Author: Mike Hearn 2015-02-12 11:58:16
Published on: 2015-02-12T11:58:16+00:00
The message is directed at someone who is being criticized for their misunderstanding of miner incentives in Bitcoin. The author claims that miners are not incentivized to earn the most money in the next block, but rather to maximize their return on investment. They argue that making Bitcoin less useful would reduce demand for mined bitcoins, resulting in a decrease in coinbase and fee income for miners. The author also criticizes the person's "scorched earth" plan, which they believe would make unconfirmed payments useless and potentially break Bitcoin to the point where it is no longer an interesting payment system. The author suggests that this plan is poorly thought out and could facilitate payment fraud. They compare it to the person's previous crusades against increasing the block size and killing SPV clients, which they believe were also bad for Bitcoin.
Updated on: 2023-06-09T17:00:41.515080+00:00