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Blockchain cryptocurrencies rely on the economic incentives of PoW (or something similar) in order to function correctly. Has anybody modelled how the miners mi
by ogogmad 4y ago
Blockchain cryptocurrencies rely on the economic incentives of PoW (or something similar) in order to function correctly. Has anybody modelled how the miners might behave under varied circumstances? So far, the incentives seem to be working correctly, with no double-spend attacks happening.
- Retric 4y agoDouble spend attacks have happened, but having lots of hazing power doesn’t prevent them. A software vulnerability for example can render unlimited hashing power pointless.
- ogogmad 4y agoMy comment was asking about purely the economic side of things... That's the part of crypto that's hardest to judge.
- latchkey 4y agoYes, there are a ton of papers up on arxiv on all sorts of topics around mining and PoW [1]. There have been plenty of double-spend attacks that have happened. For example, ETC has a 6.5 day deposit time on Kraken. [1] https://www.google.com/search?q=arxiv+mining+pow https://www.google.com/search?q=arxiv+mining+pow [2] https://support.kraken.com/hc/en-us/articles/203325283-Cryptocurrency-deposit-processing-times https://support.kraken.com/hc/en-us/articles/203325283-Crypt...
- samatman 4y agoDouble-spend attacks on ETC serve to demonstrate the effectiveness of proof of work. Forked minority chains aren't expected to be safe, and this is for sure reflected in the market value of the coin. Any time ETH miners want to gang up on ETC, they can.