billyjoeallen
Legendary
 Offline
Activity: 1106
Merit: 1007
Hide your women
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December 06, 2015, 05:19:25 PM |
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I'm watching the Scaling Bitcoin speakers and the infosec guys don't quite seem to grasp economics in the same way most people get econ wrong. They don't seem to understand that it is a specialized field as much as infosec is and requires base assumptions different than what is commonly understood.
Total mining reward = (blockreward+transactionfees)*exchange rate
The added benefit of marginally higher transaction fees is dwarfed by the other two factors in the equation. What this means is that The incentive to selfishly mine very large blocks is LOWER than the risk of those blocks being orphaned most of the time.
Large miners have more of an incentive to selfishly mine large blocks than small miners, nut--and here's where economics comes in--Miners AND investors don't just care about competition, we also care about POTENTIAL competitors enough to affect our behavior. A network that is at or nearing capacity can potentially lose market share to one that isn't. A miner selfishly mining big blocks runs the risk of competitors joining together to orphan those blocks as well as new big miners wanting in on all the easy money.
Cartels don't work in the free market in the long run because the greater the reward for anti-competitive behavior, the greater the incentive for individual cartel members to defect. This is why OPEC is selling oil for $40/BBL. It's why labor unions (labor cartels) are dying in the private sector and only growing in the public sector.
The only way cartels CAN work ultimately is for there to be some kind of artificial enforcement mechanism such as BIP100 or "intellectual property" law.
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"Your bitcoin is secured in a way that is physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter a majority of miners, no matter what." -- Greg Maxwell
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nicked
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December 06, 2015, 05:22:02 PM |
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 I seriously thought about selling yesterday. This is why I don't trade. |
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kurious
Legendary
Offline
Activity: 2590
Merit: 1643
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December 06, 2015, 05:39:18 PM |
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Why has no one posted a dino-chart lately?
Whatever happened to the MagicMexican guy.... I miss dinosaurs with great hats.
*sigh*
Nostalgia ain't what it used to be....
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ChartBuddy
Legendary
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Activity: 2156
Merit: 1745
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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December 06, 2015, 06:00:51 PM |
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Fatman3001
Legendary
Offline
Activity: 1526
Merit: 1013
Make Bitcoin glow with ENIAC
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December 06, 2015, 06:10:29 PM |
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The $300s bores me. Give me the $400s $500s $600s $1800s.
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peonminer
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December 06, 2015, 06:19:51 PM |
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Squeezing the shorters on the way past $400 be like 
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Torque
Legendary
Offline
Activity: 3542
Merit: 5039
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December 06, 2015, 06:39:31 PM |
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That supposed volume on Huobi is complete and utter bullshit. Look at all other exchanges in comparison.
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Fatman3001
Legendary
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Activity: 1526
Merit: 1013
Make Bitcoin glow with ENIAC
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December 06, 2015, 06:43:35 PM |
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Cup formed? Handle incoming?
-snip-
Wouldn't we have to get to $500 before we'll see a handle? |
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ChartBuddy
Legendary
Offline
Activity: 2156
Merit: 1745
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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December 06, 2015, 07:00:52 PM |
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peonminer
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December 06, 2015, 07:05:04 PM |
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Cup formed? Handle incoming?
-snip-
Wouldn't we have to get to $500 before we'll see a handle?   |
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noobtrader
Legendary
Offline
Activity: 1456
Merit: 1000
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December 06, 2015, 07:06:47 PM |
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Cup formed? Handle incoming?
-snip-
Wouldn't we have to get to $500 before we'll see a handle? You're late to the party seem legit.... if that so it mean 500 460 again soon  |
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Wilhelm
Legendary
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Activity: 1652
Merit: 1265
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December 06, 2015, 07:09:16 PM |
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500 will come soon but I believe most traders are cautious if a bubble gets formed and we go to $1k
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TaurusBit
Full Member
Offline
Activity: 183
Merit: 100
TaurusBit.com Administrator
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December 06, 2015, 07:10:17 PM |
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Cup formed? Handle incoming?
-snip-
Wouldn't we have to get to $500 before we'll see a handle? I'm not late to party.. 30% of my assets is in BTC since Jan.  |
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spooderman
Legendary
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Activity: 1638
Merit: 1022
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December 06, 2015, 07:23:51 PM |
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oh 400 you little cock tease
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jokerboy
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December 06, 2015, 07:25:26 PM |
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I believe we will see 500 very soon. May be tomorrow may be sooner than tomorrow  |
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Fatman3001
Legendary
Offline
Activity: 1526
Merit: 1013
Make Bitcoin glow with ENIAC
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December 06, 2015, 07:25:49 PM |
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oh 400 you little cock tease
ahhh there it is feels good |
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peonminer
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December 06, 2015, 07:27:31 PM
Last edit: December 06, 2015, 07:41:01 PM by peonminer |
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peonminer
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December 06, 2015, 07:45:21 PM |
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Almost enough support @$400.00 now. China is waking up slowly. 2H SAR indicator is about to flip to UP mode. GET READY! |
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Richy_T
Legendary
Offline
Activity: 2422
Merit: 2113
1RichyTrEwPYjZSeAYxeiFBNnKC9UjC5k
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December 06, 2015, 07:48:09 PM |
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Anyone else waiting patiently here? |
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Poll
