ChrisMartl on Nostr: That would not have a significant effect; at least, non-mining-entities stop running ...
That would not have a significant effect; at least, non-mining-entities stop running a node. And if this were the case, then the Bitcoin system would experience a value reduction due to from that diminished decentralization characteristic. Attempting to concentrate mining, verification and storage resources by mining-entities would harm themselves in the medium, long run. But it is an educated guess to assume that mining entities are more interested in the short term benefits; so that is a probable Nash equilibrium outcome.
Published at
2023-10-02 12:08:15Event JSON
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"content": "That would not have a significant effect; at least, non-mining-entities stop running a node. And if this were the case, then the Bitcoin system would experience a value reduction due to from that diminished decentralization characteristic. Attempting to concentrate mining, verification and storage resources by mining-entities would harm themselves in the medium, long run. But it is an educated guess to assume that mining entities are more interested in the short term benefits; so that is a probable Nash equilibrium outcome.",
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