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NickSzabo4's profile
Nick Szabo 🔑
Nick Szabo 🔑
Nick Szabo  🔑
@NickSzabo4

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Nick Szabo  🔑

@NickSzabo4

Blockchain, cryptocurrency, and smart contracts pioneer. (RT/Fav/Follow does not imply endorsement). Blog: http://unenumerated.blogspot.com 

Joined June 2014

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    1. nic carter‏ @nic__carter Feb 16
      • Report Tweet

      .@Truthcoin drops a stunner on Bitcoin's long term security budget. Outstanding as usual http://www.truthcoin.info/blog/security-budget/ …

      23 replies 48 retweets 200 likes
      Show this thread
    2. Nick Szabo  🔑‏ @NickSzabo4 Feb 16
      • Report Tweet
      Replying to @nic__carter @Truthcoin

      Lots of dubious assumptions: * Tx fees have historically risen and fallen with price, but they assume they are disconnected * L1 is a payment rail (nope, it's a settlement layer, and no altcoins are generally not as reliable and secure a substitute)

      3 replies 12 retweets 101 likes
    3. Nick Szabo  🔑‏ @NickSzabo4 Feb 16
      • Report Tweet
      Replying to @NickSzabo4 @nic__carter @Truthcoin

      More bad assumptions: * Centralized services make it easy to switch to altcoins (no, mental tx costs + trust risks) * They seem to be implicitly making the dumbest assumption of all in these debates, that lower hashrate in the long run is less secure. Wrong.

      6 replies 4 retweets 63 likes
    4. Ari Paul  ⛓️‏Verified account @AriDavidPaul Feb 17
      • Report Tweet
      Replying to @NickSzabo4 @nic__carter @Truthcoin

      Lower hash rate isn’t less secure? Huh?

      2 replies 0 retweets 8 likes
    5. Nick Szabo  🔑‏ @NickSzabo4 Feb 17
      • Report Tweet
      Replying to @AriDavidPaul @nic__carter @Truthcoin

      Was the hashrate 1/1,000th less secure a few years ago when the hashrate was only 1,000th that of today? No, the hashrate contributed about as much to security then as it does now.

      7 replies 2 retweets 21 likes
    6. Ben DiFrancesco‏ @BenDiFrancesco Feb 17
      • Report Tweet
      Replying to @NickSzabo4 @AriDavidPaul and

      Nick, I’ve reread this tweet 10x and thought about for 10 minutes and I’m genuinely perplexed. Do you mind expanding on this? Seems to me that if the hashrate dropped to 1/1000th of what it is today the chain would in fact have *less* than 1/1000th the security.

      1 reply 1 retweet 0 likes
      Nick Szabo  🔑‏ @NickSzabo4 Feb 17
      • Report Tweet
      Replying to @BenDiFrancesco @AriDavidPaul and

      Short-term changes & attacks are very different from long-term ones. If miner revenues are 10* lower in 2048 the hashrate will very likely not be nearly that much lower, with more energy efficient ASICS. so there's no take-machines-out-of-storage attack.

      7:22 AM - 17 Feb 2019
      • 4 Likes
      • Richard Myers ⚡🕸️📻 Michael Nov Damian Mee 😷 [🇭🇰♥️Hong Kong] Riding Unicorns to the Moon
      0 replies 0 retweets 4 likes

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