Author: email at yancy.lol 2022-10-21 08:47:19
Published on: 2022-10-21T08:47:19+00:00
The discussion on the bitcoin-dev mailing list revolves around the importance of relying on economically rational rules that are not likely to change in order to avoid arbitrary changes in Bitcoin's system. The thread highlights the basis of the Nash Equilibrium and how Satoshi, who was closer in training and practice to a mathematician than a computer scientist, got a lot of fundamental stuff wrong. The difference between honest majority and longest chain is also discussed, with the latter being explicitly acknowledged by Satoshi and patched. However, bringing up what Satoshi wrote almost 14 years later misleads less technical readers into thinking Bitcoin's understanding is still based on early, incorrect understanding. The thread also discusses the risks associated with reliance on zeroconf and how people trying to do so have repeatedly taken big losses when their risk mitigations turned out to not work. It's emphasized that communication of justifications for actions must be clear to all participants in a global value network.
Updated on: 2023-06-16T01:54:27.722343+00:00