From mboxrd@z Thu Jan 1 00:00:00 1970 Received: from sog-mx-3.v43.ch3.sourceforge.com ([172.29.43.193] helo=mx.sourceforge.net) by sfs-ml-3.v29.ch3.sourceforge.com with esmtp (Exim 4.76) (envelope-from ) id 1Xi7xd-0004wK-92 for bitcoin-development@lists.sourceforge.net; Sat, 25 Oct 2014 20:29:17 +0000 X-ACL-Warn: Received: from bouvier.getmail.no ([84.210.184.8]) by sog-mx-3.v43.ch3.sourceforge.com with esmtp (Exim 4.76) id 1Xi7xb-0000M1-A6 for bitcoin-development@lists.sourceforge.net; Sat, 25 Oct 2014 20:29:17 +0000 Received: from localhost (localhost [127.0.0.1]) by bouvier.getmail.no (Postfix) with ESMTP id EE58541A9E for ; Sat, 25 Oct 2014 22:29:08 +0200 (CEST) Received: from bouvier.getmail.no ([127.0.0.1]) by localhost (bouvier.get.c.bitbit.net [127.0.0.1]) (amavisd-new, port 10032) with ESMTP id OjYli-IDQaeW for ; Sat, 25 Oct 2014 22:28:59 +0200 (CEST) Received: from localhost (localhost [127.0.0.1]) by bouvier.getmail.no (Postfix) with ESMTP id 10E1E41BBB for ; Sat, 25 Oct 2014 22:28:59 +0200 (CEST) X-Virus-Scanned: amavisd-new at bouvier.get.c.bitbit.net Received: from bouvier.getmail.no ([127.0.0.1]) by localhost (bouvier.get.c.bitbit.net [127.0.0.1]) (amavisd-new, port 10026) with ESMTP id nGMubo3DLacY for ; Sat, 25 Oct 2014 22:28:58 +0200 (CEST) Received: from coldstorage.localnet (cm-84.208.97.23.getinternet.no [84.208.97.23]) by bouvier.getmail.no (Postfix) with ESMTP id DDF3C41BB0 for ; Sat, 25 Oct 2014 22:28:58 +0200 (CEST) From: Thomas Zander To: bitcoin-development@lists.sourceforge.net Date: Sat, 25 Oct 2014 22:28:56 +0200 Message-ID: <2109053.EM3JWxoz5A@coldstorage> User-Agent: KMail/4.14.1 (Linux/3.16-2-amd64; KDE/4.14.1; x86_64; ; ) In-Reply-To: References: MIME-Version: 1.0 Content-Transfer-Encoding: 7Bit Content-Type: text/plain; charset="us-ascii" X-Spam-Score: 0.0 (/) X-Spam-Report: Spam Filtering performed by mx.sourceforge.net. See http://spamassassin.org/tag/ for more details. X-Headers-End: 1Xi7xb-0000M1-A6 Subject: Re: [Bitcoin-development] death by halving X-BeenThere: bitcoin-development@lists.sourceforge.net X-Mailman-Version: 2.1.9 Precedence: list List-Id: List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , X-List-Received-Date: Sat, 25 Oct 2014 20:29:17 -0000 On Saturday 25. October 2014 21.06.32 Alex Mizrahi wrote: > If miner's income margin are less than 50% (which is a healthy situation > when mining hardware is readily available), we might experience > catastrophic loss of hashpower (and, more importantly, catastrophic loss of > security) after reward halving. For the sake of argument, lets assume that somehow (quite unlikely) half the mining equipment gets shut off. The amount of hashes/second is such that it is currently, lets just say, quite secure against any takeover. Your document makes a long series of assumptions about how this can turn out bad with each individually is implausible, together are just fiction. Your research didn't convince me about this being bad somehow. It also completely disregards the equilibriums reached by doing so.