{"type":"rich","version":"1.0","author_name":"npub1dw88wd5gqsqn6ufxhf9h03uk8087l7gfzdtez5csjlt6pupu4pwsj8plrw","author_url":"https://nostr.ae/npub1dw88wd5gqsqn6ufxhf9h03uk8087l7gfzdtez5csjlt6pupu4pwsj8plrw","provider_name":"njump","provider_url":"https://nostr.ae","html":"📅 Original date posted:2022-07-11\n📝 Original message:On Mon, Jul 11, 2022 at 2:19 PM Bram Cohen via bitcoin-dev \u003c\nbitcoin-dev at lists.linuxfoundation.org\u003e wrote:\n\n\u003e If transaction fees came in at an even rate over time all at the exact\n\u003e same level then they work fine for security, acting similarly to fixed\n\u003e block rewards. Unfortunately that isn't how it works in the real world.\n\u003e There's a very well established day/night cycle with fees going to zero\n\u003e overnight and even longer gaps on weekends and holidays. If in the future\n\u003e Bitcoin is entirely dependent on fees for security (scheduled very\n\u003e strongly) and this pattern keeps up (overwhelmingly likely) then this is\n\u003e going to become a serious problem.\n\u003e\n\u003e What's likely to happen is that at first there will simply be no or very\n\u003e few blocks mined overnight. There are likely to be some, as miners at first\n\u003e turn off their mining rigs completely overnight then adopt the more\n\u003e sophisticated strategy of waiting until there are enough fees in the\n\u003e mempool to warrant attempting to make a block and only then doing it.\n\u003e Unfortunately the gaming doesn't end there. Eventually the miners with\n\u003e lower costs of operation will figure out that they can collectively reorg\n\u003e the last hour (or some time period) of the day overnight and this will be\n\u003e profitable. That's likely to cause the miners with more expensive\n\u003e operations to stop attempting mining the last hour of the day preemptively.\n\u003e\n\u003e What happens after that I'm not sure.\n\u003e\n\nMiners will learn to create anyone-can-spend outputs to bribe other miners\nto build on their block rather than reorg it.  (Due to the coinbase\nmaturity, this will require some amount of floating capital.)\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20220711/6e8e216d/attachment-0001.html\u003e"}