Author: Alex Mizrahi 2014-04-23 15:38:21
Published on: 2014-04-23T15:38:21+00:00
In the discussion, it is mentioned that non-collusive miners cast votes based on the outcome of their own attempts to double spend. The individually rational strategy is to vote for coinbase reallocation on every block which means nobody will get a reward. This situation is similar to the prisoner's dilemma where equilibrium has the worst pay-off. As a result, simple game-theoretic models are no longer applicable as they lead to absurd results.The justification for the existence of honest miners is to prevent double-spends, which Satoshi also used in the same sense. The miners work to get rewards but if they deliberately try to double-spend, they are worse than useless. However, it doesn't matter whether they are attempting to double-spend or not because they won't be able to do so without collusion.
Updated on: 2023-06-08T20:57:17.446106+00:00