Author: Simon Barber 2014-04-24 00:42:20
Published on: 2014-04-24T00:42:20+00:00
The goal of miners is to maximize profits. However, a network where reasonable certainty can be achieved with 0-confirm transactions is more useful, thus will result in bitcoins being more valuable. Rational miners are expected to want to collaborate to reduce the possibilities for double spend attacks as much as possible. The rational miner wants his reward to be great and it would be more valuable if he were paid in something that is spendable like cash on a 1-minute network for coffee and other real-time transactions. There is a prisoner's dilemma, but do the fees from helping people successfully double-spend their coffee supplier really outweigh the increased value to the entire network - including himself - of ensuring that digital cash actually works like cash?
Updated on: 2023-06-08T20:42:21.620436+00:00