Taxing 12.5% NOW completely destroys the game theoretic mod…

Twetch ·

Taxing 12.5% NOW completely destroys the game theoretic model of Bitcoin in the FUTURE. What makes the majority miners stop from saying "we get 25% of your (minority) coinbase or we orphan your block."
Unintended consequences
@109 thoughts ?

Replies

Twetch ·

Not that i care about BCH, I would still love to see how this play out. I can already predict bad for BCH.

Twetch ·

Sure, that could be done on every PoW chain. But that clearly destroys the users trust on the network. Makes 0-conf even more unsecure. Watching first spends on BCH and now this, i dont think the miners believe on long term future of the network.

Twetch ·

We're going to see what happens! I don't personally think it is a tax. Miners aren't under an obligation to mine eachother's blocks. I do think there may be better ways to fund development than this, like BSV does, but the majority of hash decides.

Twetch ·

It's more like the proposed tax is going to be put to a hash vote (checkpoint usurp more likely). But if it "wins" and everyone starts paying it then new players will be forced to pay or be excluded from successfully mining BCH/BTAX. Clearly a tax.

Twetch ·

You're only looking at one side of things though. The implication of what you're saying is that a new player has the *right* to have their blocks mined. That's not correct. Miners can reject them if they want.

Twetch ·

The game theory suggests that you should mine others' blocks so that they will mine yours. Rights don't really exist..they're just descriptions of existential recommendations. You assert them or fail/die when the herd decides they want to mob rule.