16 ms·
Interesting. It seems like a classic "tragedy of the commons" situation. Even if miners want to see Bitcoin succeed (in order to get a return on their mining ha
by tlrobinson 11y ago
Interesting. It seems like a classic "tragedy of the commons" situation. Even if miners want to see Bitcoin succeed (in order to get a return on their mining hardware investment), at some point they have to join the alternating adjustment period schedule to remain profitable, making the problem worse, and riding the sinking ship down...
The question is what is the "activation energy" required to initiate the oscillations. Is a large miner (how large?) likely to attempt this knowing the ultimate outcome?
And more importantly, can it be fixed? The protocol isn't set in stone.