From mboxrd@z Thu Jan 1 00:00:00 1970 Return-Path: Received: from fraxinus.osuosl.org (smtp4.osuosl.org [140.211.166.137]) by lists.linuxfoundation.org (Postfix) with ESMTP id 11715C07FF for ; Tue, 31 Mar 2020 02:06:42 +0000 (UTC) Received: from localhost (localhost [127.0.0.1]) by fraxinus.osuosl.org (Postfix) with ESMTP id 09C7D85EAA for ; Tue, 31 Mar 2020 02:06:42 +0000 (UTC) X-Virus-Scanned: amavisd-new at osuosl.org Received: from fraxinus.osuosl.org ([127.0.0.1]) by localhost (.osuosl.org [127.0.0.1]) (amavisd-new, port 10024) with ESMTP id xiopD_D6WYvT for ; Tue, 31 Mar 2020 02:06:40 +0000 (UTC) X-Greylist: domain auto-whitelisted by SQLgrey-1.7.6 Received: from mail-40135.protonmail.ch (mail-40135.protonmail.ch [185.70.40.135]) by fraxinus.osuosl.org (Postfix) with ESMTPS id 54B8785EA4 for ; Tue, 31 Mar 2020 02:06:40 +0000 (UTC) Date: Tue, 31 Mar 2020 02:06:32 +0000 DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=protonmail.com; s=default; t=1585620398; bh=kP6RE3TLztdc2IkUbcuIxy0ikAMPDWPZdMe61SQIRSk=; h=Date:To:From:Cc:Reply-To:Subject:In-Reply-To:References:From; b=hJds8fiRL6nr/AAIENlNWRabSqfWTgp1Bl++lvkruQpApCBpWShjIfxlMwDH+EISV 5GtTKv+0w33qUgCgmKjZ89n8NOl2hDZmIzhYEQ+Y803hSvp7adsalaw3ISmxWOAu96 SeyAKJyA/uYLTDEL/ArrKbO/G2GOTlfAVX80p5hE= To: ZmnSCPxj , Bitcoin Protocol Discussion From: ZmnSCPxj Reply-To: ZmnSCPxj Message-ID: <3jzOExUBfhtM7U4lx3jMHsyHjx0Jb59CPNFso3I4zyT7S8JPRZ5-8PwlZ2Kax998mVj8xwPUB0Prdo7f0tvZnhru7xKofpsYtGJBHlmr9wQ=@protonmail.com> In-Reply-To: References: <20200329081136.GA15016@canndrew.org> MIME-Version: 1.0 Content-Type: text/plain; charset=UTF-8 Content-Transfer-Encoding: quoted-printable Subject: Re: [bitcoin-dev] Block solving slowdown X-BeenThere: bitcoin-dev@lists.linuxfoundation.org X-Mailman-Version: 2.1.15 Precedence: list List-Id: Bitcoin Protocol Discussion List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , X-List-Received-Date: Tue, 31 Mar 2020 02:06:42 -0000 Good morning Andrew, Another thing I did not consider is how miners will actually behave under t= his ruleset. Miners are the direct beneficiaries of any increased inflation rate voted i= n. Miners are also ultimately the ones who decide which transactions get added= into blocks, or put another way, which UTXOs are deleted and which UTXOs a= re created. Thus, miners are likely to accept attempts to delete UTXOs that vote for lo= wer inflation rates and create UTXOs that vote for higher inflation rates, = and reject attempts to delete UTXOs that vote for higher inflation rates an= d create UTXOs that vote for lower inflation rates. Thus, miners will end up strongly controlling the inflation rate of the coi= n. Even worse, since the inflation gives increased coins to miners, more and m= ore of the value of the coin, with which you vote for, will be in the hands= of miners, who can then vote directly instead of censoring votes they disl= ike. The entire point of Bitcoin having a fixed inflation rate schedule (that is= ultimately disinflationary) is to avoid the moral hazard of having the ben= eficiaries of higher inflation rates also be the ones who decide what the i= nflation rate will be. Regards, ZmnSCPxj