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983 sats \ 5 replies \ @jk_14 11 Jun 2023 \ on: Unpopular Opinions - A Weekend Discussion bitcoin
In case of 4 years long network difficulty (i.e. security) regression - halving should be delayed by 210k blocks to meet the recovery of the network security. That would de facto implement a missing free market in post-subsidy era between overtaxed active on-chain users and passive free-riders aka stakeholders.
Without free market there - we are f...ed long term :)
This is what I came here for. The thing is difficulty could go down for reasons other than lower security relative to the rest of human endeavor. Fundamentally this gets at how a system can know anything outside its own boundaries.
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Fundamentally this gets at how a system can know anything outside its own boundaries.
This.
:)
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Hmmm, that's an interesting idea
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In a post-subsidy era, delaying the halving by another 4 year period would not do anything because there already is no subsidy. Am I missing something?
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Such a long-term regression of network difficulty means nothing else that transaction revenue from active users is not able to fund current network security anymore for both: active and passive users. Delaying of halving is simply: not introducing additional more damage to the network security.
as a side note: it's really a conservative approach then - and would fit to Bitcoin, in fact.
And obviously we are approaching post-subsidy era gradual way, so this so simple mechanism above will trigger in the moment of passing equilibrium described above. And effectively we will stay in this equilibrium, having simultaneously:
- as low on-chain fees as possible
- as low subsidy as possible
...while keeping the network security robust and all that balanced by the free market (in its finest) between these two competing parties.
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