> The PoW security of Bitcoin benefits all Bitcoin users, proportional to the
value of BTC they hold; if Bitcoin blocks aren't reliably created the value of
*all* BTC goes down. It doesn't make sense for the entire cost of that security
to be paid for on a per-tx basis. And there's a high chance paying for it on a
per-tx basis won't work anyway due to lack of consistent demand.
FWIW I prefer the demurrage route. Having something with finite supply as a means of measuring economic activity is unprecedented and I believe deeply important. I'm sympathetic to the argument that the security of the chain should not be solely the responsibility of transactors. We realize the value of money on receipt, hold *and* spend and it would be appropriate for there to be a balance of fees to that effect. While inflation may be simpler to implement (just chop off the last few halvings), I think it would be superior (on the assumption that such a hodl tax was necessary) to keep the supply fixed and have people's utxo balances decay, at least at the level of the UX.
But also none of this should be reasons we don't improve Bitcoin's value (and therefore demand)
Keagan