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If a government pays miners to mine "useless" blocks, I think they should mine them.

The goverment will run out of money eventually (either depleting their resources or hyperinflating).

I don't find the inflation bug similar to the current situation, since it was actually a bug, not a feature.

The permissionless, open and censorship-resistance characteristics are features of Bitcoin, not bugs to be fixed.

Let me clarify, I don't care if ordinals are blocked, I don't care if the US gov's transactions are blocked. But if we start this path, where does it stop?

Maybe my transaction is next.

⚡ODT⚡ 2y ago

At 100 sat/vByte, each block costs more than 1 BTC in fees.

With 10 min block time, that's 144 blocks a day.

So they would need to burn 144 Bitcoin a day.

In current exchange rate, $5.7m.

$171m a month.

I guess it sounds doable but wouldn't that just increase the bitcoin price in $ terms, while also increasing fees in both sats and $?

It seems unsustainable in the end...

If the btc price doubles (because the attacker keeps buying), and fees double (200 sats/vByte), that's quadruple the cost... $684m per month.

Unsustainable if you ask me.

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Discussion

Meridian 2y ago

Attacker doesn't need to buy/burn any Bitcoin.

Attacker phones up mining pool, asks them how much fiat they would like, transferred into their bank account, in order to fill blocks full of jpegs.

Mining pool names it's price.

Attacker prints fiat and transfers it to miner.

Blocks are churned out either empty, or full of jpegs.

No movement of Bitcoin price.

Network becomes unusable to a large portion of users.