Subject: Re: [bitcoin-dev] Surprisingly, Tail Emission Is Not Inflationary

From: Eric Voskuil <[email-masked]>
Date: Mon, 18 Jul 2022 14:48:46 -0700

> On Jul 18, 2022, at 14:14, Erik Aronesty via bitcoin-dev <[email-masked]> 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
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