gsovereignty on Nostr: Resistance to censorship is a consequence of transaction fees. The State is the ...
Resistance to censorship is a consequence of transaction fees.
The State is the adversary in the Bitcoin security model. We are now exiting the honeymoon period where nobody cares about Bitcoin. We haven't yet entered a criminalization phase but it's coming. When that fails, they State will deploy hashpower to censor "illegal" transactions, and they can also introduce seignorage through the fee structure (long story).
The cost of the adversary (the State) to attack the network is subsidized by the block reward and "legal" transaction fees.
The only advantage that the free market has is that it can mine "illegal" transactions in addition to this. Censorship resistance exists in the differential between "legal" transactions and block reward, and "illegal" transactions.
The Cantillion Pyramid has a powerful military, nuclear power plants, asic fabs (ask the NSA and NIST), etc. Honest actors must rely on "illegal" transactions providing enough fees for more hashpower than the Cantillion Pyramid, or Bitcoin is no longer an escape hatch.
And now they have people like Jason Lowery starting to manufacture consent to build up enough hashpower for the Cantillion Pyramid to 51% attack Bitcoin, and half of the Bitcoin community falls for it.
The higher fees go, the more likely it is that the free market can out-hash the Cantillion pyramid.
The State is the adversary in the Bitcoin security model. We are now exiting the honeymoon period where nobody cares about Bitcoin. We haven't yet entered a criminalization phase but it's coming. When that fails, they State will deploy hashpower to censor "illegal" transactions, and they can also introduce seignorage through the fee structure (long story).
The cost of the adversary (the State) to attack the network is subsidized by the block reward and "legal" transaction fees.
The only advantage that the free market has is that it can mine "illegal" transactions in addition to this. Censorship resistance exists in the differential between "legal" transactions and block reward, and "illegal" transactions.
The Cantillion Pyramid has a powerful military, nuclear power plants, asic fabs (ask the NSA and NIST), etc. Honest actors must rely on "illegal" transactions providing enough fees for more hashpower than the Cantillion Pyramid, or Bitcoin is no longer an escape hatch.
And now they have people like Jason Lowery starting to manufacture consent to build up enough hashpower for the Cantillion Pyramid to 51% attack Bitcoin, and half of the Bitcoin community falls for it.
The higher fees go, the more likely it is that the free market can out-hash the Cantillion pyramid.