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Mon, 11 Jul 2022 20:31:21 -0400 (EDT) Received: by localhost (Postfix, from userid 1000) id 095DB5F7C1; Mon, 11 Jul 2022 20:31:19 -0400 (EDT) Date: Mon, 11 Jul 2022 20:31:19 -0400 From: Peter Todd To: James MacWhyte Message-ID: References: MIME-Version: 1.0 Content-Type: multipart/signed; micalg=pgp-sha512; protocol="application/pgp-signature"; boundary="hukswnIOdzy5/a9k" Content-Disposition: inline In-Reply-To: Cc: Bitcoin Protocol Discussion Subject: Re: [bitcoin-dev] Security problems with relying on transaction fees for security 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, 12 Jul 2022 00:31:29 -0000 --hukswnIOdzy5/a9k Content-Type: text/plain; charset=us-ascii Content-Disposition: inline Content-Transfer-Encoding: quoted-printable On Tue, Jul 12, 2022 at 02:01:09AM +0200, James MacWhyte wrote: > On Tue, Jul 12, 2022 at 12:26 AM Peter Todd wrote: >=20 > > Anyway, designing protocols for "price go up forever" hopium is a bad i= dea. > > >=20 > I'm quite disappointed that this is what you've reduced my argument to. T= he > price doesn't need hopium; if it stays between where it is now and the all > time high, that is enough to make mining rewards appealing. >=20 > Anyway, once the LA dinner rush ends at 8PM it is already noon in Tokyo. > The Pacific is big, but not *that* big. >=20 > Certainly we should be designing protocols in anticipation of increased > adoption, and not assuming the world will always be exactly as it is toda= y? We should design protocols that do reasonably well in *both* scenarios. Bec= ause the future is unknown. Hell, I won't be surprised if further developments c= ome along that reduce demand for on-chain txs even further. The fact is basing security budget in part on the total value of the coin b= eing secured very cleanly solves the problem of ensuring that there is sufficient mining reward. Similarly, we also have to plan for the potential environment where fee demand is very high. And we've done a good job of that, including Lightning, replace-by-fee, etc. --=20 https://petertodd.org 'peter'[:-1]@petertodd.org --hukswnIOdzy5/a9k Content-Type: application/pgp-signature; name="signature.asc" -----BEGIN PGP SIGNATURE----- iQIzBAEBCgAdFiEE0RcYcKRzsEwFZ3N5Lly11TVRLzcFAmLMwMoACgkQLly11TVR LzczyxAAwIoJsROzIy4+FRvxfS3qMgNNJs+kdZ/A9CzhGfqd/oKX4y3ViEgmcNcG x9hmNzfEDbmpfb5aD2L90C2b1k9HIdc42iw/uv/06AtMBM2ruX1UgeCpcL69McqQ +4cZYJ6MKRGIENfW+wprnIO1E+ZKrcha7nlKRnZnOy2Wpv1iu2CrymF61BU7bRpI IYZ9m4FGyeF8wenwebLcLgqzQNHNg+4yGWM9WDydxoYV91kUl9/DvmZTVRWYOOEe FC7+69INXqVdag1aSPV75UlhV9fM310SQ6Y8QBr98Mj4F2S+OF6LMJrXMaCTqcqE aMu4I7YsydOGH26m7S8WsUCp7LnEofN4C0ZHJm/q0Xu2yJxUjuPbirjywpN0B+aH StjctFx9+52xIKNocWH0IekgsW8MZuUE9/tqj7PBPCQAq51n69pLCJjjNCtg6J3y BbDma1nvACy7tMFMZT4jBZ6/J54dvhBNoppfqVjbrb9pNFVr2jiuD0m4Qp+FKlhx VuukqVX3XdYCM2c71MJ03enMKaD4J5qcV39esUmFWITe0DlIqY6ZPY2SZHaDKXfM nZxiFRYfHPmllKAcRRTNH8YeDtdUDZ/VI6TORFBFE5GoR+2ODa0LTNiJyGnYPwms U1E1lvkZgKolL2/My3+1IgJG9faIqQwBkTyd8oT2qLwe61maTRU= =EQeI -----END PGP SIGNATURE----- --hukswnIOdzy5/a9k--