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From: Gavin Andresen <gavinandresen@gmail.com>
To: insecurity@national.shitposting.agency
Cc: Bitcoin Dev <bitcoin-development@lists.sourceforge.net>
Subject: Re: [Bitcoin-development] Long-term mining incentives
Date: Mon, 11 May 2015 13:29:02 -0400	[thread overview]
Message-ID: <CABsx9T1VgxEJWxrYTs+2hXGnGrSLGJ6mVcAexjXLvK7Vu+e3EA@mail.gmail.com> (raw)
In-Reply-To: <ce3d34c92efd1cf57326e4679550944e@national.shitposting.agency>

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I think long-term the chain will not be secured purely by proof-of-work. I
think when the Bitcoin network was tiny running solely on people's home
computers proof-of-work was the right way to secure the chain, and the only
fair way to both secure the chain and distribute the coins.

See https://gist.github.com/gavinandresen/630d4a6c24ac6144482a  for some
half-baked thoughts along those lines. I don't think proof-of-work is the
last word in distributed consensus (I also don't think any alternatives are
anywhere near ready to deploy, but they might be in ten years).

I also think it is premature to worry about what will happen in twenty or
thirty years when the block subsidy is insignificant. A lot will happen in
the next twenty years. I could spin a vision of what will secure the chain
in twenty years, but I'd put a low probability on that vision actually
turning out to be correct.

That is why I keep saying Bitcoin is an experiment. But I also believe that
the incentives are correct, and there are a lot of very motivated, smart,
hard-working people who will make it work. When you're talking about trying
to predict what will happen decades from now, I think that is the best you
can (honestly) do.

-- 
--
Gavin Andresen

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  reply	other threads:[~2015-05-11 17:29 UTC|newest]

Thread overview: 37+ messages / expand[flat|nested]  mbox.gz  Atom feed  top
2015-05-11 16:28 [Bitcoin-development] Long-term mining incentives Thomas Voegtlin
2015-05-11 16:52 ` insecurity
2015-05-11 17:29   ` Gavin Andresen [this message]
2015-05-12 12:35     ` Thomas Voegtlin
     [not found]       ` <CABsx9T1h7p3hDr7ty43uxsYs-oNRpndzg=dowST2tXtogxRm2g@mail.gmail.com>
     [not found]         ` <555210AF.3090705@electrum.org>
2015-05-12 16:10           ` Gavin Andresen
2015-05-12 16:21             ` Dave Hudson
2015-05-12 21:24             ` Pedro Worcel
2015-05-12 23:48               ` Adam Back
2015-05-13 15:41                 ` Gavin Andresen
2015-05-13 20:05                   ` Pedro Worcel
2015-05-13  9:49             ` Thomas Voegtlin
2015-05-13 10:14               ` Tier Nolan
2015-05-13 10:31                 ` Alex Mizrahi
2015-05-13 11:29                   ` Tier Nolan
2015-05-13 12:26                     ` Alex Mizrahi
2015-05-13 13:24                       ` Gavin
2015-05-13 13:28                       ` Tier Nolan
2015-05-13 14:26                         ` Alex Mizrahi
2015-05-13 23:46                   ` Jorge Timón
2015-05-14  0:11     ` Jorge Timón
2015-05-14  0:48       ` Aaron Voisine
2015-05-14  0:58         ` Pieter Wuille
2015-05-14  1:13           ` Aaron Voisine
2015-05-14  1:19             ` Pieter Wuille
2015-05-14  1:31               ` Aaron Voisine
2015-05-14  2:34                 ` Aaron Voisine
2015-05-16 20:35                 ` Owen Gunden
2015-05-16 22:18                   ` Tom Harding
2015-05-17  1:08                   ` Aaron Voisine
2015-05-14  0:44 ` Melvin Carvalho
2015-05-25 18:31 ` Mike Hearn
2015-05-26 18:47   ` Thomas Voegtlin
2015-05-27 21:59   ` Mike Hearn
2015-05-27 22:22     ` Gregory Maxwell
2015-05-28 10:30       ` Mike Hearn
2015-05-13 17:49 Damian Gomez
2015-05-18  2:29 Michael Jensen

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