From: Anthony Towns <aj@erisian•com.au>
To: Peter Todd <pete@petertodd•org>,
Bitcoin Protocol Discussion
<bitcoin-dev@lists•linuxfoundation.org>
Cc: John Carvalho <john@synonym•to>
Subject: Re: [bitcoin-dev] Bitcoin covenants are inevitable
Date: Fri, 8 Jul 2022 08:06:14 +1000 [thread overview]
Message-ID: <20220707220614.GA20899@erisian.com.au> (raw)
In-Reply-To: <Ysbp2QclWW7NzfrS@petertodd.org>
On Thu, Jul 07, 2022 at 10:12:41AM -0400, Peter Todd via bitcoin-dev wrote:
> We should not imbue real technology with magical qualities.
That's much more fun if you invert it, and take it as a mission
statement. Advance technology sufficiently!
> The fact of the matter is that the present amount of security is about 1.7% of
> the total coin supply/year, and Bitcoin seems to be working fine. 1.7% is also
> already an amount low enough that it's much smaller than economic volatility.
>
> Obviously 0% is too small.
>
> There's zero reason to stress about finding an "optimal" amount. An amount low
> enough to be easily affordable, but non-zero, is fine. 1% would be fine; 0.5%
> would probably be fine; 0.1% would probably be fine.
For comparison, 0.1% of 21M BTC per annum is 0.4 BTC per block, which
is about 50sat/vb if blocks are 800kvB on average. Doing that purely
with fees seems within the ballpark of feasibility to me.
50sat/vb for a 200vb tx (roughly the size of a 2-in, 2-out p2wpkh/p2tr
tx) is $2 at $20k/BTC, $10 at $100k/BTC, $100 at $1M/BTC etc.
If the current block reward of ~1.7% pa of 19M at a price of $20k funds
the current level of mining activity, then you'd expect a similar level
of mining activity as today with reward at 0.1% pa of 21M at a price
of ~$310k.
Going by the halving schedule, the block subsidy alone will remain above
0.1% of supply until we hit the 0.39 BTC/block regime, in 2036, at which
point it drops to ~0.0986% annualised. (I guess you could extend that by
four years if you're willing to assume more than 1.5% of bitcoin supply
has been permanently lost)
Cheers,
aj
next prev parent reply other threads:[~2022-07-07 22:06 UTC|newest]
Thread overview: 55+ messages / expand[flat|nested] mbox.gz Atom feed top
[not found] <mailman.9.1657195203.20624.bitcoin-dev@lists.linuxfoundation.org>
2022-07-07 13:24 ` John Carvalho
2022-07-07 14:12 ` Peter Todd
2022-07-07 16:24 ` Eric Voskuil
2022-07-07 17:37 ` Erik Aronesty
2022-07-07 19:57 ` Eric Voskuil
2022-07-07 21:11 ` Erik Aronesty
2022-07-08 0:28 ` Eric Voskuil
2022-07-08 4:59 ` vjudeu
2022-07-08 7:26 ` John Carvalho
2022-07-08 15:14 ` Erik Aronesty
2022-07-14 4:55 ` Billy Tetrud
2022-07-07 22:06 ` Anthony Towns [this message]
2022-07-07 22:02 ` Corey Haddad
[not found] <mailman.9.1654344003.14400.bitcoin-dev@lists.linuxfoundation.org>
2022-06-04 12:27 ` John Carvalho
2022-06-04 13:48 ` Keagan McClelland
2022-06-04 16:12 ` alicexbt
2022-06-06 13:02 ` Erik Aronesty
2022-06-12 3:36 ` Peter Todd
2022-06-12 13:02 ` Erik Aronesty
2022-06-12 16:35 ` Corey Haddad
2022-06-12 19:16 ` alicexbt
2022-06-19 10:31 ` Peter Todd
2022-06-19 15:54 ` Manuel Costa
2022-06-19 18:26 ` Kate Salazar
2022-06-19 22:35 ` Erik Aronesty
2022-06-21 19:00 ` Keagan McClelland
2022-06-21 20:10 ` Eric Voskuil
2022-06-23 19:17 ` Peter Todd
2022-06-28 3:55 ` Billy Tetrud
2022-06-28 16:23 ` Alex Lee
2022-06-28 23:22 ` Peter Todd
2022-06-29 5:02 ` Alex Lee
2022-06-28 23:20 ` Peter Todd
2022-06-29 10:44 ` Kate Salazar
2022-06-30 15:25 ` Billy Tetrud
2022-07-03 9:43 ` Peter Todd
2022-07-03 10:30 ` Giuseppe B
2022-07-06 4:28 ` Corey Haddad
2022-07-06 11:10 ` vjudeu
2022-07-07 0:46 ` Billy Tetrud
2022-07-07 12:15 ` vjudeu
2022-07-07 14:05 ` Erik Aronesty
2022-07-07 14:10 ` Giuseppe B
2022-07-08 5:03 ` Billy Tetrud
2022-06-30 17:04 ` Erik Aronesty
2022-06-03 18:39 alicexbt
2022-06-04 0:29 ` micaroni
2022-06-04 18:43 ` Jorge Timón
2022-06-05 4:18 ` alicexbt
2022-06-08 3:51 ` Billy Tetrud
2022-06-08 9:22 ` Jorge Timón
2022-06-09 4:30 ` Billy Tetrud
2022-06-09 0:03 ` Ryan Grant
2022-07-19 4:44 ` Anthony Towns
2022-07-19 14:46 ` alicexbt
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