.@Truthcoin drops a stunner on Bitcoin's long term security budget. Outstanding as usual
http://www.truthcoin.info/blog/security-budget/ …
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If your businesses doing millions of dollars a day you have plenty of incentive to fire up rigs.
Free rider problem. More profitable to let somebody else pay for security, so nobody wants to.
![Giacomo Zucco [I identify as a -e^iπ vampire]](https://pbs.twimg.com/profile_images/1172971162919415813/Pn8O2gkx_normal.jpg)
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If no one does they all go out of business. Of course no one knows for sure what will happen, we'll be going back to the experimental stage at that point.
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Recipients of large value txs can: 1. try to mine the tx themselves by quickly leasing extra hashpower just for this block. may be lots of subtle problems with this. 2. wait more blocks
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The second point is enough imo, security is the product of hashpower and the passage of time.
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Assuming mining is an expenditure and hassle. It could become a commodity for heat generation, or waste energy recycling. In the ideal use case.
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Nobody wants to be a volunteer firefighter. Costs are too high. /spic.twitter.com/rGfmpVD6D8
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Renewable energy producers have to curtail terrawats of electricity every year. Either miners become renewable energy producers or renewable energy producers mine. Either way, burning the electricity with outdated ASICs is more profitable than curtailing.
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