📅 Original date posted:2022-07-18
📝 Original message:> On Jul 18, 2022, at 14:14, Erik Aronesty via bitcoin-dev <bitcoin-dev at lists.linuxfoundation.org> 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
>>
>
> again, this is meaningless. if the fees aren't enough to keep bitcoin secure for large transactions, then large holders are incentivised to mine
Yes, this is another way to pay the tx fee - you mine at cost sufficient to overpower the censor. You are spending the block reward in getting your txs confirmed, and that’s your fee.
But unless you are mining full blocks of only your own transactions, this implies that you are accepting these higher fees on censored txs from others. Otherwise you are simply mining at a loss, which we cannot use as a rational basis for security.
And therefore this reduces to the simple fact that tx fees are what provides censorship resistance, whether you mine your own or others’.
e
> that's it.
>
> it's not complicated
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev at lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
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Eric Voskuil [ARCHIVE] /
npub1sg…ppx3c
2023-06-07 23:11:29
in reply to nevent1q…58ck
Author Public Key
npub1sgs97fe0n9wehe6zw7drcxdz4cy9yt9pfqjv8gasz5jlk4zezc0quppx3cPublished at
2023-06-07 23:11:29Event JSON
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"content": "📅 Original date posted:2022-07-18\n📝 Original message:\u003e On Jul 18, 2022, at 14:14, Erik Aronesty via bitcoin-dev \u003cbitcoin-dev at lists.linuxfoundation.org\u003e wrote:\n\u003e \n\u003e \n\u003e\u003e \n\u003e\u003e subsidy to directly tie miner revenue to the total value of Bitcoin \n\u003e\u003e makes it not exactly how we want to incentivise a service that keeps \n\u003e\u003e \n\u003e \n\u003e again, this is meaningless. if the fees aren't enough to keep bitcoin secure for large transactions, then large holders are incentivised to mine\n\nYes, this is another way to pay the tx fee - you mine at cost sufficient to overpower the censor. You are spending the block reward in getting your txs confirmed, and that’s your fee.\n\nBut unless you are mining full blocks of only your own transactions, this implies that you are accepting these higher fees on censored txs from others. Otherwise you are simply mining at a loss, which we cannot use as a rational basis for security.\n\nAnd therefore this reduces to the simple fact that tx fees are what provides censorship resistance, whether you mine your own or others’.\n\ne\n\n\u003e that's it.\n\u003e \n\u003e it's not complicated\n\u003e _______________________________________________\n\u003e bitcoin-dev mailing list\n\u003e bitcoin-dev at lists.linuxfoundation.org\n\u003e https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20220718/fd07a1e3/attachment.html\u003e",
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