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).
The only tweet I see you "explaining" this argument is this "the censor bears the same cost as the non-censor". How does that explain that hardware cost is a non factor again?! Color me unconvinced.https://twitter.com/evoskuil/status/1029204845566124034 …
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If both market and censor are affected proportionally by all factors the censor can stay entrenched forever at no cost beyond its fully-recoverable capital investment. Hardware cost and block subsidy are proportionate factors, fees are not.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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