BMAX: pricing “sats now vs sats later” via a mining sharechain (no L1 changes, no custodians, no oracles)

The concept of Bitcoin as a standalone global base currency introduces the necessity for a Bitcoin-native time pricing mechanism. Given Bitcoin's fixed supply, its inherent risk-free interest rate should logically be zero percent. This is under the presumption that positive interest rates reflect some level of risk, such as the uncertainty of receiving Bitcoin from a counterparty in the future. The risk involved primarily stems from potential fluctuations in the sharechain pool's hashrate or a decrease in fees/block rewards below anticipated levels, jeopardizing the expected funds and interest.

Moreover, the scenario where a counterparty agrees to pay a premium even though the Bitcoin is already locked in on-chain suggests that what is being compensated for is not the time value of Bitcoin per se, but rather an insurance or continuity feature for mining payouts. This feature, though not directly related to discovering Bitcoin's native time pricing, serves a practical and immediately beneficial purpose by mitigating risks associated with mining operations. Ultimately, these considerations reflect broader economic discussions where diverse opinions abound, highlighting the complexity and speculative nature of Bitcoin's role in the global financial system.