rich1.0npub1kf0ppcjaguxekg24yx6smgxlu73qn0k8lm0t2wrqc0scpl7u3sgsmf3f58https://nostr.ae/npub1kf0ppcjaguxekg24yx6smgxlu73qn0k8lm0t2wrqc0scpl7u3sgsmf3f58njumphttps://nostr.ae📅 Original date posted:2014-10-25 📝 Original message:It is an overly-simplistic miner model to assume altruism is necessary. The hashpower market is maturing in the direction of financial instruments, where the owner of the hashpower is not necessarily the one receiving income. These are becoming tradeable instruments, and derivatives and hedging are built on top of that. Risk is hedged at each layer. Market players also forge agreements with miners, and receive -negative- value if hashpower is simply shut down. Simplistic models cannot predict what hashpower does in the face of business-to-business medium- and long-term contracts. On Sat, Oct 25, 2014 at 2:22 PM, Alex Mizrahi <alex.mizrahi at gmail.com> wrote: > >> >> "Flag day" herd behavior like this is unlikely for well informed and >> well prepared market participants. > > > It is simply rational to turn your mining device off until difficulty > adjusts. > Keeping mining for 2+ weeks when it costs you money is an altruistic > behavior, we shouldn't rely on this. > > ------------------------------------------------------------------------------ > > _______________________________________________ > Bitcoin-development mailing list > Bitcoin-development at lists.sourceforge.net > https://lists.sourceforge.net/lists/listinfo/bitcoin-development > -- Jeff Garzik Bitcoin core developer and open source evangelist BitPay, Inc. https://bitpay.com/