A chain is valid as long as it's blocks are valid.
A block is valid as long as it's txs are valid.
A tx is valid as long as it's inputs reference previously validated utxos- or the 2nd coinbase tx in a genesis block.
you to immediately destroy all of your tx history without validation.
But that's the opposite of what I stated in my OP.
their best option is to accept the chain with the most work. It's
based on the assumption that the honest network will always have
a superior hash rate.
Of course there's always a risk that the hashrate could go down or an
attacker could gain more power than the network so, that's why we
(the market) want to encourage mining. Bitcoin is nothing
without security and the security scales directly with the hashrate.
So the best way to encourage mining is to deriving the price from
the hashrate (current hash rate ehs) / $0.01.
According to https://www.coinwarz.com/network-hashrate-charts/bitcoin-network-hashrate-chart,
the current hash rate is 79.9471 ehs and the price is $9,149.06.
79.9471 / $0.01 = $7,994.71 so it's about %14 over-priced atm.
We really need to get this hashrate up!