Author: Mike Hearn 2015-02-12 13:18:44
Published on: 2015-02-12T13:18:44+00:00
Bitcoin's vulnerability to attack by a large faction of miners is an ancient argument and could happen if some miners with obsolete equipment decided to boost their profits with a replace-by-fee pool. However, this argument could have been made at any time in Bitcoin's history, and it hasn't happened yet. If such an event occurred, some people would stop selling Bitcoin, others would find workarounds, and the fees collected from the double spends would be worth very little, resulting in nobody winning. Bitcoin has always worked on "the approach," and game theory-based predictions tend to be proven wrong by reality. The counter-argument was brought up to prevent people from mistakenly thinking that Peter's position is a de-facto consensus about how Bitcoin should work.
Updated on: 2023-06-09T16:49:55.951884+00:00