From: "Ferdinando M. Ametrano" <ferdinando.ametrano@gmail•com>
To: Gregory Maxwell <gmaxwell@gmail•com>
Cc: Bitcoin Development <bitcoin-development@lists•sourceforge.net>
Subject: Re: [Bitcoin-development] Fwd: death by halving
Date: Tue, 28 Oct 2014 22:23:27 +0100 [thread overview]
Message-ID: <CADfmNE=hKPA5F8X-iCeZk4J+Mhijyk0BLXD2qVWZ-M5-H+ejVQ@mail.gmail.com> (raw)
In-Reply-To: <CAAS2fgRjwg_XyvzHbMhmaiW85LmmsW3YiXHyhpKMHd2a03pH2Q@mail.gmail.com>
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> > In november 2008 bitcoin was a much younger ecosystem,
>
> Or very old, indeed, if you are using unsigned arithmetic. [...]
>
:-) I meant 2012, of course, but loved your wit
> > and the halving happened during a quite stable positive price trend
>
> Hardly,
>
>
> http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2012-10-01zeg2012-12-01ztgSzm1g10zm2g25zv
indeed!
http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2012-08-01zeg2013-02-01ztgSzm1g10zm2g25zv
> There is a lot more complexity to the system than the subsidy schedule.
>
who said the contrary?
This thread is, in my opinion, a waste of time.
>
it might be, I have some free time right now...
many people have performed planning around the current
> behaviour. The current behaviour has also not shown itself to be
> problematic (and we've actually experienced its largest effect already
> without incident), and there are arguable benefits like encouraging
> investment in mining infrastructure.
>
I would love a proper rebuttal of a basic economic argument. If increased
competition will push mining revenues below 200% of operational costs, then
the halving will suddenly switch off many non profitable mining resources.
As of now the cost per block is probably already about 100USD, probably in
the 50-150USD.
Dismissed mining resources might even become cheaply available for
malevolent agents considering a 51% attack. Moreover the timing would be
perfect for the burst of any existing cloud hashing Ponzi scheme.
From a strict economic point of view allowing the halving jump is looking
for trouble. To each his own.
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next prev parent reply other threads:[~2014-10-28 21:24 UTC|newest]
Thread overview: 29+ messages / expand[flat|nested] mbox.gz Atom feed top
2014-10-25 18:06 [Bitcoin-development] " Alex Mizrahi
2014-10-25 18:12 ` Jeff Garzik
2014-10-25 18:22 ` Alex Mizrahi
2014-10-25 18:31 ` Jeff Garzik
2014-10-25 19:08 ` Alex Mizrahi
2014-10-25 19:16 ` Gavin Andresen
2014-10-25 19:53 ` Alex Mizrahi
2014-10-25 21:50 ` Melvin Carvalho
2014-10-28 20:17 ` Ferdinando M. Ametrano
[not found] ` <CAAS2fgSiz-XRVQ4V+KbrTUWG4=g=WGf8c-pF4b4fFnfyU9HOqQ@mail.gmail.com>
2014-10-28 20:36 ` [Bitcoin-development] Fwd: " Gregory Maxwell
2014-10-28 20:57 ` Alex Mizrahi
2014-10-28 21:19 ` Jérémie Dubois-Lacoste
2014-10-28 21:43 ` Gregory Maxwell
2014-10-28 22:43 ` Ferdinando M. Ametrano
2014-10-29 14:34 ` [Bitcoin-development] Death by halving (pro-active proposals) Sergio Lerner
2014-10-29 17:25 ` Jeff Garzik
2014-10-28 21:23 ` Ferdinando M. Ametrano [this message]
2014-10-28 21:34 ` [Bitcoin-development] Fwd: death by halving Neil
2014-10-28 21:44 ` Ferdinando M. Ametrano
2014-10-28 22:00 ` Thomas Zander
2014-10-28 22:38 ` Ferdinando M. Ametrano
2014-10-28 21:57 ` Christophe Biocca
2014-10-25 20:27 ` [Bitcoin-development] " Adam Back
2014-10-25 20:43 ` Thomas Zander
2014-10-25 20:28 ` Thomas Zander
2014-10-25 20:49 ` Alex Mizrahi
2014-10-25 21:51 ` Alexander Leishman
2014-10-25 22:10 ` Ross Nicoll
2014-10-25 22:42 ` Melvin Carvalho
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