From: jk_14@op.pl
To: Erik Aronesty <erik@q32.com>,
Bitcoin Protocol Discussion
<bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Surprisingly, Tail Emission Is Not Inflationary
Date: Wed, 17 Aug 2022 15:43:16 +0200 [thread overview]
Message-ID: <73828407-38b211dc3a9d78d44c9b9fb6c2b60b85@pmq6v.m5r2.onet> (raw)
On one scale you puts the Trust to the large stakeholders (why we avoid plenty of small stakeholders, btw),
and on the other side I put game theory and well defined Prisoner's Dilemma.
Again: large stakeholders WILL NOT incentivised to mine, they will have the hundreds excuses why not to switch-on Antminers back.
That's how it simply works. Bitcoin would fail miserably if Satoshi was based his concept mainly on existence of idealists.
If we will observe lack of hashrate recovery four years after some halving and still unprepared like today
- means the trust in large stakeholders was a very costly mistake.
Superiority of Proof of Work against Proof of Stake has been discussed enough either
The overall conclusion with what I fully agree is: swapping PoW to PoS - would be a degradation.
You can stop talking about degradation to proof of stake, but just: degradation.
Degradation of Bitcoin, due to human greed.
Now you mine and you have an INSTANT gratification.
Then you will mine and it will cost you real money, but simple switch - and you have a DELAYED, maybe some day in the future, maybe only a tiny - punishment.
And The Punishment Won't Be Tiny.
"If the pain after hitting the hand with a hammer would appear after a month - people would notoriously walk with swollen fingers"
100% (^2)
Regards
Jaroslaw
W dniu 2022-08-17 13:10:38 użytkownik Erik Aronesty <erik@q32.com> napisał:
> you can stop talking about the "security of the system" as meaningful
> this has been discussed enough
> if fees are not sufficient, clearance times increase and large stakeholders are incentivised to mine
> in the best case, fees are sufficient
> in the worst case, it degrades to proof of stake
> i'm sure you can see how that's fine either way
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next reply other threads:[~2022-08-17 13:43 UTC|newest]
Thread overview: 56+ messages / expand[flat|nested] mbox.gz Atom feed top
2022-08-17 13:43 jk_14 [this message]
2022-08-18 15:29 ` [bitcoin-dev] Surprisingly, Tail Emission Is Not Inflationary Breno Brito
2022-08-18 15:44 ` Billy Tetrud
2022-08-18 20:49 ` Erik Aronesty
-- strict thread matches above, loose matches on Subject: below --
2022-08-19 5:34 vjudeu
2022-08-18 20:22 jk_14
2022-08-17 8:54 jk_14
2022-08-16 16:05 Peter
2022-08-19 17:21 ` aliashraf.btc At protonmail
2022-08-20 15:30 ` Billy Tetrud
2022-08-15 21:46 jk_14
2022-08-17 11:10 ` Erik Aronesty
2022-07-26 20:01 jk_14
2022-07-19 18:36 Peter
2022-07-20 14:35 ` Eric Voskuil
2022-07-10 17:42 Eric Voskuil
[not found] <mailman.80287.1657405305.8511.bitcoin-dev@lists.linuxfoundation.org>
2022-07-10 7:44 ` John Tromp
2022-07-09 22:21 Peter
2022-07-09 20:54 Eric Voskuil
2022-07-09 21:59 ` ZmnSCPxj
2022-07-10 14:17 ` alicexbt
2022-07-10 16:38 ` alicexbt
2022-07-10 17:29 ` Peter Todd
2022-07-10 17:27 ` Peter Todd
2022-07-10 18:12 ` vjudeu
2022-07-18 11:34 ` David A. Harding
2022-07-18 19:14 ` Erik Aronesty
2022-07-18 21:48 ` Eric Voskuil
2022-07-25 15:04 ` Erik Aronesty
2022-07-26 15:44 ` jk_14
2022-07-26 17:05 ` Erik Aronesty
2022-07-09 20:53 Eric Voskuil
2022-07-09 14:57 John Tromp
2022-07-09 15:13 ` Peter Todd
2022-07-11 18:44 ` Dave Scotese
2022-07-09 12:46 Peter Todd
2022-07-09 14:26 ` Eric Voskuil
2022-07-09 15:15 ` Peter Todd
2022-07-09 15:24 ` Eric Voskuil
2022-07-09 15:31 ` Peter Todd
2022-07-09 17:43 ` naman naman
2022-07-09 17:48 ` Peter Todd
2022-07-10 6:54 ` naman naman
2022-07-10 2:10 ` Tobin Harding
2022-07-10 7:08 ` vjudeu
2022-07-11 18:25 ` Larry Ruane
2022-07-10 10:18 ` Jacob Eliosoff
2022-07-11 2:32 ` Anthony Towns
2022-07-11 6:15 ` Stefan Richter
2022-07-11 10:42 ` Giuseppe B
2022-07-11 12:56 ` Erik Aronesty
2022-07-11 23:57 ` Anthony Towns
2022-07-13 18:29 ` Zac Greenwood
2022-07-11 16:59 ` Peter Todd
2022-07-11 17:44 ` Bram Cohen
2022-07-13 14:06 ` Alfred Hodler
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