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If in low inflation future users refuse to voluntarily pay high fees and reward is too low and for some reason network computing power (A.K.A. hash rate) falls, can we then expect consensus would try to soft fork higher minimum fees?

  • Scenario:
    • Time: Undefined future (low inflation future).
      • Consequence 1: Reward is low.
  • Proposition 2: Users won't voluntarily pay high fees.
  • Proposition 3: Price will stabilize eventually.
  • Proposition 4: Because (1), (2) and (3) the network computing power will fall.
    • Consequence 5: Alternative chains gain relative network power compared to Bitcoin.
  • Proposition 6: In an attempt to stop (5) bleeding, Core would try to soft fork higher minimum fees.
Mercedes
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  • related: https://bitcoin.stackexchange.com/q/3111/5406 – Murch Oct 21 '21 at 20:18
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    What does failure in this way actually look like? I don't think falling hashrate is it, more likely it is an extremely unstable chain-tip / ongoing majority attacks. – chytrik Oct 21 '21 at 21:36
  • @chytrik I'm not sure I understand, but I would be keen to chat about it. :) – Mercedes Oct 22 '21 at 20:19
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    @Mercedes this site has a chatroom here if you'd like: https://chat.stackexchange.com/rooms/8089/mempool – chytrik Oct 22 '21 at 20:43

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