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Counterargument: actors aren't rational and will continue mining at a loss because of the sunken cost fallacy. Mining will always continue because it's what ke
by decentralised 8y ago
Counterargument: actors aren't rational and will continue mining at a loss because of the sunken cost fallacy.
Mining will always continue because it's what keeps the current canonical ledger safe so if nothing else the exchanges and market makers are still economically incentivised to mine.
- prostoalex 8y agoCan't that sunken cost be repurposed to mine Monero / ETH / ZCash / whatever else is in vogue nowadays?
- decentralised 8y agoSome of it yes. ASICs usually can only do one mining algorithm (nakamoto, hashimoto, etc) and can't easily upgrade their firmware.