📅 Original date posted:2014-10-28
📝 Original message:On Tue, Oct 28, 2014 at 10:34 PM, Neil <kyuupichan at gmail.com> wrote:
> Economically a halving is almost the same as a halving in price (as fees
> take up more of the pie, less so).
>
> Coincidentally the price has halved since early July to mid-October, and
> we've not even seen difficulty fall yet.
>
because mining profits are many times operational costs. This might change
because of competition, in that case halving in price will become
problematic.
It amazes me that basic economic considerations seems completely lost here,
especially when it comes to mining. We should have learned the lesson of
how a small error in the incentive structure has lead from "one CPU, one
vote" to an oligopoly which might easily become a monopoly in the near
future.
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Ferdinando M. Ametrano [ARCHIVE] /
npub189…xhudz
2023-06-07 17:27:01
in reply to nevent1q…eh05
Author Public Key
npub1898wx5qz8xkgqk06la9ukfzk2dfvv0ejmrnu7akzwzj66ekt6p4qdxhudzPublished at
2023-06-07 17:27:01Event JSON
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"content": "📅 Original date posted:2014-10-28\n📝 Original message:On Tue, Oct 28, 2014 at 10:34 PM, Neil \u003ckyuupichan at gmail.com\u003e wrote:\n\n\u003e Economically a halving is almost the same as a halving in price (as fees\n\u003e take up more of the pie, less so).\n\u003e\n\u003e Coincidentally the price has halved since early July to mid-October, and\n\u003e we've not even seen difficulty fall yet.\n\u003e\nbecause mining profits are many times operational costs. This might change\nbecause of competition, in that case halving in price will become\nproblematic.\n\nIt amazes me that basic economic considerations seems completely lost here,\nespecially when it comes to mining. We should have learned the lesson of\nhow a small error in the incentive structure has lead from \"one CPU, one\nvote\" to an oligopoly which might easily become a monopoly in the near\nfuture.\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20141028/236689cb/attachment.html\u003e",
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