{"type":"rich","version":"1.0","author_name":"npub1hp6u4u98w2pfl7l46akse33kaq8eg0gmu4z2l5cgz7dxjt2v5prqy499l0","author_url":"https://nostr.ae/npub1hp6u4u98w2pfl7l46akse33kaq8eg0gmu4z2l5cgz7dxjt2v5prqy499l0","provider_name":"njump","provider_url":"https://nostr.ae","html":"📅 Original date posted:2021-05-22\n📝 Original message:Background\n===\nReducing the block reward reduces the incentive to mine. It reduces the\nmaximum energy price at which mining is profitable, reducing the energy use.\n\nBitcoins have value because they are accepted by full node users, from\nindividual node operators, to exchanges and custodians like Coinbase.\nAnything else and the Bitcoins don't exist and are worthless. Like all\ncurrencies, Bitcoin has value because others recognize that they have value.\n\nIdea\n===\nReduce the block reward by adding fewer coins to the UTXO set per block.\nThis should be done gradually\n\nConsensus layer\n===\nThis is a soft fork, because it tightens the\n\nSome Possible Weaknesses\n===\n- It will cost less than a nation-state of energy to reverse recent Bitcoin\ntransactions.\n- Some miners may protest and lobby exchanges.\n- By pushing mining towards the cheapest energy sources, centralization\nincreases towards Chinese miners.\n- The Bitcoin network may split if consensus is not built before flag day.\n\nHowever, given the current political headwinds and widespread public\ndiscussion around Bitcoin's energy use, it may be socially possible to ask\nindividual users and major exchanges to install a version of Bitcoin with a\nreduced block reward.\n\nAlternatives\n===\nInstead of outright rejecting transactions (and the blocks that contain\nthem) that attempt to spend increased block rewards, treat them as no-ops.\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20210522/d4bec4ce/attachment.html\u003e"}