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authorPeter Todd <pete@petertodd.org>2022-06-19 06:31:38 -0400
committerbitcoindev <bitcoindev@gnusha.org>2022-06-19 10:31:47 +0000
commit73a02b5e7504f9bf48ba0eb6a4d2a9dcdb996395 (patch)
tree26b906725667b4d8f53a1433729670623491f9a4
parent003cdb8572412f897b28a0a61bb9c02976a8d24a (diff)
downloadpi-bitcoindev-73a02b5e7504f9bf48ba0eb6a4d2a9dcdb996395.tar.gz
pi-bitcoindev-73a02b5e7504f9bf48ba0eb6a4d2a9dcdb996395.zip
Re: [bitcoin-dev] Bitcoin covenants are inevitable
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+Date: Sun, 19 Jun 2022 06:31:38 -0400
+From: Peter Todd <pete@petertodd.org>
+To: alicexbt <alicexbt@protonmail.com>
+Message-ID: <Yq77CnxOhr615ip8@petertodd.org>
+References: <mailman.9.1654344003.14400.bitcoin-dev@lists.linuxfoundation.org>
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+Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
+Subject: Re: [bitcoin-dev] Bitcoin covenants are inevitable
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+On Sun, Jun 12, 2022 at 07:16:49PM +0000, alicexbt wrote:
+> Hi Peter,
+>=20
+> > Only because the block reward goes away. If it was made to continue
+> > indefinitely - most likely with an inflation hard fork - demand for blo=
+ck space
+> > would not be critical to Bitcoin's security.
+>=20
+>=20
+> I am not completely against your proposal although 100% sure this will no=
+t have "consensus" to be implemented. I think if bitcoin doesn't have enoug=
+h demand for block space, it should die. I will be sad if bitcoin doesn't e=
+xist but it should be a lesson for all the people opposing soft forks based=
+ on drama and politics instead of technical review.
+>=20
+> I don't see anything wrong with users paying 100x fees for opening and cl=
+osing LN channels.
+
+The PoW security of Bitcoin benefits all Bitcoin users, proportional to the
+value of BTC they hold; if Bitcoin blocks aren't reliably created the value=
+ of
+*all* BTC goes down. It doesn't make sense for the entire cost of that secu=
+rity
+to be paid for on a per-tx basis. And there's a high chance paying for it o=
+n a
+per-tx basis won't work anyway due to lack of consistent demand.
+
+It would be extremely unfortunate if one of the very few decentralized ways=
+ to
+store value died simply because we couldn't find a way to pay to keep it
+secure.
+
+--=20
+https://petertodd.org 'peter'[:-1]@petertodd.org
+
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