Oh, good - this debate again.
Maybe people will stop complaining after the third time.
Maybe people will stop complaining after the third time.
Third? :-)
This seems off topic too.
Topic: please delete - page 2. (Read 3967 times)
Third? :-)
This seems off topic too.
Oh, good - this debate again.
Maybe people will stop complaining after the third time.
Maybe people will stop complaining after the third time.
You are welcome to create your alt-coin with these rules.
like amcaclin is saying , if you dont like it ! create your own : >
If Satoshi did not put a cap on the total amount of Bitcoin, it would very easy for someone else to create alt-coins with a cap. Such alt-coins will become more valuable than Bitcoin and replace Bitcoin eventually.
There is also a limited number of coins that can exist so to prolong the ability to give block rewards, it needs to be lowered as we get closer to that max limit I think.
And then miners can simply confiscate anyone's money by ignoring their transactions until they expire and take it for themselves.
https://en.wikipedia.org/wiki/Unexpected_hanging_paradox
OK, I am a miner and I see the transaction which spends the output which expires on the next block (let us call it "0-conf expire").
I have two possibilities:
a) include this transaction into my block, take the fees and give the owner his funds for another period of time
b) ignore this transaction and take expired funds
What is the strategy for miner who gets "n-conf expire" (n > 0) transaction?
I think that miners will include these transactions into their blocks in case they have less than 50% hash power.
I think the reasoning of decreasing block reward is strictly economical and has nothing to do with Development & Technical Discussion
By design, after the initial inflationary period (during which the coins are being distributed into the circulation), Bitcoin is supposed to enter a deflationary state - that's why the reward decreases in time to eventually get down to zero at some point.
By design, after the initial inflationary period (during which the coins are being distributed into the circulation), Bitcoin is supposed to enter a deflationary state - that's why the reward decreases in time to eventually get down to zero at some point.
by the block reward.
By subsidy and transaction fees. You're missing part of it. 
Quote
and transactions need to expire after some time, a year for example,
And then miners can simply confiscate anyone's money by ignoring their transactions until they expire and take it for themselves.Quote
Expired transactions, and all previous transactions with no other dependencies, can then be pruned from the blockchain.
No expiration is needed to prune data. This is explained in the Bitcoin whitepaper (and implemented in an even more effective form in Bitcoin Core).The coin is secured by the blockchain.
The blockchain is secured by the miner.
The miner is secured by the block reward.
So why reduce the block reward when it's unnecessary and detrimental to the security of the system? The problem is that the coinbase has a hard supply limit and no mechanism for deflation.
The block reward needs to remain constant until the very last coin is mined from the coinbase, and transactions need to expire after some time, a year for example, so that lost and abandoned coins can be returned to the coinbase. Expired transactions, and all previous transactions with no other dependencies, can then be pruned from the blockchain.
I read that often recently and it is just the worst idea, ever.The blockchain is secured by the miner.
The miner is secured by the block reward.
So why reduce the block reward when it's unnecessary and detrimental to the security of the system? The problem is that the coinbase has a hard supply limit and no mechanism for deflation.
The block reward needs to remain constant until the very last coin is mined from the coinbase, and transactions need to expire after some time, a year for example, so that lost and abandoned coins can be returned to the coinbase. Expired transactions, and all previous transactions with no other dependencies, can then be pruned from the blockchain.
There are some many scenarios, where somebody wouldn't touch his coins for a year. Just look at my savings account, there is money lying around in case of an emergency and luckily emergencies don't come once a year.
You are welcome to create your alt-coin with these rules.
nothing to see
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