Author: Gregory Maxwell 2014-04-09 18:50:01
Published on: 2014-04-09T18:50:01+00:00
In an email conversation, Justus Ranvier suggested that if the security of the network relies on a flawed incentive model, then the design of the network should be changed accordingly to ensure that economics work for the network instead of against it. However, his claim about a broken incentive model was challenged by another party in the conversation. The counter-argument presented was that with suitable software improvements, running a full node would require only a few gigabytes of disk space, 50-100kbit/sec bandwidth, and a moderate amount of RAM, costing only a few cents per month in power. The main cost would be figuring out and setting up the system, which bundling could potentially resolve. This suggests that fundamental costs are not a significant issue, but rather implementation warts and education need improvement. Additionally, improved marginal security and privacy, in addition to supporting the network, should provide enough incentive to overcome these costs, otherwise, Bitcoin is already doomed. The conversation also touches on the idea of identifying which improvements need to happen first before bundling can be implemented effectively.
Updated on: 2023-05-19T18:36:38.987402+00:00