We don't know how much of a security budget will be enough, so maybe block subsidy will be enough another halfing or two but maybe it's not enough already. Regardless, when it shows that it's not enough, will we be ready to ramp up fees?
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"when it shows that it's not enough"
what is it? how does it show?
I think we dramatically overspend on security today because the dollar price has outpaced the subsidy. This creates distortions in the market and is why mining pools are at systemic risk levels of centralization.
The fix is better pool software (working on it ✅) and reduced block subsidy (working on it ✅).
It's kind of annoying to me how many people fret about the security budget when actually the pendulum is extended too far in the opposite direction.
FWIW I think we need goldiblocks to solve the security budget problem for the long term.
But bitcoiners aren't ready for that discussion yet...