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Comedy gold indeed. > This is supposed to be impossible because it is incentivize-incompatible Enter the wonderful world of coco values and side payments in g
by lpage 10y ago
Comedy gold indeed.
> This is supposed to be impossible because it is incentivize-incompatible
Enter the wonderful world of coco values and side payments in game theory. Incentive compatibility and strategyproofness arguments break down when parties are compensated (implicitly or explicitly) out-of-band. That's not always a bad thing - it can lead to more efficient, utility maximizing equilibria. That said, under the status quo, we're trading one flavor of centralization (monetary policy) for another (core committers and mining pools).
- ryporter 10y agoNot to mention repeated game effects (of setting a precedent in this case), which make the setting even more difficult to analyze.