From: Anthony Towns <aj@erisian•com.au>
To: Bram Cohen <bram@chia•net>,
Bitcoin Protocol Discussion
<bitcoin-dev@lists•linuxfoundation.org>
Subject: Re: [bitcoin-dev] Security problems with relying on transaction fees for security
Date: Tue, 12 Jul 2022 09:29:47 +1000 [thread overview]
Message-ID: <20220711232947.GC20899@erisian.com.au> (raw)
In-Reply-To: <CAHUJnBDYDbgr3C158o7c6_XXdG+kqJruFo=od_RmPFk_GS0udw@mail.gmail.com>
On Mon, Jul 11, 2022 at 11:12:52AM -0700, Bram Cohen via bitcoin-dev wrote:
> If transaction fees came in at an even rate over time all at the exact same
> level then they work fine for security, acting similarly to fixed block
> rewards. Unfortunately that isn't how it works in the real world.
That just becomes a market design question. There's been some trivial
effort put into that for bitcoin (ie, getting people to actually chooses
fees based on the weight of their transaction, and having weight be the
sole limiting factor for miners), but not a lot, and there's evidence
both from previous times in Bitcoin's history and from altcoin's that
the market can support higher fees.
Should we work on that today, though? It doesn't seem smart to me:
the subsidy is already quite substantial ($6.5 billion USD per year at
current prices) so raising fees to 10% of block reward would transfer
another $650M USD from bitcoin users to miners (or ASIC manfucturers
and electricity producers) each year, achieving what? Refuting some FUD?
Cheers,
aj
next prev parent reply other threads:[~2022-07-11 23:29 UTC|newest]
Thread overview: 35+ messages / expand[flat|nested] mbox.gz Atom feed top
2022-07-11 18:12 Bram Cohen
2022-07-11 18:38 ` micaroni
2022-07-11 18:43 ` Erik Aronesty
2022-07-11 19:45 ` vjudeu
2022-07-11 20:35 ` Russell O'Connor
2022-07-11 20:52 ` Erik Aronesty
2022-07-11 21:36 ` Peter Todd
2022-07-11 21:56 ` Peter Todd
2022-07-12 0:21 ` Russell O'Connor
2022-07-12 0:37 ` Peter Todd
2022-07-14 0:54 ` Anthony Towns
2022-07-11 21:18 ` Pox
2022-07-11 21:53 ` Peter Todd
2022-07-12 2:47 ` Bram Cohen
2022-07-11 22:19 ` James MacWhyte
2022-07-11 22:26 ` Peter Todd
2022-07-12 0:01 ` James MacWhyte
2022-07-12 0:31 ` Peter Todd
2022-07-13 0:38 ` Tom Harding
2022-07-13 12:18 ` Erik Aronesty
2022-07-11 23:29 ` Anthony Towns [this message]
2022-07-12 3:56 Peter
2022-07-12 11:57 ` Erik Aronesty
2022-07-12 15:08 ` Peter
2022-07-12 17:46 ` Ryan Grant
[not found] <mailman.82083.1657699581.8511.bitcoin-dev@lists.linuxfoundation.org>
2022-07-13 9:43 ` John Tromp
2022-07-13 11:56 ` John Tromp
2022-07-13 12:11 ` Gino Pinuto
2022-07-13 13:29 ` Manuel Costa
2022-07-14 9:33 ` vjudeu
2022-07-14 9:57 ` Erik Aronesty
2022-07-14 11:42 ` Gino Pinuto
2022-07-14 16:01 ` Erik Aronesty
2022-07-14 16:27 ` Manuel Costa
2022-07-15 6:03 ` vjudeu
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