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I thunk it misses a fundamental point which is that this would be detrimental to the network. the assumption is that miners would join the dishonest/unethical m
by celticninja 13y ago
I thunk it misses a fundamental point which is that this would be detrimental to the network. the assumption is that miners would join the dishonest/unethical miner to increase their block rewards, however it would be at the cst of bitcoins overall value and succcess. So you may get 25% more coins but you have coins that are worth less.
- deepblueocean 13y agoI think it's interesting to calculate how much less the BTC/USD exchange rate would have to be as a function of how much power the ES-adversary has. It's substantial! One could even imagine creating "poison pill" derivative instruments where someone agrees to sell a lot of BTC if some predicate over the blockchain becomes true (such as a predicate that's only true if ES-mining is happening).