On 31 Dec 2022, at 10:28 am, Peter Todd via bitcoin-dev wrote: > >> This way: >> >> 1. system cannot be played >> 2. only in case of destructive halving: system waits for the recovery of network security > > The immediate danger we have with halvings is that in a competitive market, > profit margins tend towards marginal costs - the cost to produce an additional > unit of production - rather than total costs - the cost necessary to recover > prior and future expenses. Since the halving is a sudden shock to the system, > under the right conditions we could have a significant amount of hashing power > just barely able to afford to hash prior to the halving, resulting in all that > hashing power immediately having to shut down and fees increasing dramatically, > and likely, chaotically. Your proposal does not address that problem as it can > only measure difficulty prior to the halving point. > ... Since the halving is a sudden shock to the system Is it though? Since everyone knows of the possible outcomes, wouldn't a possible halving be priced in? > resulting in all that hashing power immediately having to shut down and fees increasing dramatically Which should cause that hashing power to come back because of this fee increases. Alfie -- Alfie John https://www.alfie .wtf