Subject: Re: [bitcoin-dev] Surprisingly, Tail Emission Is Not Inflationary

From: [email-masked]
Date: Wed, 17 Aug 2022 15:43:16 +0200

On one scale you puts the Trust to the large stakeholders (why we avoid plenty of small stakeholders, btw),
and on the other side I put game theory and well defined Prisoner's Dilemma.

Again: large stakeholders WILL NOT incentivised to mine, they will have the hundreds excuses why not to switch-on Antminers back.
That's how it simply works.  Bitcoin would fail miserably if Satoshi was based his concept mainly on existence of idealists.

If we will observe lack of hashrate recovery four years after some halving and still unprepared like today
- means the trust in large stakeholders was a very costly mistake.

Superiority of Proof of Work against Proof of Stake has been discussed enough either
The overall conclusion with what I fully agree  is: swapping PoW to PoS - would be a degradation.
You can stop talking about degradation to proof of stake, but just: degradation.

Degradation of Bitcoin, due to human greed.

Now you mine and you have an INSTANT gratification.
Then you will mine and it will cost you real money, but simple switch - and you have a DELAYED, maybe some day in the future, maybe only a tiny - punishment.
And The Punishment Won't Be Tiny.

"If the pain after hitting the hand with a hammer would appear after a month - people would notoriously walk with swollen fingers"
100% (^2)

Regards
Jaroslaw

W dniu 2022-08-17 13:10:38 użytkownik Erik Aronesty <[email-masked]> napisał:

> you can stop talking about  the "security of the system" as meaningful
> this has been discussed enough
> if fees are not sufficient, clearance times increase and large stakeholders are incentivised to mine 
> in the best case, fees are sufficient
> in the worst case, it degrades to proof of stake
> i'm sure you can see how that's fine either way

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