Author: jk_14 at op.pl 2022-08-17 08:54:11
Published on: 2022-08-17T08:54:11+00:00
In a message exchange, Jaroslaw discusses several issues related to Bitcoin's mining and incentives with Peter Kroll. He highlights the possibility of large Bitcoin holders communicating with each other, but states that greed can still hinder their cooperation for the sake of network security. He also argues that the existing incentive for miners to earn money from transactions is not enough to motivate them to run Antminers at a loss. Additionally, he explains that in some jurisdictions, it is possible to take back electricity for free, which means that there is little reason to invest in oversizing solar panels for running additional Antminers. Jaroslaw refers to two statements that he wants to repeat more precisely. The first statement concerns the idea that Bitcoin is designed to run without trusting anyone, and its system can even utilise people's greed for its expansion. However, when faced with edge cases where trust might be necessary, some Bitcoiners suggest trusting large holders to run Antminers at a loss instead of using game theory. The second statement involves the halving of Bitcoins that may cause network security and hashrate regression, leading to destructive effects on the network. Although Bitcoiners want to remove destructive elements like unfriendly government regulations, many are unwilling to give up their greed and abandon Bitcoin. In conclusion, Jaroslaw suggests that these attitudes go against Satoshi's vision for Bitcoin.
Updated on: 2023-06-15T22:28:18.105976+00:00