From: emsit <emsit@emsit•sk>
To: Bitcoin Development Mailing List <bitcoindev@googlegroups.com>
Subject: Re: [bitcoindev] The Future of Bitcoin Testnet
Date: Wed, 3 Apr 2024 11:18:49 -0700 (PDT) [thread overview]
Message-ID: <7a67edd1-0182-4170-90f4-998d12431024n@googlegroups.com> (raw)
In-Reply-To: <ZgzYtZqPcnykqyxK@erisian.com.au>
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Unfortunately, the current form of Testnet is doomed to have value, just
like BTC. Its scarcity makes it a valuable asset. And no reset will change
that. It will only result in repeated resets, multiple versions of testnet,
and people never learning.
When I imagine what I would have to go through to mine testnet BTC, how
much time and money to invest (buying/renting ASIC - CPU mining is a thing
of the past), and someone offered me a simpler alternative, to just buy it,
I probably wouldn't hesitate and would just buy it. Many people HODL
testnet coins precisely because it's difficult to obtain them and they
don't want to give them up, regardless of their economic value. People have
learned, CRYPTO = HODL.
In my opinion, it's more important to address the issue so that testnet
doesn't need to be reset. Because it angers people, even those who aren't
responsible and want to use it as intended. I'm afraid that after the
reset, mining will be very difficult, expensive, and impossible for most
people. Not everyone has an ASIC at home, and CPU mining is out of the
question. And faucets won't work. I'm also afraid that whales will emerge
who will mine it from the beginning while the reward is high, for worse
times.
I have a faucet myself and I know how my users behave, they always want
more, and most people HODL it. Only a negligible amount comes back to my
faucet. So, the idea of freely sharing is nice but unrealistic.
A reset of testnet that will be "the same" as the old one doesn't make
sense to me. Wouldn't it be possible to pre-mine all the coins and
distribute them via faucet? Or generate more than 21M? If there are a large
number of them, there will be enough for everyone and they will be
worthless.
Dátum: streda 3. apríla 2024, čas: 8:41:41 UTC+2, odosielateľ: Anthony Towns
> On Mon, Apr 01, 2024 at 01:37:59PM +0000, Pieter Wuille wrote:
> > I think there is an easier alternative to changing the supply rule: the
> intention to reset it again when its subsidy drops too low. That may even
> also counteract the development of a non-zero market price for the coins.
>
> We could put some weight behind this by committing to resetting testnet
> in advance: eg, add a rule that says "blocks are invalid after height X"
> or "after mediantime exceeds Y".
>
> Cheers,
> aj
>
>
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next prev parent reply other threads:[~2024-04-03 18:37 UTC|newest]
Thread overview: 40+ messages / expand[flat|nested] mbox.gz Atom feed top
2024-03-31 13:19 Jameson Lopp
2024-03-31 14:33 ` Luke Dashjr
2024-03-31 14:57 ` Jameson Lopp
2024-03-31 17:21 ` Eric Voskuil
2024-04-09 18:28 ` Garlo Nicon
2024-03-31 16:02 ` Peter Todd
2024-03-31 21:01 ` Nagaev Boris
2024-03-31 21:29 ` Peter Todd
2024-04-01 12:54 ` Jameson Lopp
2024-04-01 13:37 ` Pieter Wuille
2024-04-01 14:20 ` Andrew Poelstra
2024-04-01 22:01 ` 'Fabian' via Bitcoin Development Mailing List
2024-04-02 11:53 ` Jameson Lopp
2024-04-02 18:36 ` Lukáš Kráľ
2024-04-02 19:46 ` Jameson Lopp
2024-04-03 4:19 ` Anthony Towns
2024-04-03 18:18 ` emsit [this message]
2024-04-03 19:35 ` Andrew Poelstra
2024-04-30 18:46 ` Matthew Bagazinski
2024-05-01 15:30 ` Garlo Nicon
2024-05-04 17:13 ` Peter Todd
2024-04-10 6:57 ` Garlo Nicon
2024-04-22 4:33 ` Ali Sherief
2024-04-01 13:25 ` Andrew Poelstra
2024-04-01 13:32 ` 'Fabian' via Bitcoin Development Mailing List
2024-04-01 14:28 ` Warren Togami
2024-04-01 19:22 ` [bitcoindev] " emsit
2024-04-04 8:14 ` Calvin Kim
2024-04-04 12:47 ` Jameson Lopp
2024-04-05 4:30 ` Calvin Kim
2024-04-06 23:04 ` David A. Harding
2024-04-09 16:48 ` Peter Todd
2024-04-16 17:30 ` [bitcoindev] " 'Sjors Provoost' via Bitcoin Development Mailing List
2024-04-07 7:20 ` [bitcoindev] " Christian Decker
2024-04-07 8:09 ` K Calvin
2024-04-08 19:11 ` Garlo Nicon
2024-04-09 4:29 ` coinableS
2024-04-28 13:45 ` [bitcoindev] " Matt Corallo
2024-05-02 7:10 ` Ali Sherief
2024-05-04 17:08 ` Peter Todd
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