{"type":"rich","version":"1.0","author_name":"npub17ty4mumkv43w8wtt0xsz2jypck0gvw0j8xrcg6tpea25z2nh7meqf4qgyd","author_url":"https://nostr.ae/npub17ty4mumkv43w8wtt0xsz2jypck0gvw0j8xrcg6tpea25z2nh7meqf4qgyd","provider_name":"njump","provider_url":"https://nostr.ae","html":"📅 Original date posted:2015-02-12\n📝 Original message:\u003e\n\u003e But, let's say, 5 years from now, some faction of miners who own\n\u003e soon-to-be-obsolete equipment will decide to boost their profits with a\n\u003e replace-by-fee pool and a corresponding wallet. They can market it as \"1 of\n\u003e 10 hamburgers are free\" if they have 10% of the total hashpower.\n\u003e\n\nYes, like any P2P network Bitcoin cannot work if a sufficiently large\nnumber of miners decide to attack it. This is an ancient argument. It came\nup the moment Bitcoin was first invented.\n\nBut this argument could have been made at any time in Bitcoin's entire\nhistory. Lots of miners have dropped out due to hardware obsolescence, yet\nmassive double spending hasn't happened. Perhaps the system is not as\nsimple as you boil it down to be.\n\nAnyway, what would happen in that event is within a few days some people\nwould stop selling Bitcoin for hamburgers, others would find workarounds,\nand the fees collected from the double spends would be worth very little.\nNobody wins.\n\nSo would you take a responsibility for pushing the approach which isn't\n\u003e game-theoretically sound?\n\u003e\n\n\"The approach\" is how Bitcoin has always worked.\n\nPeople have been using game theory to predict the imminent demise of\nBitcoin since I first found it. Just one example:   \"Bitcoin will collapse\nwhen the 50-\u003e25 BTC drop happens\" was promoted as a dead cert thing by game\ntheorists. Every miner becomes unprofitable and stops at once!\n\nSo far game theory based predictions tend to be proven wrong by reality, so\nthis sort of argument doesn't impress me much.\n\nAnyway, going around this loop again is pointless. I brought up the counter\nargument so people who see this thread don't mistakenly think Peter's\nposition is some kind of de-facto consensus about how Bitcoin should work.\nNot because I love rehashing the same arguments every six months ad nauseum.\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20150212/7484a16c/attachment.html\u003e"}