Author: Jeremy Rubin 2022-10-18 16:27:26
Published on: 2022-10-18T16:27:26+00:00
In a discussion on the Bitcoin-dev mailing list, Jeremy Rubin emphasizes the importance of the "social contract" of Bitcoin as outlined in the whitepaper, which provides a baseline for understanding and modifying the system. However, Russell O'Connor argues that relying on an "honest majority" assumption is misguided, as it fails to consider the need for incentive compatibility in the rules of the system. The stability of mining incentives in a low subsidy environment is a major concern, and while it is possible to construct situations where not mining on the tip is the preferred strategy, this does not immediately collapse the protocol. Overall, there are differing views within the Bitcoin community regarding the importance of incentive compatibility and the assumptions underlying the system's security.
Updated on: 2023-06-16T01:51:00.798799+00:00