Re: Proposal to Address Dormant Bitcoin:Recycling Lost Coins into the Mining Process

Quote from: internetional on July 30, 2023, 06:38:52 PM

Quote from: ETFbitcoin on July 30, 2023, 10:44:39 AM

Could you provide example of sabotage?

Let's imagine a situation. The year is 2140. No one is using the first layer for transactions anymore. All transactions are conducted on something like Ark protocol. There are 100 Ark service providers collectively generating 100 transactions in each block. They set a fee of 1.20 satoshis per vByte in their transactions. Miners go out of business and stop producing blocks. Network difficulty drops dramatically, and Bitcoin ceases to be a reliable store of value.

Wouldn't it be better to take unused coins and use them to incentivize miners to continue their business?

I noticed many posters are trying to go around the hypothetical situation and question. Let's make internetional happy and give it a hypothetical answer.

Cool

For me the answer is definitely NO because it breaks blockchain immutability, one of Bitcoin's important social contracts. I believe once given a hard choice of "change or die", the community could come behind the consensus of removing the supply limit and choose see the currency become inflationary to keep incentivizing the miners than break the concept of not your keys not your coins.