What's the best rebuttal you've read to @random_walker's paper "On the Instability of Bitcoin Without the Block Reward" -http://randomwalker.info/publications/mining_CCS.pdf …
I know @cburniske wrote a 2015 response. Anything else I should read on the subject?
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Hugo Nguyen Retweeted Hugo Nguyen
Not a full rebuttal but here are my thoughts:https://twitter.com/hugohanoi/status/1153427593477185536 …
Hugo Nguyen added,
Hugo Nguyen @hugohanoi.@random_walker's piece on Bitcoin mining (in)stability is interesting but IMHO its conclusions are flawed for several reasons: 1/ unrealistic assumption about block size & consequently the states of the mempool 2/ unrealistic assumption about human behavior (static vs. adaptive) https://twitter.com/TaylorPearsonMe/status/1088211499116576768 …Show this thread1 reply 0 retweets 3 likes -
Replying to @hugohanoi @TaylorPearsonMe and
These kinds of critiques tend to confuse short-term and relative decline of hash power (which can be a security problem) with long-term and absolute decline of hash power (which is far less so).
1 reply 2 retweets 10 likes -
Replying to @NickSzabo4 @hugohanoi and
People sending large amounts can adapt by (a) splitting up large value txs into smaller value txs, and (b) waiting for more confirmations.
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Replying to @NickSzabo4 @hugohanoi and
It's an area that could definitely use more analysis, but if the critics don't take into account these obvious points they shouldn't be taken seriously, no matter how fancy their math or PDFs.
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Replying to @NickSzabo4 @TaylorPearsonMe and
Speaking of research, I also think Bitcoin def needs a lot more, but a curiously recurrent theme that I’ve seen is: (a) CS analyses missing basic econ/social clues (fancy math while assuming human behavior is static?!)
1 reply 0 retweets 3 likes -
Replying to @hugohanoi @NickSzabo4 and
Hugo Nguyen Retweeted Hugo Nguyen
(b) Likewise, econ analyses missing basic CS clues (fancy math while making some ridiculous hardware assumptions):https://twitter.com/hugohanoi/status/1087751074310569990 …
Hugo Nguyen added,
Hugo Nguyen @hugohanoiReplying to @BobMcElrathWhy do economists insist on using this faulty “rent attack” model when analyzing Bitcoin? Is it because of the tech barrier or is the economics of ASIC/non-repurposability not well-understood? https://medium.com/@hugonguyen/a-review-of-budishs-51-attack-theories-what-is-the-fair-price-of-an-old-asic-59a7dcf9ff94 …2 replies 0 retweets 3 likes
Indeed. Comp sci is crucial but you should burn that fancy PDF when they (i) fail to distinguish between subjective economic and objective resource cost analyses, which are radically different kinds of analyses, and (b) hide rather than foreground their assumptions.
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