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Date: Sat, 4 Feb 2023 08:06:32 -0500
From: Peter Todd <pete@petertodd.org>
To: Anthony Towns <aj@erisian.com.au>,
Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
Message-ID: <Y95YWB2ZLmeiknx6@petertodd.org>
References: <CANLPe+Pa-D=JB8N5Qeokoyp=mRA3LLM=mtvvwPkpbHvV_bmEXQ@mail.gmail.com>
<Y941vsOOsZJHdnKT@erisian.com.au>
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Subject: Re: [bitcoin-dev] Purely off-chain coin colouring
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On Sat, Feb 04, 2023 at 08:38:54PM +1000, Anthony Towns via bitcoin-dev wro=
te:
> I think for bitcoin's blockspace, we ideally only want the first of
> these to be true. We want small blocks because that makes it cheap to
> verify bitcoin, which reduces the need to trust third parties and aids in
> decentralisation. But we don't want blockspace to be especially valuable,
> as that makes it expensive to use bitcoin, which then limits who can
> use it.
We certainly do want blockspace to be valuable, as transaction fees have to
both be in constant demand, and rise enough to replace the inflation subsid=
y if
Bitcoin is to remain secure in the future. In fact at the moment, the infla=
tion
subsidy pays miners about 50x more than fees do. Ordinals and other publica=
tion
mechanisms are of course ways that we can drive consistent demand for block
space, keeping Bitcoin secure.
Are you arguing that we should change the inflation subsidy phase-out, eg by
introducing tail emission(1) or demurrage?
1) https://petertodd.org/2022/surprisingly-tail-emission-is-not-inflationary
--=20
https://petertodd.org 'peter'[:-1]@petertodd.org
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