[INFO - DISCUSSION] Security Budget Problem - page 2.

cygan

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Quote from: kano on September 11, 2023, 08:53:00 AM

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where the answer is the obvious: txn fees are part of the block reward.
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this idea is also held by most Bitcoiners and i also think that the fees could then take a very large share of the miner rewards

Quote from: philipma1957 on September 11, 2023, 09:08:30 AM

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My favorite is all stale addresses are considered abandoned in 2059 there will be untouched 50 year old addresses with no withdrawals ever made. Fold them back into rewards if no withdrawal is made in them.
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how should the whole thing be technically executed, if there are Bitcoins on a BTC address that have not been moved for ~50 years?
a pk for this said address will not be found out in any case
this would also mean that the 1 million BTC that SN most likely holds would then in the worst case no longer belong to him ... or am i understanding this all wrong?

philipma1957

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Well as a ten year plus year miner I think there several fixes.

My favorite is all stale addresses are considered abandoned in 2059 there will be untouched 50 year old addresses with no withdrawals ever made. Fold them back into rewards if no withdrawal is made in them.

Most people say they hate this. I like it because it is what banks do.

The Ln network may grow and create more fees.
Ordinals may grow and create more fees.

Moving to ten digits not eight could help the network.

kano

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Linux since 1997 RedHat 4

Well it is just a rehash of the question that n00bs often ask about: "what happens when the halving gets to zero"
where the answer is the obvious: txn fees are part of the block reward.
(answered many times on the forum)

The assumption that txn fees are worthless is wrong.

Also, Bitcoin works no matter what the price of BTC is.
It's not some scamcoin being promoted by some individuals saying the price is great and will continue to be great,
then the coin dies in the standard pump and dump and price crash.
Bitcoin is a transaction system that works fine no matter what the value of BTC is.

There's also the assumption made about the risk of the network being overpowered by a large miner if there were fewer miners.
I've even answered that one recently:
https://bitcointalksearch.org/topic/m.62682677

cygan

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today i want to show you 4 slides about the topic 'security budget problem'. since the whole thing is more related to mining, i deliberately chose this section for it.
and since we expect next year again the next halving, the topic currently fits even more, because what is in 15-20 years when the block reward will be much less than 0.5-1BTC? should/will then increase the transaction fees in this regard?

on the following website you can run through various possibilities: https://www.btcsecuritybudget.com/
with this thread i would like to open a discussion related to this topic and we can write about all the consequences. the slides should serve for a better understanding of the whole issue

https://twitter.com/BTCillustrated

Topic: [INFO - DISCUSSION] Security Budget Problem - page 2. (Read 287 times)