Taxing 12.5% NOW completely destroys the game theoretic mod…
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 ?
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Not that i care about BCH, I would still love to see how this play out. I can already predict bad for BCH.
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.
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.
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.
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.
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.