You did not "miss" a step in his logic ;-) His logic is full of jumps. Comparing block subsidy to mining investment is ridiculous. They're nothing alike. I'm not gonna go into Chia (not relevant).
Block subsidy is built-in to the consensus code & by design will go away. So of cos it has zero value in the long term calculations. You can't say the same about hardware cost. It will always be a non-zero factor. Please.
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Actually I was referring to non-zero block subsidy. Referring to the eventual zero subsidy as having zero confirmation security value would be sort of pointless, so I didn’t feel it was necessary to spell it out.
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It does not follow that a mining factor with a nonzero absolute cost is a positive security contribution. You are assuming this to be true, and I have explained to you why it is not.
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To contribute to confirmation security a factor must disproportionately favor market mining (which is the same as disfavoring the censor, given zero sum). Hardware costs and block subsidies affect both equally. Only fees favor market miners over the censor.
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Flawed argument. You are assuming censoring is the only attack vector. An attacker can earn a lot more reward from a successful double-spend, than the fees he foregoes from censoring. Not to mention exogenous factors such as shorting BTC on the side.
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Given that you don’t understand the threat it’s understandable that you don’t understand how it is countered. Double spending is a form of theft. It is not a threat to Bitcoin. The thief both devalues his reward and also causes it to become more costly to extract.
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It is exactly the same as a merchant stealing from his customers. He isn’t a merchant for long.
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Double spending is not a threat to Bitcoin, really? Never heard this b4!
Remind me but isn’t the whole point of PoW mining to prevent double-spending in the 1st place? If you don’t care about double-spends, why go thru all this mining trouble? -
> He isn’t a merchant for long. You are making assumptions left & right. Why? He can go set up shop somewhere else, using a new identity.
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