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> The more people collude, the more profit they get, the more rational it is to join them. This is not true. Colluders diminish the value of their PoW reward b
by philangist 8y ago
> The more people collude, the more profit they get, the more rational it is to join them.
This is not true. Colluders diminish the value of their PoW reward by reducing the trust of all other participants in the system and honest actors have an even strong incentive not to join them. Just a few years ago a mining pool that gained a very large share of the Bitcoin hashrate had members choose to leave -- https://www.coindesk.com/bitcoin-miners-ditch-ghash-io-pool-51-attack/ https://www.coindesk.com/bitcoin-miners-ditch-ghash-io-pool-...
- KirinDave 8y agoPlease see the referenced paper. They address this. Because Selfish Mining attacks are not inherently detectable, you cannot expect the average user to detect them. Too many refutations of selfish mining appeal to an oracle. This is an example of such an argument.
- ufo 8y agoIf the big miners need to self regulate like that, then why bother with proof of work in the first place?