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/biz/ - Business & Finance

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15593745 No.15593745 [Reply] [Original]

>Bitcoin uses a PoW system and as such is susceptible to a potential Tragedy of Commons. The Tragedy of Commons refers to a future point in time when there will be fewer bitcoin miners available due to little to no block reward from mining. The only fees that will be earned will come from transaction fees which will also diminish over time as users opt to pay lower fees for their transactions. With fewer miners than required mining for coins, the network becomes more vulnerable to a 51% attack. A 51% attack is when a miner or mining pool controls 51% of the computational power of the network and creates fraudulent blocks of transactions for himself while invalidating the transactions of others in the network.

this sounds bad. does bitcoin have a long term future?

>> No.15593813
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15593813

>>15593745
bigger blocks

>> No.15593839

>>15593745
>. The Tragedy of Commons refers to a future point in time when there will be fewer bitcoin miners available due to little to no block reward from mining

this is complete wrong wtf he doesn't get TOC on a conceptual level

>> No.15594743

>>15593745
>Tragedy of Commons
That is BTC, not Bitcoin. Satoshi has already explained this:

>Bitcoin is an economic incentive system. The security of Bitcoin relies on a group of individuals investing money in building to create a secure system. It is not the tragedy of the commons which we have in the communist or socialist version of Bitcoin
https://craigwright.net/blog/bitcoin-blockchain-tech/decentralised-or-just-inefficient/