1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
|
Return-Path: <jamtlu@gmail.com>
Received: from smtp4.osuosl.org (smtp4.osuosl.org [140.211.166.137])
by lists.linuxfoundation.org (Postfix) with ESMTP id 89548C0001
for <bitcoin-dev@lists.linuxfoundation.org>;
Sun, 23 May 2021 01:01:02 +0000 (UTC)
Received: from localhost (localhost [127.0.0.1])
by smtp4.osuosl.org (Postfix) with ESMTP id 6FB274041A
for <bitcoin-dev@lists.linuxfoundation.org>;
Sun, 23 May 2021 01:01:02 +0000 (UTC)
X-Virus-Scanned: amavisd-new at osuosl.org
X-Spam-Flag: NO
X-Spam-Score: -2.099
X-Spam-Level:
X-Spam-Status: No, score=-2.099 tagged_above=-999 required=5
tests=[BAYES_00=-1.9, DKIM_SIGNED=0.1, DKIM_VALID=-0.1,
DKIM_VALID_AU=-0.1, DKIM_VALID_EF=-0.1, FREEMAIL_FROM=0.001,
HTML_MESSAGE=0.001, RCVD_IN_DNSWL_NONE=-0.0001, SPF_PASS=-0.001]
autolearn=ham autolearn_force=no
Authentication-Results: smtp4.osuosl.org (amavisd-new);
dkim=pass (2048-bit key) header.d=gmail.com
Received: from smtp4.osuosl.org ([127.0.0.1])
by localhost (smtp4.osuosl.org [127.0.0.1]) (amavisd-new, port 10024)
with ESMTP id PlGdo1cUw-xa
for <bitcoin-dev@lists.linuxfoundation.org>;
Sun, 23 May 2021 01:00:56 +0000 (UTC)
X-Greylist: whitelisted by SQLgrey-1.8.0
Received: from mail-pj1-x1034.google.com (mail-pj1-x1034.google.com
[IPv6:2607:f8b0:4864:20::1034])
by smtp4.osuosl.org (Postfix) with ESMTPS id A3CF940417
for <bitcoin-dev@lists.linuxfoundation.org>;
Sun, 23 May 2021 01:00:56 +0000 (UTC)
Received: by mail-pj1-x1034.google.com with SMTP id
ne24-20020a17090b3758b029015f2dafecb0so7972305pjb.4
for <bitcoin-dev@lists.linuxfoundation.org>;
Sat, 22 May 2021 18:00:56 -0700 (PDT)
DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=gmail.com; s=20161025;
h=mime-version:from:date:message-id:subject:to;
bh=pBhf4uSUboaXXrvBd/mRSRbQfSKMNIeoSjv1Yg2xl7E=;
b=qsnTOj37Qv5EwK/2RN4io7JqThnWnsTYbpfT8y/loo73iS7V1zyJuJUlmw3GjvH6xw
wLiWlMEWZVSqq4ja28JG6NNCgyTKvr1PrZiutymi/tGmAy2Rn8gphYHN7jIGo32gulcJ
XKzmV3chLGyRroLB/nG+yhcJ3kwwTsxrMwUpXGzEoXfpG+mrBeIoanK7P0memD8+pHMI
8NKb+7O6dNbe2xJotJDKYWlFu1rLK5UC505GaEOoTDQ2Esc+TGQemZ2DShs5KCf0Uo+i
epiKja/6EkfPrnaXDGIW9h7jqaMjnD8C3HiPV+wT98OZ/12oeOtPSXAw0BLjV/kZFIi0
A9bQ==
X-Google-DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed;
d=1e100.net; s=20161025;
h=x-gm-message-state:mime-version:from:date:message-id:subject:to;
bh=pBhf4uSUboaXXrvBd/mRSRbQfSKMNIeoSjv1Yg2xl7E=;
b=Dnsb2aunUYcTcANrqF3kjyphcDCyQ7pALStb0bJJDYvqO7IAyIe0POn+/LdX17LPUH
Em/ZkDbgjhQf0V0S9S5dtnfufr8M/Nlbm7GTM3q+xNnoe8LvLjJYDYCvSXubrzQJSrb0
ePuNXyN7rEOeRLBnP10kLSAicYtztvs1EwtUaIijKncAeKx9vVftpklopebDE+0a7nZm
vjlYkdh4vjPkNOUqpddz+Ax9JUp47muv5kqcpIiUeLP6NiWY+HYWU9TGCrm1ZY85IkOD
0wIQaxfO1XWnkCJS+MBEDOWquUnElr6fmfBuMJpqqFQR97rb972CGveyteG4wTSZuD7E
pfBg==
X-Gm-Message-State: AOAM531pAT8mioa9VwCZVnfPYKLiJHji9Rn7hzeXanI4mhKjNUpaDtgs
Mja8MxcGabQ/Xr8eLdwmNTLY0n5KKLS+z5bm/66cM+2zjxVrLg==
X-Google-Smtp-Source: ABdhPJy8OtQH7F6rA9gAehCr9ZF0YOMdY3eCh9Q9YjsKgof95eP1z5MfDsavb+iMl99DwW+Ej8YbCA/AT8NJMk7KQH8=
X-Received: by 2002:a17:90a:514e:: with SMTP id
k14mr17807413pjm.72.1621731655749;
Sat, 22 May 2021 18:00:55 -0700 (PDT)
MIME-Version: 1.0
From: James Lu <jamtlu@gmail.com>
Date: Sat, 22 May 2021 21:00:19 -0400
Message-ID: <CANQHGB1N4E9=cqrkxDiUH5hAHgzURAJv+S7Vkf8xWEMJ=+T_AQ@mail.gmail.com>
To: bitcoin-dev@lists.linuxfoundation.org
Content-Type: multipart/alternative; boundary="0000000000004315ef05c2f4d3d3"
X-Mailman-Approved-At: Sun, 23 May 2021 08:49:06 +0000
Subject: [bitcoin-dev] Reducing block reward via soft fork
X-BeenThere: bitcoin-dev@lists.linuxfoundation.org
X-Mailman-Version: 2.1.15
Precedence: list
List-Id: Bitcoin Protocol Discussion <bitcoin-dev.lists.linuxfoundation.org>
List-Unsubscribe: <https://lists.linuxfoundation.org/mailman/options/bitcoin-dev>,
<mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=unsubscribe>
List-Archive: <http://lists.linuxfoundation.org/pipermail/bitcoin-dev/>
List-Post: <mailto:bitcoin-dev@lists.linuxfoundation.org>
List-Help: <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=help>
List-Subscribe: <https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev>,
<mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=subscribe>
X-List-Received-Date: Sun, 23 May 2021 01:01:02 -0000
--0000000000004315ef05c2f4d3d3
Content-Type: text/plain; charset="UTF-8"
Background
===
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 value.
Idea
===
Reduce the block reward by adding fewer coins to the UTXO set per block.
This should be done gradually
Consensus layer
===
This is a soft fork, because it tightens the
Some Possible Weaknesses
===
- 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 day.
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
===
Instead of outright rejecting transactions (and the blocks that contain
them) that attempt to spend increased block rewards, treat them as no-ops.
--0000000000004315ef05c2f4d3d3
Content-Type: text/html; charset="UTF-8"
Content-Transfer-Encoding: quoted-printable
<div dir=3D"ltr"><div class=3D"gmail_default" style=3D"font-family:arial,he=
lvetica,sans-serif;font-size:small;color:#000000">Background</div><div clas=
s=3D"gmail_default" style=3D"font-family:arial,helvetica,sans-serif;font-si=
ze:small;color:#000000">=3D=3D=3D</div><div class=3D"gmail_default" style=
=3D"font-family:arial,helvetica,sans-serif;font-size:small;color:#000000">R=
educing the block reward reduces the incentive to mine. It reduces the maxi=
mum energy price at which mining is profitable, reducing the energy use.</d=
iv><div class=3D"gmail_default" style=3D"font-family:arial,helvetica,sans-s=
erif;font-size:small;color:#000000"><br></div><div class=3D"gmail_default" =
style=3D"font-family:arial,helvetica,sans-serif;font-size:small;color:#0000=
00">Bitcoins have value because they are accepted by full node users, from =
individual node operators, to exchanges and custodians like Coinbase. Anyth=
ing else and the Bitcoins don't exist and are worthless. Like all curre=
ncies, Bitcoin has value because others recognize that they have value.</di=
v><div class=3D"gmail_default" style=3D"font-family:arial,helvetica,sans-se=
rif;font-size:small;color:#000000"><br></div><div class=3D"gmail_default" s=
tyle=3D"font-family:arial,helvetica,sans-serif;font-size:small;color:#00000=
0"></div><div class=3D"gmail_default" style=3D"font-family:arial,helvetica,=
sans-serif;font-size:small;color:#000000">Idea</div><div class=3D"gmail_def=
ault" style=3D"font-family:arial,helvetica,sans-serif;font-size:small;color=
:#000000">=3D=3D=3D</div><div class=3D"gmail_default" style=3D"font-family:=
arial,helvetica,sans-serif;font-size:small;color:#000000">Reduce the block =
reward by adding fewer coins to the UTXO set per block. This should be done=
gradually<br></div><div class=3D"gmail_default" style=3D"font-family:arial=
,helvetica,sans-serif;font-size:small;color:#000000"><br></div><div class=
=3D"gmail_default" style=3D"font-family:arial,helvetica,sans-serif;font-siz=
e:small;color:#000000">Consensus layer</div><div class=3D"gmail_default" st=
yle=3D"font-family:arial,helvetica,sans-serif;font-size:small;color:#000000=
">=3D=3D=3D</div><div class=3D"gmail_default" style=3D"font-family:arial,he=
lvetica,sans-serif;font-size:small;color:#000000">This is a soft fork, beca=
use it tightens the=C2=A0</div><div class=3D"gmail_default" style=3D"font-f=
amily:arial,helvetica,sans-serif;font-size:small;color:#000000"><br></div><=
div class=3D"gmail_default" style=3D"font-family:arial,helvetica,sans-serif=
;font-size:small;color:#000000">Some Possible Weaknesses</div><div class=3D=
"gmail_default" style=3D"font-family:arial,helvetica,sans-serif;font-size:s=
mall;color:#000000">=3D=3D=3D</div><div class=3D"gmail_default" style=3D"fo=
nt-family:arial,helvetica,sans-serif;font-size:small;color:#000000">- It wi=
ll cost less than a nation-state of energy to reverse recent Bitcoin transa=
ctions.</div><div class=3D"gmail_default" style=3D"font-family:arial,helvet=
ica,sans-serif;font-size:small;color:#000000">- Some miners may protest and=
lobby exchanges.<br></div><div class=3D"gmail_default" style=3D"font-famil=
y:arial,helvetica,sans-serif;font-size:small;color:#000000">- By pushing mi=
ning towards the cheapest energy sources, centralization increases towards =
Chinese miners.</div><div class=3D"gmail_default" style=3D"font-family:aria=
l,helvetica,sans-serif;font-size:small;color:#000000">- The Bitcoin network=
may split if consensus is not built before flag day.</div><div class=3D"gm=
ail_default" style=3D"font-family:arial,helvetica,sans-serif;font-size:smal=
l;color:#000000"><br></div><div class=3D"gmail_default" style=3D"font-famil=
y:arial,helvetica,sans-serif;font-size:small;color:#000000">However, given =
the current political headwinds and widespread public discussion<span class=
=3D"gmail_default"> around Bitcoin's energy use</span>, it may be<span =
class=3D"gmail_default"> socially possible to ask individual users and majo=
r exchanges to install a version of Bitcoin with a reduced block reward.</s=
pan><br></div><div class=3D"gmail_default" style=3D"font-family:arial,helve=
tica,sans-serif;font-size:small;color:#000000"><br></div><div class=3D"gmai=
l_default" style=3D"font-family:arial,helvetica,sans-serif;font-size:small;=
color:#000000">Alternatives</div><div class=3D"gmail_default" style=3D"font=
-family:arial,helvetica,sans-serif;font-size:small;color:#000000">=3D=3D=3D=
</div><div class=3D"gmail_default" style=3D"font-family:arial,helvetica,san=
s-serif;font-size:small;color:#000000"><div class=3D"gmail_default"><div cl=
ass=3D"gmail_default">Instead of outright rejecting transactions (and the b=
locks that contain them) that attempt to spend increased block rewards, tre=
at them as no-ops.</div></div></div></div>
--0000000000004315ef05c2f4d3d3--
|
