bitcoiner on Nostr: people forget that bitcoiners only need miners to solve the double spending problem, ...

people forget that bitcoiners only need miners to solve the double spending problem, without that problem miners wouldn't exist in the first place.

we pay miners either directly with fees or indirectly through inflation by block subsidy to fulfil that role.

if miners find other ways to increase profits thats fine for them but if it starts conflicting with solving the double spending problem, it becomes a problem.

when spending becomes too expensive - not because of market demand for spending - but because of miners choosing to direct resources to processing arbitrary data instead of financial transactions, it conflicts with solving the double spending problem.

there aren't many ways out of this problem but ocean is one way, i think they have long term staying power. ordinals or inscriptions come and go, we've all seen this before in the previous cycles.