[cfarm-users] Compile Farm acceptable usage---low priority batch jobs

[Jacob Bachmeyer]

On 1/4/25 16:52, Luke Dashjr via cfarm-users wrote:
> [...]
>
> Bitcoin itself is an important tool for freedom. We are in an era 
> where governments regularly abuse their power over currencies, and 
> even private banks and money transmitters regularly abuse their 
> position for financial censorship. It is so bad, that if Bitcoin fails 
> (which is a high probability risk), I fear for my children's futures. 
> I would have left this project entirely by now (the death threats are 
> numerous), if it were not for the world's dire need of Bitcoin succeeding.

Well, grieve then, because Bitcoin is doomed.  Bitcoin intentionally 
eschews two features that any long-term-viable blockchain cryptocurrency 
MUST have, and I have seen Bitcoiners enthusiastically proclaiming that 
any system with these features would not be Bitcoin.

Those two features are:  (1) demurrage and (2) inflationary issuance.

Demurrage is an *absolute* *requirement* for any long-term-viable 
blockchain system because it allows a limit to be set on the size of the 
blockchain structure.  Tokens MUST eventually become worthless, which 
allows the blocks beyond some horizon to be dropped from the ledger.

Bitcoin refuses to do this, and therefore the Bitcoin blockchain 
structure grows without bound.  Storing the entire structure will be 
eventually (perhaps after we are all dead of old age) become 
impractical.  This is even more morally outrageous, because we are 
setting some future generation up for disaster if Bitcoin becomes widely 
used.  Bitcoin, as it stands today, *will* inevitably collapse /eventually/.

The most likely outcome is that demurrage will be effectively *forced* 
onto Bitcoin, as "miners" set their own limits for how many blocks they 
will store and simply drop transactions that they are unable to verify 
because the sources are farther then /N/ blocks back in the chain.

(There is no way to stop a "miner" from "sifting" the transaction pool 
however they want because there is no way to know what transactions a 
"miner" *has* in its local pool.)

Inflationary issuance is similarly mandatory for a long-term viable 
system.  Even without demurrage, tokens will inevitably "leak" from the 
system as wallet keys are lost, transactions erroneously sending tokens 
to the bitbucket are issued, etc. Eventually, the tokens remaining in 
the system *will* be insufficient to transact the amount of business needed.

Further, one of the functions of money is a stable unit of account.  As 
the use of a currency grows, its supply MUST increase, otherwise it 
starts to look less like a currency and more like a pyramid scam.  The 
early adopters make out like the proverbial bandits---*if* they can keep 
fooling people to buy in.

(It is possible that Bitcoin's "diminishing block reward" model could 
work, but the parameters locked into Bitcoin are a bad fit for its 
actual growth.)

Admittedly, finding a way to properly implement those features in a 
trust-free distributed network is not easy, but punting on those issues 
does not make them go away---it only makes your system a 
limited-lifespan prototype.  Bitcoin is therefore a limited-lifespan 
cryptocurrency prototype.


-- Jacob