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In a few decades, when the block subsidy dwindles to insignificance, Bitcoin relies on a constant backlog of high fee paying transactions to provide security. I
by tromp 5y ago
In a few decades, when the block subsidy dwindles to insignificance, Bitcoin relies on a constant backlog of high fee paying transactions to provide security. If that cannot be maintained and Bitcoin becomes prone to 51% attacks, then one can imagine Bitcoin adding a tail emission.
A cryptocurrency with a fixed emission of 1 coin per second forever is more guaranteed never to change, as it is already as simple, non-arbitrary and fair as possible.
- New_California 5y agoNo, Bitcoin will never add tail emission, because 21m cap is the very definition of Bitcoin. If enough transaction fees won't come then Bitcoin would have failed. Monero is changing (hard-forking) regularly, so your point is broken on arrival - and I am saying this as Monero proponent. I love Monero but it is easy to change.
- rtkwe 5y agoThen question is who/what will be providing the large number of paid on chain transactions required to maintain mining operations if Lightning takes over the majority of transactions? Your answer is kind of having it both ways Lightning makes transactions instant for users but there’s still enough transactions and thus fees on chain to provide enough mining revenue to protect against 51% attacks.