Towards the Science of Essential Decentralised Infrastructures (2020)

Re:Towards the Science of Essential Decentralised Infrastruc... by bluetwo on Saturday April 10, 2021 @11:08PM (#26767193)

How can you say the user is in control of bitcoin when the user will lose everything if the central command structure stops existing? If/When bitcoin mining becomes unprofitable, this is what will happen. Sure, it's not a single centralized server, but if the incentive goes away, all those servers will go away at once.

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Re:Towards the Science of Essential Decentralised Infrastruc... by mikeiz404 on Sunday April 11, 2021 @02:17AM (#26767879)

I’d guess that over the long run this wouldn’t happen as long as their is still some faith in the value of the coin.

I could see this happening temporarily if the price of Bitcoin were to significantly drop for a sustained period of time I’d wager there would be a lag period between what people think the coin is worth and what the market values its worth at leading to an unwillingness to transact / mine for a period of time. Once people’s perception of the coin’s value and the market value realign I imagine transactions would start flowing again.

(I’m curious of what others think of this.)

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Re:Towards the Science of Essential Decentralised Infrastruc... by opinologo on Saturday April 10, 2021 @11:13PM (#26767212)

Transaction fees keep mining running. Exchanges or other actors might add hashing power as well. There are so many incentives to keep transactions going..

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Re:Towards the Science of Essential Decentralised Infrastruc... by hossbeast on Sunday April 11, 2021 @12:25AM (#26767473)

Each miner that leaves means more rewards for those that stay. It's a self sustaining equilibrium.

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