Subject: Re: [bitcoin-dev] Bitcoin covenants are inevitable

From: Erik Aronesty <[email-masked]>
Date: Thu, 7 Jul 2022 10:05:25 -0400

.

>
> My thoughts on this are that we will need to periodically make some
> software change to adjust a *target amount of investment in security*,
> because the
>

I think perhaps you're  underestimating the degree to which utility can be
added to the main chain to encourage fees.

For example, lightning channel open and close transactions are more
valuable, via aggregation, than simple money transfers.

The value of higher utility transactions goes up fairly quickly.

There is no end of the possibility of fee levels in response to increased
utility

Other networks have clearly proven the extremes of this, with rampant fees
appearing rapidly in response to higher utility levels

Because this has already been proven on other networks, we can plan to
gradually  increase the utility of on-chain transactions in response to
reward reductions

This should be more than sufficient to offset and maintain sufficient
security

... Hence the title of this thread.