Peter [ARCHIVE] on Nostr: 📅 Original date posted:2022-08-16 📝 Original message:Hi Jaroslaw, In the ...
📅 Original date posted:2022-08-16
📝 Original message:Hi Jaroslaw,
In the Prisoner's Dilemma the prisoners cannot communicate. In Bitcoin large holders are able to communicate with each other. Also, prisoners need not make an all or nothing decision in Bitcoin. Miners can join and leave the network freely over time. You can change your decision based on the decision of others.
The Bitcoin design is such that security is volatile but the issuance of blocks is timely and evened out to a 10 minutes average even after the reward is exhausted.
The existing incentive that miners earn money for including transactions is enough to motivate human nature. Transaction initiators have an incentive to mine and run full nodes for personal interest.
>Noone will waste his renewable energy on unprofitable Antminer while he/she can sell this energy for the market price.
The law in most jurisdictions prevents the resale of spare electricity unless an expensive license is obtained (and in most cases no license is available as the government maintains a monopoly). Mining with waste electricity is reducing losses. Another incentive to motivate human nature.
Bitcoin holders can be enfranchised into any new system. So, no need for bike shedding the original design which is a Schelling Point.
Regards
Peter Kroll
pointbiz/ BTCCuracao
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📝 Original message:Hi Jaroslaw,
In the Prisoner's Dilemma the prisoners cannot communicate. In Bitcoin large holders are able to communicate with each other. Also, prisoners need not make an all or nothing decision in Bitcoin. Miners can join and leave the network freely over time. You can change your decision based on the decision of others.
The Bitcoin design is such that security is volatile but the issuance of blocks is timely and evened out to a 10 minutes average even after the reward is exhausted.
The existing incentive that miners earn money for including transactions is enough to motivate human nature. Transaction initiators have an incentive to mine and run full nodes for personal interest.
>Noone will waste his renewable energy on unprofitable Antminer while he/she can sell this energy for the market price.
The law in most jurisdictions prevents the resale of spare electricity unless an expensive license is obtained (and in most cases no license is available as the government maintains a monopoly). Mining with waste electricity is reducing losses. Another incentive to motivate human nature.
Bitcoin holders can be enfranchised into any new system. So, no need for bike shedding the original design which is a Schelling Point.
Regards
Peter Kroll
pointbiz/ BTCCuracao
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