Re:Three Arrows Capital co-founder Zhu arrested in Singapore...
by ogogmad on Friday September 29, 2023 @01:56PM
(#37707878)
It needs energy to be expended continuously in mining it, if it uses PoW. So it might end one day.
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Re:Three Arrows Capital co-founder Zhu arrested in Singapore...
by cesarb on Friday September 29, 2023 @02:25PM
(#37708244)
> So it might end one day.
Only if the mining stops abruptly. Otherwise, the automatic difficulty adjustment allows it to keep working even with a reduced energy expenditure. In the extreme, a single computer running in a museum could be enough to keep the blockchain working forever.
Re:Three Arrows Capital co-founder Zhu arrested in Singapore...
by ogogmad on Friday September 29, 2023 @02:36PM
(#37708406)
A single computer in a museum would be vulnerable to 51% attacks. It would also be too illiquid to recoup costs.
Re:Three Arrows Capital co-founder Zhu arrested in Singapore...
by grotorea on Friday September 29, 2023 @02:49PM
(#37708587)
But the 51% attack would cost more than the value of the Bitcoin you could get by doing it, which is presumably ~0 since the only node is a museum computer.
Re:Three Arrows Capital co-founder Zhu arrested in Singapore...
by Kiro on Friday September 29, 2023 @02:24PM
(#37708230)
The difficulty is adjusted automatically depending on how many miners there are, so it can go down.
Re:Three Arrows Capital co-founder Zhu arrested in Singapore...
by ogogmad on Friday September 29, 2023 @02:31PM
(#37708354)
That might be one of those things that works well in the short term but may also have severe tail risks.
I heard a similar story about an algorithmic stablecoin called Luna (I think). The analogue of difficulty adjustments there worked fine until one day it didn't.
Re:Three Arrows Capital co-founder Zhu arrested in Singapore...
by grotorea on Friday September 29, 2023 @02:36PM
(#37708400)
They can ultimately change the code if needed. Luna also tried that IIRC.
Re:Three Arrows Capital co-founder Zhu arrested in Singapore...
by kibwen on Friday September 29, 2023 @04:40PM
(#37709842)
Indeed, one can "change the code" to do anything... including things like increasing the bitcoin supply arbitrarily. Bitcoin's scarcity is a social construct that will be changed when the people who control the nodes want to change it.
Re:Three Arrows Capital co-founder Zhu arrested in Singapore...
by sebzim4500 on Friday September 29, 2023 @04:43PM
(#37709871)
Luna was a very different situation, it was nothing to do with difficulty adjustments.