>Billy,
>
>Proof of work and the difficulty adjustment function solve literally
everything you are talking about already.
>Bitcoin does not need active economic governanance by devs or meddlers.
>Please stop spamming this list with this nonsensical thread.
>
>Love,
>John
Sorry John, but this is a
>Bitcoin's finite supply is the main argument for people investing in it,
the whole narrative around bitcoin is based on its finite supply. While it
has its flaws and basically condemns bitcoin to be only used as a store >of
value (and not as a currency), I don't think it's worth questioning it at
Even if demand for block space is currently not needed to pay for security
due to the block rewards, demand for BTC itself is needed for those rewards
to be worth anything.
Bitcoin, as a proof of work system, is only secure at scale. Therefore
continued growth and user adoption are both critical
If none of the alternative proposals have been developed as much as CTV, it
seems reasonable to interpret that as a lack of interest in those
alternative proposals themselves.
That should not be interpreted as lack of interest in covenants. Perhaps if
CTV didn't exist, we would have seen more
>*A change that increases the number of use cases of Bitcoin affects all
users and is *not* non-invasive. More use cases means more blockchain usage
which increases the price of a transaction for *everyone*.*
This manages to be both incorrect and philosophically opposed to what
defines success of
We cannot prevent people from choosing to take an action based on an
unconfirmed transaction. Even though it is trivial to have a
double-spending transaction confirmed, accepting a 0-conf tx can be
rational in many cases. 0-conf can be interpreted as the customer
signaling their 'intent to pay',
Since the root cause of what you are trying to address is the reward
having, I'd suggest considering an adjustment to the having schedule.
Instead of their being a large supply shock every four years, perhaps the
reward could drop every 52,500 blocks (yearly), or even at each difficulty
On Tur, Aug 11, 2015 at 07:08 AM, *Mark Friedenbach* via bitcoin-dev
bitcoin-dev at lists.linuxfoundation.org
https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
wrote:
Neither one of those assertions is clear. Keep in mind the goal is to have
Bitcoin survive active censorship.
