{"type":"rich","version":"1.0","author_name":"npub1kf0ppcjaguxekg24yx6smgxlu73qn0k8lm0t2wrqc0scpl7u3sgsmf3f58","author_url":"https://nostr.ae/npub1kf0ppcjaguxekg24yx6smgxlu73qn0k8lm0t2wrqc0scpl7u3sgsmf3f58","provider_name":"njump","provider_url":"https://nostr.ae","html":"📅 Original date posted:2014-10-25\n📝 Original message:It is an overly-simplistic miner model to assume altruism is\nnecessary.  The hashpower market is maturing in the direction of\nfinancial instruments, where the owner of the hashpower is not\nnecessarily the one receiving income.  These are becoming tradeable\ninstruments, and derivatives and hedging are built on top of that.\nRisk is hedged at each layer.  Market players also forge agreements\nwith miners, and receive -negative- value if hashpower is simply shut\ndown.\n\nSimplistic models cannot predict what hashpower does in the face of\nbusiness-to-business medium- and long-term contracts.\n\n\nOn Sat, Oct 25, 2014 at 2:22 PM, Alex Mizrahi \u003calex.mizrahi at gmail.com\u003e wrote:\n\u003e\n\u003e\u003e\n\u003e\u003e \"Flag day\" herd behavior like this is unlikely for well informed and\n\u003e\u003e well prepared market participants.\n\u003e\n\u003e\n\u003e It is simply rational to turn your mining device off until difficulty\n\u003e adjusts.\n\u003e Keeping mining for 2+ weeks when it costs you money is an altruistic\n\u003e behavior, we shouldn't rely on this.\n\u003e\n\u003e ------------------------------------------------------------------------------\n\u003e\n\u003e _______________________________________________\n\u003e Bitcoin-development mailing list\n\u003e Bitcoin-development at lists.sourceforge.net\n\u003e https://lists.sourceforge.net/lists/listinfo/bitcoin-development\n\u003e\n\n\n\n-- \nJeff Garzik\nBitcoin core developer and open source evangelist\nBitPay, Inc.      https://bitpay.com/"}