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1  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][XRB]Cryptocurrency's killer app: RaiBlocks micropayments on: January 05, 2021, 09:03:42 AM
I think nano is about to rise from its ashes.
2  Bitcoin / Development & Technical Discussion / Re: On bitcoin's very long term future without miner rewards on: January 03, 2021, 01:27:15 PM
I doubt every miner will collude to increase block size stealthily
I wasn't referring to the block size but to the countermeasure mentioned in the medium article, that is
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Wallets supporting this will create transactions that can only be processed on top of the current block, severely undermining the chances of successful “fee-sniping”.
3  Bitcoin / Development & Technical Discussion / Re: On bitcoin's very long term future without miner rewards on: January 03, 2021, 11:32:01 AM
I honestly couldn't understand what different it makes on the matter whether block size is limited or not.
Because when you have mined a full block and there is a backlog, the difference in income between mining the next block (all full of pending transactions) and going backwards and remining the prior block to take its fees is small (and comes at a cost of decreased risk of eventually being in the longest chain).  This is particularly true because nee transactions that are arriving cannot be included in the prior block if it is remined.
Ok yeah this might mitigate the problem.
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Regarding the countermeasure, a miner could just use a modified code for the node to get rid of it. It's a countermeasure only on the surface.
No, if a miner violates anti-fee-sniping their block is invalid and will be painlessly ignored by the network.
Remember that in that environment the selfish behavior would be for every miner to modify its code to take advantage of this strategy. One would have to hope that most miners wouldn't do that for the good of the network overall but that's not selfish behavior.
4  Bitcoin / Development & Technical Discussion / Re: On bitcoin's very long term future without miner rewards on: January 03, 2021, 10:57:11 AM
The paper mistaken, because it analyses an abstraction which is too different from the real system. In particular it disregards that blocksize is limited, which is a factor known to address this instability since at least 2011. (There are other countermeasures as well, such as locktime based anti-fee sniping)
https://medium.com/@bergealex4/bitcoin-is-unstable-without-the-block-size-size-limit-70db07070a54
I honestly couldn't understand what different it makes on the matter whether block size is limited or not. Regarding the countermeasure, a miner could just use a modified code for the node to get rid of it. It's a countermeasure only on the surface.

When it comes to hard forks what miners want is completely and utterly irrelevant. The consensus rules the users use are what decide who is or who isn't a miner.  If someone violates the rules individually and autonomously by the users then they just aren't a miner anymore, they might as well be sending viagra spam instead of blocks for all the users nodes would care about them.
What I ultimately meant is that if the fork is for the good of bitcoin in the long run, it will inevitably be used. I'm talking about forks with the purpose of saving bitcoin (if it were to become necessary), not forks based on different views like bch.

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I'll probably be dead before they will actually become tangible issues,
I wouldn't be so quick to assume that. The subsidy decline is geometric and will become small long before its zero.  About 10% of miner income comes from fees today.  And an income stabilizing backlog is no longer a theory but a practical reality.
Yeah I guess it's going to be gradual rather than sudden.
5  Bitcoin / Development & Technical Discussion / Re: On bitcoin's very long term future without miner rewards on: January 03, 2021, 09:00:28 AM
Bitcoin is a deflationary currerency, which means the marketcap and price will be increasing. Although, the price over a short time can decrease, but Bitcoin nature is inevitable which will make the price to have a net increase over long time period. This alone will make the price to be increasing in a way the price as at then when all bitcoin are already mined to be increasing because of limited supply. Because of the price increase, transaction fee should be enough to make miners to continue mining bitcoin.
As is proved in the paper, an environment where fees are the only source of revenue for miners makes selfish behavior not align with the correct functioning of the network, unlike what happens in the present.
Anything that will result to finite supply of bitcoin to be altered can not occur, it can only lead to hard fork while bitcoin will remain Bitcoin with a total supply of 21 million. And I think bitcoin miners (community) will not agree with such because increasing the total supply of bitcoin will only lead to price devaluation and depreciation when there is no need, it has postitive effect for bitcoin price to appreciate.
Yes, I meant a hard fork which could happen if enough miners want solve the detrimental problems that I've been talking about.
6  Bitcoin / Development & Technical Discussion / On bitcoin's very long term future without miner rewards on: January 03, 2021, 08:15:37 AM
I've been thinking about the future of bitcoin in the decades to come. Like many of you I think that bitcoin will become the world's reserve currency, if it weren't for one little problem: miner reward. I know this problem has been discussed in the past, but I have not seen much discussion in the present. There is a great paper on the topic https://www.cs.princeton.edu/~arvindn/publications/mining_CCS.pdf, which shows how unstable the ecosystem becomes once block rewards are taken out of the equation. Fees will not replace rewards in the sense that incentives change. How do you think it will affect future development, and when do you think this will have the first concrete manifestations both in network dynamics and price?
Do you think it will fork in other versions where there is always a tail reward like in other cryptocurrencies? If that were to happen it would destroys bitcoin's case as having a finite supply.
These issues are far ahead and I'll probably be dead before they will actually become tangible issues, but I think it's important to discuss anyways.
I'd love to hear opinions from someone who's more knowledgeable than me, so thank you in advance for any reply.
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