70 sats \ 10 replies \ @jk_14 OP 26 Dec 2022 \ parent \ on: Pseudocode for robust tail emission bitcoin
Do you really want to fight with very old and well proven Gresham's law? :)
Once we realise there is no "dogma of Satoshi's infallibility" regarding denying the Gresham's law - as he hardcoded a terrible long-term security model in Bitcoin experiment - a discussion to reach the consensus how to neutralise it - is open, and 90% of votes is nothing else but still Bitcoin (vide: SegWit case)
You can also imagine a world in which Bitcoin on-chain is used daily by 1-10% of the population and businesses, and where fees will be large enough to secure the network.
An average of 10 cents / vBytes would bring as much blocksubsidy as we get now, and it is largely enough to secure the network.
Yes it'll mean that an average tx will cost 10 or 20 USD, but without this level of adoption in 20 years, where enough big amount txs are made in Bitcoin, then Bitcoin will not have really catch-up, and thus security budget will not be so important as nobody uses it.
If you are right then the market will migrate on a tail emission shitcoin, but as you know we don't care about opinions and who might be right in Bitcoin space. Fork it, sell your coins, and as you seem quite sure of yourself, you will make a ton of money. But Bitcoin is a dicovery, not an invention. It is sound money or it isn't. Trying to convince others that they are wrong suspicious. Act don't talk.
All of this has nothing to do with Satoshi, but with what sound money is.
Gresham law doesn't apply for Bitcoin as it works only in a specfic location with a stong legal tender enforcement. But their is no legal tender on planet earth. Bitcoin is global, and it is the only available option to trade globaly without trust or friction. It will be used for trades, and to build layer 2 and 3 applications. It will be used for what it is, P2P eletronic cash. Hoarding in only one of its use cases and you seem to forget that.
Bitcoin will be used or it has not point and your tail emission makes no sense if nobody uses Bitcoin.
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20 usd for single tx - but: now!
Probably most of folks here expected bitcoin price 100k usd till the end of 2021 already.
And in such case: 120 usd "only" per single tx to compensate lack of block subsidy. And only rising together with Bitcoin price... :)
Yeah, sure...
Gresham law doesn't apply for Bitcoin.
Game Theory doesn't apply for Bitcoin.
What else yet doesn't apply... ha-ha
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But Gresham’s law DOESNT apply to Bitcoin. It has no face value.
Gresham’s law applies when, say, I have a sovereign silver $1 coin (1 oz, worth $23+) and a paper $1 bill.
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Gresham law can't be apply to a global currency without a global legal tender, that you like it or not. Without coercion from one big giant worldwide Nation State, Gresham law is meaningless seriously. In that case Bitcoin could become the money of the world, and at least be secured enough by the fee rewards...If you think adoption will stay like it is right now forever, then Bitcoin has indeed failed so moove away from that space dude
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Gresham's law exists strictly due to human nature: let's hoard what is best. Like best money, i.e. Bitcoin.
Your silly claim is like: "human nature can't be applied to human", dude... LOL
You simply understand NOTHING: #114074
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You are so confident dude, but you are the one who understand nothing to human nature. No human intelligent enough uses two different kind of money unless he has no choice.
Greshams law (which is not a law of anything by the way) could (maybe) reduce a little bit Bitcoin usage locally speaking where fiatist impose their tyranny, but we don't care as long as it's used enough globally to sustain a good security for the network.
And guess what (act number n until you finally accept that you will never take the CFA franc of a guy from Congo as payment) Bitcoin is the only available optoion to trade globally, and I bet this could bring a lot of traction on it.
Hoarding what is best doesn't mean that you don't spend or use it at all...I feel like I'm speaking to a socialist right now, with a deeply corrupted fiat mindset.
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A system in which all users participate in ensuring its security is better than one in which only some of them participate.
Achieving equilibrium between two parties with opposite interests due to market play - is free market in its finest.
Both 100% rational statements. But you - as socialist - simply don't understand.
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I understand enough to know that people willing to change Bitcoin in its core design don't understand Bitcoin, and have been proven wrong everytime for 13 years. Fork it and sell it, don't wait for the masses to come to the conclusion of your brilliant mind.
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I may only repeat: You understand NOTHING
(but you will understand in next 13 years)