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I think the fact that Bitcoin is a community is its main problem. Miners have acted altruistically a few times in the past, but as the pool grows, getting them
by rubinelli 14y ago
I think the fact that Bitcoin is a community is its main problem. Miners have acted altruistically a few times in the past, but as the pool grows, getting them to do anything beyond the Nash Equilibrium will get progressively harder.
Bitcoin may prevail, but it will have to go through a painful 2.0 evolution at some point.
- kaoD 14y agoEconomic majority will ALWAYS win by definition.
- rubinelli 14y agoAnd a smart agent with enough resources can lead the economic majority like lemmings down a cliff once it reaches a certain size and becomes dumb. While your miners are mostly hobbyists that you can access via Skype, it's easy to say "hey guys, let's stop this chain and switch to that other one." Once you have large companies with dedicated ASIC racks in the game, and any change that could impact the short-term bottom line has to go through four levels of management, you are SOL.