9/ (One could also imagine a future where a nation state, strategically invested in Bitcoin, gives subsidies specific to Bitcoin mining.)
19/ P.S.: The other thing the paper hugely underestimates is Bitcoin community's ability in dealing with such an attack. h/t @nic__carter
One only has to look at last year's UASF movement in dealing with Segwit2x. But this is a separate topic.
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20/ P.S. #2: I want to say that regardless of the validity of the points discussed here, Budish's paper raises a very important topic. It forces us to look deeper into Bitcoin's security model & likely develop better pricing models. For that, it's a huge win.
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