/biz/ - Business & Finance

>>19412444
I don’t have enough dough for a single bitcoin tho. I’ll just stick to stocks I guess :(

This is the current bitcoin chart. Notice how similar it is? Even the volume follows the same pattern. How can anyone think we are not going to new ATH next year. It is so obvious that no one believes it will happen and that is exactly why it will.

doesn't even look remotely the same. That had a much healthier correction from the top, and a smooth non volatile ascent from the bottom. The bitcoin chart now looks like a half paralyzed animal going through its death throes

>>19412483
Look at them anon. They are exactly the same.
>>19412444
>>19412468

You are all so retarded, if you are not accumulating as much bitcoin as you can over the next six months you will never make it. Once bitcoin takes off next year take chunks of it and put it into promising shitcoins and you will make it.

Yes of course my thread gets slid in favor of all the shitcoin threads.
THE SHITCOINS ARE A REDHERRING THEY DON'T WANT YOU TO BUY THEIR BAGS BEFORE THE KING GOES BACK TO 90% DOMINANCE AND FUCKING MOONS.

>>19412675
I’m with you anon, now be quiet so I can keep filling my bags.

>>19412444
We agree on the 100k. I just don’t see it happening till 2023. Either way man

>>19412964
I think it’ll be late December of this year that the bull run starts, and it should at least come close to 100k buy the end of Q1 2021, and then dump back to 20k in Q2 or Q3.

>>19412462
>I don't have enough dough for crypto
>I'll stick to stocks

>>19412468
60-80k by the end of this year.
280-320k by the end of next year.

>>19412675
Yes, yes, we already know. The shitcoin pajeets outnumber us though.

It's gonna dump hard soon

>>19412444
As long as leverage trading and OTC buy exist, BTC will be tamed below 10k. Screencap this.

100k is too much. Next top is 60k maximum. Altcoins will grow with it though, maybe not as brainlessly as the last time where everything did 10x minimum, but the few that can get along will have nice gains.

Listen OP, and listen good.
What happened with bitcoin in 2017 was a singularity, the hype was high, and normies got on board, they all got burned and bitcoin now has the reputation of being unstable.
Try talking about bitcoin to your boomer colleagues, or a girl you date, they'll all tell you they don't trust it.
Bitcoin reached 17k because your grandma and my grandma were buying it, that was the normies getting on board that made the price moon.
after the massive dump, our grandmas will never touch bitcoin again.

You need to understand that. Normies will never touch bitcoin again, actually, many of those who bought at ATH are still holding their bags and are desperate to sell them as soon as it starts to reach the 12-13k mark.

On top of that, the value that bitcoin provided is less and less relevant, it even is becoming replaced as a currency on the deep web by Monero, the only reason it retains such a high value today is because it is the face of crypto, that's the only value it has, period.

Now many people will call me retarded, they all hold bags, and deep down, they all know I'm 100% right

>>19412950
>>19413034
Thank you frens, been losing my mind with the shitcoin posts. This is what happens when bitcoin takes a 3 year break.

>>19413059
imagine thinking retail normies have anything to do with price

>>19413059
The cycle will repeat. This is exactly what was being said when I got into crypto in early 2017. I was called crazy for buying btc when it was at ATH but it kept going and going and it will happen again.
The effects of the halving will set in, just needs time. We are in 2016 right now.

>>19413173
Based.

>>19412468
based anon.
Right now greyscale.. ONE ENTITY is buying 150% of the amount of new bitcoin. The only reason we havent mooned right now is the selling pressure from miners who are quitting, which we can see via hash rate drop.
Once the miners have finished selling off this thing is off to the races.

>>19413446
I have not heard this but I believe it.
Don't fall for the miner capitulation fud, the difficulty will adjust and they will come back.

>>19412444
>>19412468
Yes it's following the same pattern but the cycle get's longer tough with all this brrrr it's hard to know , proably the peak will be 2022 and 250k.

100k was the target but with the world monetary bases triplicating in just a year it's now hard to predict since the bullrun will happen together with the inflation that we seen in 2009-2010-2011 after the qe programs but this time on steroids.

>>19412468
Looks the same but a little less steep it’s like the bull and bear markets are getting longer together ?

>>19413446
The miners are not capitulating it's just that btc is no longer a meme now , due to high use and demand this halving is affecting difficulty harder.

Previous one the supply decreased 50% in one day , this time it's taking weeks due to the fees block rewards went from 12 to 9 , to 8, to 7 and we are barely reach 6 now.

The fee market made this halving effect to be a little softer on miners but in two weeks the hashrate will reach it's base and start to go up again.

>>19413059
Bitcoin inflation is now lower than fiat.

>>19413042
The supply keeps going on and fiat supply going up as it's happening leverage trading and otc shorters put the price down and then we see massive 15% days up.

They have been able to do this shit since 2018 and it's still following the halving pattern , all it means is that they will keep the price to it's base which with lower inflation than fiat is irrelevant since they will make btc more stable than the usd doing this shit.

>>19413513
Yes the cycles may be getting longer (hockey stick curve), I have seen a lot of longterm TA saying 2022 will be the year, it might be sooner or later.

>>19412444
There's no reasons for BTC to go up, quite the opposite. And the difficulty argument is a joke, price goes down and difficulty follows.

>>19413572
Later. Maybe 2025

>>19413577
Difficulty is attached to hash rate not price.
Halving makes price go up, it really is that simple.

>>19412444
checked

i remember telling people in 2016 it would reach new ATHs and got laughed at
the same thing is happening again and its poetic

>>19413686
Hashrate is attatched to price though. Noone will mine if btc is worthless and the hashrate is skyhigh. Supply and demand determins hashrate which also determines price.

>>19413720
That's not actually true though. The price can go up while the hashrate drops.
They are correlated but not connected.

>>19413686
>Halving makes price go up, it really is that simple.
No it doesn't. Tether does. Can't wait for the criminals to be taken down.
Supply is fixed at 21m, so halvings don't matter. The block reward was put in place as a subsidy to help kickstart the network. When it reaches zero, there's no more incentives for miners. Hence, BTC is dead man walking and will most likely die way before all coins are released.

>>19412462
>I’ll just stick to stocks I guess :(
Anon you may want to reflect on your life.

>>19412964
Shut the fuck up DataDash. You’re such a fucking bear it’s nauseating. 2023? What world dude? BTC could hit 100K on a whim easily over the course of a weekend.

>>19413762
I am trying to be polite to brainlets but this is a really dumb thing you said.

>>19412444
can OP explain why 100k?
I don't see it -- show me the explanation at least.

>>19413744
Hash rate is a lagging indicator on price. The hashrate can be irrationaly high or low but it follows price and us based on human psychology the same way that price is.

>>19412462
well considering it’s going to 1m it’s probably good poorfags are priced out. otherwise what would be the point if making it? also
>what are fractions

>>19413112
but SIR don’t you want to buy my RTX DMR EGY UGB OGH AST WTX LIU BIA GCI SIC ALF WJD FUA SNF AJF SHA FJA DHA FIF coins?????????????

>>19413762
>When it reaches zero, there's no more incentives for miners.
>what are transaction fees?

>>19414055
>what are transaction fees?
you mean the thing that makes up 15-30% of miner rewards already? no idea...

>>19414055
There won't be transactions if it hits zero. This is why btc will never hit zero because there will always be transactions as long as it provides value.

>>19414108
i think they were talking about the block subsidy which will hit 0 in a century or so.

For what it's worth, I recently learned that starting 2Q 2019, my mom's financial advisor started adding BTC to her portfolio. While looking at the statement, her holdings are in the low 5 figures. And she is probably the most risk-averse person I've ever met. While she only currently holds BTC, her guy also "recommended looking into Ethereum."

TLDR; Boomer money has officially started entering crypto.

>>19413059
>bitcoin now has the reputation of being unstable.
only ones who parrot that are bcash and bcash vishnu holders.

>>19412462
>Not willing to murder, rape, and steal so that you can buy as many bitcoins as you like.

Never gonna make it, you pathetic bitch. Now get the fuck out of my board.

>>19414102
fees will keep getting increasingly higher, which will make miners keep mining

>>19412444
If only you knew what was coming

>>19412444
brah if stocks tank which i think we're close b/c every short and put holders have capitulated, we're going to see 1000 dollar btc again before ripping up to hit 60k in the next boom cycle

>>19414218
He was just one of those bcash maximalists.

>>19412444
Except it's going to do the opposite and die. Bitcoin is old and slow and useless garbage technology

>>19413787
Based hahaha, I really don't see why the expanding cycles idea holds ground. The supply shock to BTC after a halving takes a few months before it starts to really push prices upwards not years.

>>19414237
Big Dogg never spoke about a bcash

>>19414255
All ships rise in high tide. If the crypto market rises so will btc. It will bleed market dominance but it won't die.

>>19412502
you're a moron

>>19414229
We are no doubt going lower, however 1k is a bit extreme

>>19414284
BTC is dying. Halving has come and gone. People expect a rise. It will crash. And the entire market will crash with it.

>>19414302
It should be 5k MAYBE. Prob 7k OR theta gang it all the way through 2020 between 8-10k which I think is most likely.

>>19412444
yep

The big crash happened BTW it lost 60% in a few hours. Where were you?

>>19414291
Nice argument.

>>19414284
It's only been gaining dominance.

>>19414257
This is why I can no longer watch DataDash. I think he’s being paid to push a certain narrative. He is about as kosher as they come now. And with 300K+ subs his videos get a measly couple thousand views. He’s a sham.

*ahem*
CME gap

Good thread OP, very bullish

>>19413802
Why has the hash rate plummeted 50% while the price has gone up 100%?

>>19413446
And below the surface, new miners are slowly entering in. I would bet large on Iran gaining 10% of hash rate by this time next year.

>>19412444
In 2013, before it started the pump to $1000 I saw BTC at $100 and was crushed
>fuck I can't believe I missed that
this was because I mined for a bit in 2009 but decided it wasn't worth it and gave up. deleted everything.
a few weeks later I saw it spike from $100 t0 $1000
>fuck I can't believe I missed this
was pretty sure lightning doesn't strike more than twice and though for sure it was over.....
imagine my feel in 2017.

>>19413523
Can't tell if actually a retard or just larping as one

>>19413011
>11
checked
have bags loaded by november

>>19412444
>tfw bought the chad dip in jan '15

>>19414165
what you gonn make money raping someone?
How you gonna make money murdering someone?
How and where you gonna steal so you can have money to buy bitcoin?
IT's so easy to talk, but to do is always the opposite.

>>19414462
How does this impact Link ?
I am all in Link but it's impossible to predict its price for a specific time.
However BTC's chart looks nice with a high probability of high returns on a 2 year time frame.

>>19412462
Gee I can't afford a whole Bitcoin so instead of taking my thousand bucks and making a 10x, I'll invest in stocks and turn it into a 1.15x!!!

>>19413173
Based oldfag

>>19412444
>the normies will buy again

>>19413798
search "bitcoin log chart" online (not images). Go to "bitcoin charts". Change time to "All Time," change graph type to "Log." We are in the third phase of a repeating cycle. I'm riding on the backs of whales and analysts right now. I hope they're all right, it seems to add up. :)

>>19414148

sounds like a good time to dump bags on them and find something else

>>19415949
Link is a good long hold. But you need to diversify a bit. My main tokens I hold at least 10k. All speculative alts at least 1k. You need to diversify but not to thinned out.

>>19414055
Basically, this gets me thinking, and I'm starting to remember what all the crypto analysts have been trying to get at. Basically, as more and more people get into bitcoin, they have more of an incentive to support it because they have invested that much money into it already. If you hold 5 BTC, which is now 50k USD, and you start hearing that mining rates are down, you basically have two options. Sell your bitcoin, or mine a bit and earn some rewards. But if bitcoin value keeps rising as it is now, I think those non-miners will opt to mine anyways, since the cycles of increasing value seem to repeat endlessly (or so that is what we are currently seeing). I think that even as people see the cycle happening, and your avg citizen can catch on to it, it seems by design Bitcoin was made to keep increasing in value nonetheless.

>>19412468
Time condense the current graph so bubble leaks line up and the current price lines up with July 2014 and see that we have another year of down before sideways for 3yrs before next boom cycle. BTC needs to be 3k-2.5k for a couple years before all the moonbois leave, only then will the next bubble start.

>>19416105
>again
Most people still think you can only buy one full bitcoin, or that it's a ponzi,, or don't understand what it is, or believe its only for criminals, or blindly follow the words of big banks and warren buffet who are all of the above.

>>19416261
Not in my opinion. Cycles are based off the halving that is all.

>>19416273
And everyone else is putting 30% of every paycheck into it.

>>19412444
>>19412468

Notice how our current chart has not made a higher high, and how it keeps making lower lows.... don't be stupid

>>19412444
holding bitcoin and not monero or some other instrument that has a use

>>19416359
It will happen, the current chart shows less time for the halving to have effect.
The old chart includes several months after the halving.

>>19414165
christ. imagine dating a woman older than 25 lmao. they all end up looking like this

>>19416364
>Being so new you don't know when to greentext

Should I tether my BTC? I own a little over 1. I’ve missed moving it to tether at 10k twice now and could’ve made decent profit both times.

>>19415021
Because it's a lagging indicator. Also the upcoming halving means miners only get half the rewards they normally would. Combine that with a doubled price means the reward amount will be the same when the halving arrives. Hashrates fall/go sideways at the bottom of a bear market because too many people are too far in the red to justify continuing to pay the high electricity costs to generate less value than they are spending. Many current miners are in the red and are betting on a higher btc price in the future.

>>19412462
>Doesnt understand fractional investing

It is a thing you will not make.

>>19416390
>they all end up looking like this

not really 80% end up much fattier and uglier

>>19416398
just put anon in a blender

>>19416610
My gf looks worse than that in terms of physique and she wears TONS of makeup. She’s great but I can’t get her to lose weight or stop wearing a mask.

>>19416382
>>19416382

It takes longer for each the bullrun/parabolic move to start after each halving because the reward supply cut has less impact on sell side pressure. We are definitely looking at 100K in 12 to 18 months.

>>19414462
The main use case of BTC is not as a currency or the 'store of value' meme most of the community thinks it is. BTC is primarily used to gamble on shitcoins whose only trading pair right now is BTC or BTC/ETH. In a bear market people sell their alts for BTC and then to fiat. At the end of a bear market as new invstors start to pour in they buy BTC and then altcoins. At the top of a bull market new investors want a quick short term swing to quickly make money and they know BTC won't provide it so they rush into alts primarily thus contributing to an alt rush. The market dominance will trail down slowely from now on and then suddenly spike down when the next alt rush comes.

>>19416648
Thats the exact fucking thing I have been saying....

>>19414312
Ok so you can stay out. I'll buy more.

>>19416655
bull market does not start until we break ath. Bitcoin will gain dominance until then.

So you guys still haven't figured out that BTC has become coupled to the stock market?

>>19414312
I feel like the train's kinda unstoppable rn. Every doubt I come up with for BTC's future gets filled in by some detail I remember. BTC is made to last for a long while, bro

>>19416696

Its seems to be true for sure. I didn't read the thread I just posted so if you said it here kudos. I do think BTC dominance is going to be much lower though this run as it will be actual real world use/utility based instead of the ETH use case speculation boom. I might be biased but I think LINK will lead the market as decentralized oracles and external data on-chain is basically needed by everything single other project right now for them to operate their respective use cases/services.

>>19416707
That's not what happened last time. Btc slowely lost dominance as it rose until eth xrp xmr and a ton of other alts stole the show in march 2017. The BTC market dominance is already at a major resistance point. It's going sideways and trending down.to stay below the resistence.

>>19416780
you cool fren sorro i got angri

>>19416825

>>19416780
That is exactly what will happen. The next major project to look for once chainlink is done making the biz jews millionaires is a project that will utilize chainlink oracles on the blockchain. The next cycle will take forever though.

>>19416871

Besides various DeFi projects that will probably pump hard, I've been looking into decentralized cloud storage. Once there is a large amount on data actually on-chain its the next 1000x+ after LINK

>>19416897
I have a feeling that most of the biggest crypto companies in 20-30 years don't even exist yet. Chainlink will be one of them.

>>19413059
This anon speaks the truth. BTC hodlers seething

>>19417092

Interesting graphic, do you have a source? I think your assessment is correct, one of the biggest household names/brands probably hasn't been created yet.

>>19416588
>>19416072
Back in the day, I wanted to invest in BTC, but I didn't want to spend $150 on one so I didn't buy

>still shilling a shitcoin which had a planned pump induced by normie fomo , whale manipulation and leverage bots


logarithmic charts and TA will give you all the hopium you need from historical data untill it fucks you in your sorry ass and gives you a new reality , retard.
Alawys fucking remember , 1k,20k is not the fucking same as 100k

i have 2 full coins. should i keep stacking or get into alts now? im thinking eth link and knc and maybe theta if i can get it on a us exchange later

>>19413059
No one trusted it before 2017 either and they will fomo back in when the news is reporting on a bull run.

If they want to sell their 2017 bags at the 12-13k mark then why didn't they do so last year when it surpassed that?

So I've been chatting with an Indian person on telegram that I met in a crypto group. Long story short she says she's a poor student and would like a few bucks to invest with. She would invest in any project I tell her to invest in. Am I being scammed here?

>>19413059
You underestimate the retardedness of the normie. They will 100% buy back in on the next moon mission and sell after the crash again.

t. 0.5 btc holder and 90k stockholder

>>19412462
I haven't owned more than single BTC since ESH was over $2, and before that, it was when BTC was $400. A lot of crypto investors have less than 1 BTC and then a bunch of alt-coins. If it makes you feel better seeing whole numbers, buy ETH or some other top 15 Coinmarketcap coins. It's worth throwing a little bit of money into Ghost incase mainnet pumps.But you would have to know how to use Metamask and Uniswap for that most likely.

>>19414218
>big dogg
>crypto daddy
>chico crypto

All these retarded names are sure to be avoided.

>>19413513
Correct.

>>19412444
Here is why I think it won't won't:
Bubbles don't happen TWICE. Normies don't
make the same mistake TWICE.
That is like hoping for resurgence of dot-com boom or real estate boom or Beanie baby boom. These things happen once, people get burned and don't make the same mistake again in the same generation.

>>19416321
>everyone
>paycheck
No paycheck here in over ten years, but yeah people bought some bags with their wealth in the past 2 years.

>>19413059
As someone that frequently buys over the internet, I see BTC, BTCH, LTC, XRM all being used, but BTC is by far the most common. I never see ETH used, even though that would probably be the fastest. I wouldn't be surprised if Ghost starts replacing BTCH and LTC as far as usage goes, honestly. And maybe eventually XMR.

>>19418954
retard

>>19412444
btc will dump below 6K til 3rd of june

>On the Instability of Bitcoin Without the Block Reward
https://www.cs.princeton.edu/~arvindn/publications/mining_CCS.pdf
The most in-depth paper written on bitcoin EVER
Princeton university

>Beyond the doomsday
economics of “proof-of work” in cryptocurrencies
Monetary and Economic Department
https://www.bis.org/publ/work765.pdf

"Second, the transaction market cannot generate an adequate level of
“mining” income via fees as users free-ride on the fees of other transactions in a block and in the
subsequent blockchain. Instead, newly minted bitcoins, known as block rewards, have made up the bulk
of mining income to date. Looking ahead, these two limitations imply that liquidity is set to fall dramatically
as these block rewards are phased out. Simple calculations suggest that once block rewards are zero, it
could take months before a Bitcoin payment is final, unless new technologies are deployed to speed up
payment finality. Second-layer solutions such as the Lightning Network might help, but the only
fundamental remedy would be to depart from proof-of-work, which would probably require some form
of social coordination or institutionalisation."

>>19413059
You don't understand human psychology. As soon as we break past ATH EVERY single normie who got burnt will go "Shit, I guess I SHOULD have just held". Then it'll hit 30k...40k...it'll be all over the news, every major crypto shill and news outlet will run Bitcoin to 100 000? headlines and the fomo will be astronomical. Human greed is limitless, its how casinos can advertise the fact the house always wins but fuckers will still go in there and play because they want money and they want it in the easiest way possible. And most of all, normies are stupid, gullible, late to the train because they're only brave enough to jump on once they see its going somewhere. There is one more enormous pump and dump left in the crypto space before it goes belly up, and its coming

bitcoin is fundamentally flawed u retard. It will never go above 25k, never. It have no chance to wotk at a high level without block rewards. Read some research papers on it u fucking useless low iq retard

Bitcoin is fundamentally flawed so it will never be above 25k. It cannot function withoout block rewards and the crypto community is retarded

the only bearish thong is the scaling atm. in 2017,as bitcoin blocks were full, the price of btc started tanking hard. what happens if we come to this point again? will it tank again? lightning is not the answer because you need onchain tx to open lightning nodes and also to link them

>>19413059
true but
>21 million

>>19413059
>your grandma and my grandma were buying it
Wrong, under 1% of the entire world's population has bought any crypto and the ones who have bought a significant amount is much, much lower.
True normies didn't get in 2017 and might not get in this time either.

>>19413129
of course they do u moron. We need normiies again to reach ath. Its only neet, moonbois and whales buying now. Yes, a handful of hedge fund guys might be buying just to be part of the fun, but 99,9 % of big institutional money is NOT buying bitcoin. The whales can only pump it for so high until they start losing money. They are not gonna pump it to 20k, if they dont think there are enough buyers at the price. The marked value bitcoin less than 10k, and bitcoin has no tricks up its sleeve to change that dramatically. You low iq faggots are really something else.

greetings from a 130 iq anon.

“Impact on Bitcoin security. If any of the deviant mining strategies we explore were to be deployed, the impact on Bitcoin’s security would be serious. At best, the block chain will have a significant fraction of stale or orphaned blocks due to constant forks, making 51% attacks much easier and increasing the transaction confirmation time. At worst, consensus will break down due to block withholding or increasingly aggressive undercutting. This suggests a fundamental rethinking of the role of block rewards in cryptocurrency design. Nakamoto appears to have viewed the block reward as a necessary but temporary evil to achieve an initial allocation of bitcoins in the absence of a central authority, with the transaction fee regime being the ideal, inflation-free steady state of the system. But our work shows that incentivizing compliant miner behavior in the transaction fee regime is a significantly more daunting task than in the block reward regime.”

>>19412444
it can't be that simple

There is an even deeper problem with proof-of-work, one that is much harder to mitigate than the concentration of mining power: a misalignment of incentives between miners and stakeholders. Indeed, in the long run, the total mining revenues will be the sum of the all transaction fees paid to the miners. Since miners compete to produce hashes, (5) It is possible that a new technology will supplant ASICs who themselves replaced FPGA boards. However, the pace of this type of innovation is nowhere fast enough to prevent miners from forming dominating positions for long period of times; and such innovation would benefit but a new (or the same) small clique of people who initially possess the new technology or eventually amass the capital to repeat the same pattern. (6) the amount of money spent on mining will be slightly smaller than the revenues. In turn, the amount spent on transactions depends on the supply and demand for transactions. The supply of transactions on the blockchain is determined by the block size and is fixed. Unfortunately, there is reason to expect that the demand for transactions will fall to very low levels.

"As security researcher Dan Kaminsky explains, Bitcoin looks like a security nightmare on paper. A C++ code base with a custom binary protocol powers nodes connected to the Internet while holding e-cash, sounds like a recipe for disaster. C++ programs are often riddled with memory corruption bugs. When they are connecting to the Internet, this creates vulnerabilities exploitable by remote attackers. E-cash gives an immediate payoff to any attacker clever enough to discover and exploit such a vulnerability. Fortunately, Bitcoin’s implementation has proven very resilient to attacks thus far, with some exceptions. In August 2010, a bug where the sum of two outputs overflowed to a negative number allowed attackers to create two outputs of 92233720368.54 coins from an input of 0.50 coins. More recently, massive vulnerabilities such as the heartbleed bug have been discovered in the OpenSSL libraries. These vulnerabilities have one thing in common, they happened because languages like C and C++ do not perform any checks on the operations they perform. For the sake of efficiency, they may access random parts of the memory, add integers larger than natively supported, etc. While these vulnerabilities have spared Bitcoin, they do no not bode well for the security of the system."

>>19413034
You do know that ARPA will out gain though? I have like 15% of my portfolio in it and almost all the rest in BTC ETH and some TRB

This is called being smart money.

>>19412444
it will be worth 0, because it's a retarded ponzi with an outdated tech backed by nothing and just powered by brainlets' greed.

We have argued that deviant mining strategies in a transactionfee regime could hurt the stability of Bitcoin mining and harm the ecosystem. In a block chain with constant forks caused by undercutting, an attacker’s effective hash power is magnified because he will always mine to extend his own blocks whereas other miners are not unified. This would make a “51%” attack possible with much less than 51% of the hash power. Many other unanticipated side-effects may arise. In the block size debate, it is frequently argued or assumed that space in the block chain will be a scarce resource and a market will emerge, with users being able to speed up the confirmation of a transaction by paying a sufficiently large transaction fee. But if miners intentionally “leave money on the table” when solving blocks, as is the case in undercutting attacks, it breaks this assumption. That is because undercutting miners are not looking to maximize the transaction fee that they can claim, and don’t have a strong reason to prioritize a transaction with a high fee.9 Put another way, the block size imposes a constraint on the total size of transactions in a block and the threat of being undercut imposes another constraint on the total fee. The two interact in complex ways. We believe that qualitatively our results will continue to hold in a world where the available block size is much smaller than the demand, but quantitatively the impact of undercutting will be mitigated (see end of Section 3.1). Still, it is an important direction for future research to understand this connection more rigorously. Despite the variety of our results, we believe we have only scratched the surface of what can go wrong in a transactionfee regime. To wit: we have not presented an analysis of miners whose strategy space includes both undercutting and selfish mining, primarily due to the complexity of the resulting models.

Na mate