Budish paper IMO raises interesting questions but its conclusions are built on highly unrealistic assumptions & an inaccurate pricing model (for mining hardware). My take herehttps://medium.com/@hugonguyen/a-review-of-budishs-51-attack-theories-what-is-the-fair-price-of-an-old-asic-59a7dcf9ff94 …
"Fee market alone determines security" is a flawed argument. Because fee market only resolves block space supply & block space demand, 2 quantifiable metrics. While chain security is *not* quantifiable. Tragedy of the commons, if you will.
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The level of fees that merchants are willing to pay is the sole defense against censorship (which is half of the security model). This is not quantification, it’s qualification.
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A commons is a state-owned property. The analogy does not apply to Bitcoin.
End of conversation
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