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Subject: Re: [bitcoin-dev] Surprisingly, Tail Emission Is Not Inflationary
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--===============1595044933031641473==
Content-Type: text/plain; charset="utf-8"
Content-Transfer-Encoding: quoted-printable
"large holders who perform zero transactions will still mine in order to pr=
eserve the value of the network"
let me slightly modify the sentence below:
"The Prisoner's Dilemma is a standard example of a game analyzed in game th=
eory that shows why completely rational large holders might not cooperate, =
even if it appears that it is in their best interests to do so."
I'm pretty sure we will have a textbook case of Prisoner's Dilemma here.
Regards
Jaroslaw
W dniu 2022-07-26 10:20:38 u=C5=BCytkownik Erik Aronesty via bitcoin-dev <b=
itcoin-dev@lists.linuxfoundation.org> napisa=C5=82:
even with zero block reward and minimal fees, large holders who perform zer=
o transactions will still mine in order to preserve the value of the network
=C2=A0
this is not "mining your own tx", it is unrelated
=C2=A0
this is "mining at a small loss to preserve your stake"
=C2=A0
not only don't we need issuance or fees, but also the censorship resistance=
is not meaningfully improved with issuance=C2=A0
=C2=A0
On Mon, Jul 18, 2022 at 3:14 PM Erik Aronesty <erik@q32.com> wrote:
subsidy to directly tie miner revenue to the total value of Bitcoin
makes it not exactly how we want to incentivise a service that keeps
=C2=A0
again, this is meaningless.=C2=A0 =C2=A0if the fees aren't enough=C2=A0to k=
eep=C2=A0 bitcoin secure for large transactions, then large holders are inc=
entivised to mine
=C2=A0
that's it.
=C2=A0
it's not complicated
--===============1595044933031641473==
Content-Type: text/html; charset="utf-8"
Content-Transfer-Encoding: quoted-printable
<div><br />"large holders who perform zero transactions will still mine in =
order to preserve the value of the network"<br /><br />let me slightly modi=
fy the sentence below:<br /><br />"The Prisoner's Dilemma is a standard exa=
mple of a game analyzed in game theory that shows why completely rational l=
arge holders might not cooperate, even if it appears that it is in their be=
st interests to do so."<br /><br />I'm pretty sure we will have a textbook =
case of Prisoner's Dilemma here.<br /><br />Regards<br />Jaroslaw<br /><br =
/><br /></div>
<div>W dniu 2022-07-26 10:20:38 u=C5=BCytkownik Erik Aronesty via bitcoin-d=
ev <bitcoin-dev@lists.linuxfoundation.org> napisa=C5=82:</div>
<blockquote style=3D"margin-left: 7px; border-left: 2px solid orange; paddi=
ng-left: 8px;">
<div dir=3D"ltr">
<div>even with zero block reward and minimal fees, large holders who perfor=
m zero transactions will still mine in order to preserve the value of the n=
etwork</div>
<div> </div>
<div>this is not "mining your own tx", it is unrelated</div>
<div> </div>
<div>this is "mining at a small loss to preserve your stake"</div>
<div> </div>
<div>not only don't we need issuance or fees, but also the censorship resis=
tance is not meaningfully improved with issuance </div>
<div> </div>
</div>
<br />
<div class=3D"gmail_quote">
<div class=3D"gmail_attr" dir=3D"ltr">On Mon, Jul 18, 2022 at 3:14 PM Erik =
Aronesty <<a href=3D"../NowaWiadomosc/Do/QlIkBFQ6QUFhIVRZX192dnQBeCtCchE=
9AQ0xZgcVVRBsSRALCxYGAENWMFZWVAgCAAhWVkQTB3QWAFQWFhFaQlNWUFBKShA8KRwKBBZkAG=
MRDw%3D%3D" target=3D"_parent">erik@q32.com</a>> wrote:</div>
<blockquote class=3D"gmail_quote" style=3D"margin: 0px 0px 0px 0.8ex; borde=
r-left: 1px solid #cccccc; padding-left: 1ex;">
<div dir=3D"ltr">
<div class=3D"gmail_quote">
<blockquote class=3D"gmail_quote" style=3D"margin: 0px 0px 0px 0.8ex; borde=
r-left: 1px solid #cccccc; padding-left: 1ex;"><br />subsidy to directly ti=
e miner revenue to the total value of Bitcoin <br />makes it not exactly ho=
w we want to incentivise a service that keeps <br /><br /></blockquote>
<div> </div>
<div>again, this is meaningless. if the fees aren't enough =
;to keep bitcoin secure for large transactions, then large holders ar=
e incentivised to mine</div>
<div> </div>
<div>that's it.</div>
<div> </div>
<div>it's not complicated</div>
</div>
</div>
</blockquote>
</div>
</blockquote>
--===============1595044933031641473==--
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