Ultimately, in a pure monetary system miners sell bitcoin for revenue.
You’re right, the difficulty adjustment will self correct the equation.
But the game works in both directions - if there’s no block reward then they need to sell tx fees.
And if there’s no tx fees they sell whatever the fuck they have. Until network security is at risk because the difficulty adjustment went dowwwwwwnnn. This is the instability that is modeled out in the papers Peter Todd references. And is one of the main critiques of folks like Nassim Taleb and Mike Green that has yet to be answered by monetary purists.
I’m choosing to answer with action- so are others in their own way. If saying “put your money where your mouth is” can be considered shaming people then yes I’m shaming people lol.
EricFJ / Eric FJ
npub10x…2g437
2025-05-02 05:43:43
in reply to nevent1q…ms4t
Author Public Key
npub10xvczstpwsljy7gqd2cselvrh5e6mlerep09m8gff87avru0ryqsg2g437Published at
2025-05-02 05:43:43Event JSON
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"content": "Ultimately, in a pure monetary system miners sell bitcoin for revenue.\n\nYou’re right, the difficulty adjustment will self correct the equation.\n\nBut the game works in both directions - if there’s no block reward then they need to sell tx fees.\n\nAnd if there’s no tx fees they sell whatever the fuck they have. Until network security is at risk because the difficulty adjustment went dowwwwwwnnn. This is the instability that is modeled out in the papers Peter Todd references. And is one of the main critiques of folks like Nassim Taleb and Mike Green that has yet to be answered by monetary purists.\n\nI’m choosing to answer with action- so are others in their own way. If saying “put your money where your mouth is” can be considered shaming people then yes I’m shaming people lol. ",
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