Author: Gavin Andresen 2015-09-29 17:35:20
Published on: 2015-09-29T17:35:20+00:00
In an email exchange with Allen Piscitello, Gavin Andresen discussed the idea of Bitcoin's security assumption that a supermajority of miners are 'honest.' While admitting that he has a hidden assumption that most miners are also not completely insane, he believes that most of them are economically rational and meta-rational. He cites instances where they have demonstrated their meta-rationality in accidental consensus forks. However, if one starts with the premise that more than half of Bitcoin miners would do something crazy that would destroy the cryptocurrency or be unacceptable to them personally, then maybe Bitcoin is not the right system for them.
Updated on: 2023-06-10T23:27:16.335275+00:00