?

Bitcoin currently consumes as much power as a small nation-state, giving it
nation-state security. A 51% attack can reverse recent transactions. I
don't think 99% of transactions need that level of security=E2=80=93 and if=
 we
don't improve environmental-friendliness, adoption will decrease, so the
price will decrease, so less mining will happen, so security will be hurt
anyway.

> I am all for making Bitcoin green(er), but IMHO there shall be no
short-termism of the sort "Elon complained + price dropped 40% - lets go
radically change things".
I agree, Bitcoin shouldn't do anything just because a celebrity said
something. However, this would be the ideal time to make such a change,
riding off the public attitude to build social consensus around such a
change.

Also, this reduces inflation, good for Bitcoin hodlers ;)

> IMHO if we want to make BTC cleaner we can add functionality where users
can prioritise some miners over the others, with the view that users will
prioritise "green" miners and they will get more TX fees, and there will be
economic incentive to go green.
This proposal would be great too.

On Sun, May 23, 2021 at 6:42 AM Anton Ragin <anton@etc-group.com> wrote:

> Well, it is done automatically every 4 years :) It is a self-balancing
> system - more people shout about Bitcoin being dirty -> less adoption ->
> lower the price -> less energy consumption. Add on top the fact that in
> 2024 block rewards will fall 50% anyway and someday it will be zero.
>
> I am all for making Bitcoin green(er), but IMHO there shall be no
> short-termism of the sort "Elon complained + price dropped 40% - lets go
> radically change things".
>
> IMHO if we want to make BTC cleaner we can add functionality where users
> can prioritise some miners over the others, with the view that users will
> prioritise "green" miners and they will get more TX fees, and there will =
be
> economic incentive to go green.
>
> On Sun, 23 May 2021, 09:49 James Lu via bitcoin-dev, <
> bitcoin-dev@lists.linuxfoundation.org> wrote:
>
>> Background
>> =3D=3D=3D
>> Reducing the block reward reduces the incentive to mine. It reduces the
>> maximum energy price at which mining is profitable, reducing the energy =
use.
>>
>> Bitcoins have value because they are accepted by full node users, from
>> individual node operators, to exchanges and custodians like Coinbase.
>> Anything else and the Bitcoins don't exist and are worthless. Like all
>> currencies, Bitcoin has value because others recognize that they have va=
lue.
>>
>> Idea
>> =3D=3D=3D
>> Reduce the block reward by adding fewer coins to the UTXO set per block.
>> This should be done gradually
>>
>> Consensus layer
>> =3D=3D=3D
>> This is a soft fork, because it tightens the
>>
>> Some Possible Weaknesses
>> =3D=3D=3D
>> - It will cost less than a nation-state of energy to reverse recent
>> Bitcoin transactions.
>> - Some miners may protest and lobby exchanges.
>> - By pushing mining towards the cheapest energy sources, centralization
>> increases towards Chinese miners.
>> - The Bitcoin network may split if consensus is not built before flag da=
y.
>>
>> However, given the current political headwinds and widespread public
>> discussion around Bitcoin's energy use, it may be socially possible to
>> ask individual users and major exchanges to install a version of Bitcoin
>> with a reduced block reward.
>>
>> Alternatives
>> =3D=3D=3D
>> Instead of outright rejecting transactions (and the blocks that contain
>> them) that attempt to spend increased block rewards, treat them as no-op=
s.
>> _______________________________________________
>> bitcoin-dev mailing list
>> bitcoin-dev@lists.linuxfoundation.org
>> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>>
>

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<div dir=3D"ltr"><div class=3D"gmail_default" style=3D"font-family:arial,he=
lvetica,sans-serif;font-size:small;color:#000000">&gt;=C2=A0<span style=3D"=
font-family:Arial,Helvetica,sans-serif;color:rgb(34,34,34)">Well, it is don=
e automatically every 4 years :)</span><br></div><div class=3D"gmail_quote"=
><div dir=3D"ltr"><div dir=3D"ltr">Bitcoin&#39;s price has <span class=3D"g=
mail_default" style=3D"font-family:arial,helvetica,sans-serif;font-size:sma=
ll;color:rgb(0,0,0)">always </span>been increasing exponentially faster tha=
n the block size has been exponentially decreasing.<br><div class=3D"gmail_=
default" style=3D"font-family:arial,helvetica,sans-serif;font-size:small;co=
lor:#000000"><br></div><div class=3D"gmail_default" style=3D"font-family:ar=
ial,helvetica,sans-serif;font-size:small;color:#000000"><span style=3D"colo=
r:rgb(34,34,34);font-family:Arial,Helvetica,sans-serif">&gt; It is a self-b=
alancing system - more people shout about Bitcoin being dirty -&gt; less ad=
option -&gt; lower the price -&gt; less energy consumption.</span><br></div=
><div class=3D"gmail_default" style=3D"font-family:arial,helvetica,sans-ser=
if;font-size:small;color:#000000">Surely we can strive for adoption and be =
environmentally friendly?<br></div><div class=3D"gmail_default" style=3D"fo=
nt-family:arial,helvetica,sans-serif;font-size:small;color:#000000"><span s=
tyle=3D"font-family:Arial,Helvetica,sans-serif;color:rgb(34,34,34)"><br></s=
pan></div><div class=3D"gmail_default" style=3D"font-family:arial,helvetica=
,sans-serif;font-size:small;color:#000000"><span style=3D"font-family:Arial=
,Helvetica,sans-serif;color:rgb(34,34,34)">Bitcoin currently consumes as mu=
ch power as a small nation-state, giving it nation-state security.=C2=A0</s=
pan><span style=3D"color:rgb(34,34,34);font-family:Arial,Helvetica,sans-ser=
if">A 51% attack can reverse recent transactions. I don&#39;t think 99% of =
transactions need that level of security=E2=80=93 and if we don&#39;t impro=
ve environmental-friendliness, adoption will decrease, so the price will de=
crease, so less mining will happen, so security will be hurt anyway.</span>=
</div><div class=3D"gmail_default" style=3D"font-family:arial,helvetica,san=
s-serif;font-size:small;color:#000000"><span style=3D"color:rgb(34,34,34);f=
ont-family:Arial,Helvetica,sans-serif"><br></span></div><div class=3D"gmail=
_default" style=3D"font-family:arial,helvetica,sans-serif;font-size:small;c=
olor:#000000">&gt; I am all for making Bitcoin green(er), but IMHO there sh=
all be no short-termism of the sort &quot;Elon complained + price dropped 4=
0% - lets go radically change things&quot;.</div><div class=3D"gmail_defaul=
t" style=3D"font-family:arial,helvetica,sans-serif;font-size:small;color:#0=
00000">I agree, Bitcoin shouldn&#39;t do anything just because a celebrity =
said something. However, this would be the ideal time to make such a change=
, riding off the public attitude to build social consensus around such a ch=
ange.</div><div class=3D"gmail_default" style=3D"font-family:arial,helvetic=
a,sans-serif;font-size:small;color:#000000"><br></div><div class=3D"gmail_d=
efault" style=3D"font-family:arial,helvetica,sans-serif;font-size:small;col=
or:#000000">Also, this reduces inflation, good for Bitcoin hodlers ;)</div>=
<div class=3D"gmail_default" style=3D"font-family:arial,helvetica,sans-seri=
f;font-size:small;color:#000000"><br></div><div class=3D"gmail_default" sty=
le=3D"font-family:arial,helvetica,sans-serif;font-size:small;color:#000000"=
>&gt; IMHO if we want to make BTC cleaner we can add functionality where us=
ers can prioritise some miners over the others, with the view that users wi=
ll prioritise &quot;green&quot; miners and they will get more TX fees, and =
there will be economic incentive to go green.<br></div><div class=3D"gmail_=
default" style=3D"font-family:arial,helvetica,sans-serif;font-size:small;co=
lor:#000000">This proposal would be great too.</div><div class=3D"gmail_def=
ault" style=3D"font-family:arial,helvetica,sans-serif;font-size:small;color=
:#000000"><span style=3D"font-family:Arial,Helvetica,sans-serif;color:rgb(3=
4,34,34)"><br></span></div></div><div class=3D"gmail_quote"><div dir=3D"ltr=
" class=3D"gmail_attr">On Sun, May 23, 2021 at 6:42 AM Anton Ragin &lt;<a h=
ref=3D"mailto:anton@etc-group.com" target=3D"_blank">anton@etc-group.com</a=
>&gt; wrote:<br></div><blockquote class=3D"gmail_quote" style=3D"margin:0px=
 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><di=
v dir=3D"auto">Well, it is done automatically every 4 years :) It is a self=
-balancing system - more people shout about Bitcoin being dirty -&gt; less =
adoption -&gt; lower the price -&gt; less energy consumption. Add on top th=
e fact that in 2024 block rewards will fall 50% anyway and someday it will =
be zero.<div dir=3D"auto"><br></div><div dir=3D"auto">I am all for making B=
itcoin green(er), but IMHO there shall be no short-termism of the sort &quo=
t;Elon complained + price dropped 40% - lets go radically change things&quo=
t;.</div><div dir=3D"auto"><br></div><div dir=3D"auto">IMHO if we want to m=
ake BTC cleaner we can add functionality where users can prioritise some mi=
ners over the others, with the view that users will prioritise &quot;green&=
quot; miners and they will get more TX fees, and there will be economic inc=
entive to go green.</div></div><br><div class=3D"gmail_quote"><div dir=3D"l=
tr" class=3D"gmail_attr">On Sun, 23 May 2021, 09:49 James Lu via bitcoin-de=
v, &lt;<a href=3D"mailto:bitcoin-dev@lists.linuxfoundation.org" target=3D"_=
blank">bitcoin-dev@lists.linuxfoundation.org</a>&gt; wrote:<br></div><block=
quote class=3D"gmail_quote" style=3D"margin:0px 0px 0px 0.8ex;border-left:1=
px solid rgb(204,204,204);padding-left:1ex"><div dir=3D"ltr"><div style=3D"=
font-family:arial,helvetica,sans-serif;font-size:small;color:rgb(0,0,0)">Ba=
ckground</div><div style=3D"font-family:arial,helvetica,sans-serif;font-siz=
e:small;color:rgb(0,0,0)">=3D=3D=3D</div><div style=3D"font-family:arial,he=
lvetica,sans-serif;font-size:small;color:rgb(0,0,0)">Reducing the block rew=
ard reduces the incentive to mine. It reduces the maximum energy price at w=
hich mining is profitable, reducing the energy use.</div><div style=3D"font=
-family:arial,helvetica,sans-serif;font-size:small;color:rgb(0,0,0)"><br></=
div><div style=3D"font-family:arial,helvetica,sans-serif;font-size:small;co=
lor:rgb(0,0,0)">Bitcoins have value because they are accepted by full node =
users, from individual node operators, to exchanges and custodians like Coi=
nbase. Anything else and the Bitcoins don&#39;t exist and are worthless. Li=
ke all currencies, Bitcoin has value because others recognize that they hav=
e value.</div><div style=3D"font-family:arial,helvetica,sans-serif;font-siz=
e:small;color:rgb(0,0,0)"><br></div><div style=3D"font-family:arial,helveti=
ca,sans-serif;font-size:small;color:rgb(0,0,0)"></div><div style=3D"font-fa=
mily:arial,helvetica,sans-serif;font-size:small;color:rgb(0,0,0)">Idea</div=
><div style=3D"font-family:arial,helvetica,sans-serif;font-size:small;color=
:rgb(0,0,0)">=3D=3D=3D</div><div style=3D"font-family:arial,helvetica,sans-=
serif;font-size:small;color:rgb(0,0,0)">Reduce the block reward by adding f=
ewer coins to the UTXO set per block. This should be done gradually<br></di=
v><div style=3D"font-family:arial,helvetica,sans-serif;font-size:small;colo=
r:rgb(0,0,0)"><br></div><div style=3D"font-family:arial,helvetica,sans-seri=
f;font-size:small;color:rgb(0,0,0)">Consensus layer</div><div style=3D"font=
-family:arial,helvetica,sans-serif;font-size:small;color:rgb(0,0,0)">=3D=3D=
=3D</div><div style=3D"font-family:arial,helvetica,sans-serif;font-size:sma=
ll;color:rgb(0,0,0)">This is a soft fork, because it tightens the=C2=A0</di=
v><div style=3D"font-family:arial,helvetica,sans-serif;font-size:small;colo=
r:rgb(0,0,0)"><br></div><div style=3D"font-family:arial,helvetica,sans-seri=
f;font-size:small;color:rgb(0,0,0)">Some Possible Weaknesses</div><div styl=
e=3D"font-family:arial,helvetica,sans-serif;font-size:small;color:rgb(0,0,0=
)">=3D=3D=3D</div><div style=3D"font-family:arial,helvetica,sans-serif;font=
-size:small;color:rgb(0,0,0)">- It will cost less than a nation-state of en=
ergy to reverse recent Bitcoin transactions.</div><div style=3D"font-family=
:arial,helvetica,sans-serif;font-size:small;color:rgb(0,0,0)">- Some miners=
 may protest and lobby exchanges.<br></div><div style=3D"font-family:arial,=
helvetica,sans-serif;font-size:small;color:rgb(0,0,0)">- By pushing mining =
towards the cheapest energy sources, centralization increases towards Chine=
se miners.</div><div style=3D"font-family:arial,helvetica,sans-serif;font-s=
ize:small;color:rgb(0,0,0)">- The Bitcoin network may split if consensus is=
 not built before flag day.</div><div style=3D"font-family:arial,helvetica,=
sans-serif;font-size:small;color:rgb(0,0,0)"><br></div><div style=3D"font-f=
amily:arial,helvetica,sans-serif;font-size:small;color:rgb(0,0,0)">However,=
 given the current political headwinds and widespread public discussion<spa=
n class=3D"gmail_default"> around Bitcoin&#39;s energy use</span>, it may b=
e<span class=3D"gmail_default"> socially possible to ask individual users a=
nd major exchanges to install a version of Bitcoin with a reduced block rew=
ard.</span><br></div><div style=3D"font-family:arial,helvetica,sans-serif;f=
ont-size:small;color:rgb(0,0,0)"><br></div><div style=3D"font-family:arial,=
helvetica,sans-serif;font-size:small;color:rgb(0,0,0)">Alternatives</div><d=
iv style=3D"font-family:arial,helvetica,sans-serif;font-size:small;color:rg=
b(0,0,0)">=3D=3D=3D</div><div style=3D"font-family:arial,helvetica,sans-ser=
if;font-size:small;color:rgb(0,0,0)"><div><div>Instead of outright rejectin=
g transactions (and the blocks that contain them) that attempt to spend inc=
reased block rewards, treat them as no-ops.</div></div></div></div>
_______________________________________________<br>
bitcoin-dev mailing list<br>
<a href=3D"mailto:bitcoin-dev@lists.linuxfoundation.org" rel=3D"noreferrer"=
 target=3D"_blank">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>
</blockquote></div></div>
</div></div>

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