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sbelak's profile
Simon Belak
Simon Belak
Simon Belak
@sbelak

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Simon Belak

@sbelak

Philosopher-hacker. Sometimes theatre director. Making myself obsolete at @Metabase

Joined February 2009

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    1. Chris Burniske‏Verified account @cburniske Jul 2

      One of the most robust explorations I've read on the economic & game theoretic limits of #Bitcoin & #PoW more broadly: http://www.nber.org/papers/w24717 pic.twitter.com/dUc7JdVrPl

      9 replies 51 retweets 174 likes
      Show this thread
    2. Chris Burniske‏Verified account @cburniske Jul 2

      Sorry for the paywall, but the paper is well worth the $5. Makes me think of hybrid #PoW & #PoS as a potential solution (part of the thinking around our $DCR investment), as research for pure #PoS is ongoing.

      6 replies 7 retweets 34 likes
      Show this thread
    3. Chris Burniske‏Verified account @cburniske Jul 2

      Paper confirmed my concerns around what on-chain transaction fees may have to be when the coinbase reward goes to zero (to accomodate 0% rate of inflation). Depending on assumptions: $18,700 to $37,400 to $108,700 per txn.pic.twitter.com/rbZwAocH6l

      8 replies 15 retweets 61 likes
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    4. Chris Burniske‏Verified account @cburniske Jul 2

      Some may respond, "but lightning network." Lightning network fees won't do a good job of compensating miners, which are the ones vulnerable in the attacks explored by the paper (and that we as a community should be worried about).

      5 replies 0 retweets 16 likes
      Show this thread
    5. Pizzaface‏ @pizzaface18 Jul 2
      Replying to @cburniske

      If this is post hyperbitcoinization, the fiat values are meaningless and you should be using satoshis, which then begs the question, what % of the attackers rewards are they risking to double spend on a 3rd party or "attack" the very network that feeds them.

      1 reply 0 retweets 0 likes
    6. Simon Belak‏ @sbelak Jul 2
      Replying to @pizzaface18 @cburniske

      Bitcoin will be at its weakest when probability of hyperbitcoinization is somewhere between 10-20%.

      1 reply 0 retweets 1 like
    7. Pizzaface‏ @pizzaface18 Jul 2
      Replying to @sbelak @cburniske

      I don't understand your argument here. Why would that be the case?

      1 reply 0 retweets 0 likes
      Simon Belak‏ @sbelak Jul 3
      Replying to @pizzaface18 @cburniske

      Because the payouts will be enormous while mounting an attack will still be attainable to at least a few (think Soros shorting the pound kind of situations).

      12:13 AM - 3 Jul 2018
      1 reply 0 retweets 0 likes
        1. New conversation
        2. Pizzaface‏ @pizzaface18 Jul 3
          Replying to @sbelak @cburniske

          I think Soros would thrive in a world of crypto-currencies. Most billionaires would, but the governments will be left holding debt and paper, unless they accept Bitcoin as a form of payment for taxes.

          1 reply 0 retweets 0 likes
        3. Pizzaface‏ @pizzaface18 Jul 3
          Replying to @pizzaface18 @sbelak @cburniske

          Who are the likely attackers pre-bitcoinization? I can't imagine banks having much influence, all they do is print money, which just encourages Bitcoin adoption. Arbitrary laws from Governments, just means that innovation will leave their country.

          0 replies 0 retweets 0 likes
        4. End of conversation

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