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Eric Lombrozo
@
eric_lombrozo
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Co-CEO & CTO Ciphrex Corp. @Ciphrex, Bitcoin contributor, Cryptophilosopher, Freethinker, Discordian priest
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8.111
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549
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59.053
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Eric Lombrozo
@eric_lombrozo
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1 h |
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The higher Bitcoin's price, the higher the stakes in attacking it; but also the higher the opportunity costs in doing so.
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Eric Lombrozo
@eric_lombrozo
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1 h |
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Incentives don't just align by magic. The system's design as well as how well people understand what they need to understand in order to make good decisions play a huge role.
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Eric Lombrozo
@eric_lombrozo
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2 h |
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Specifically, the ability to protect your holdings from censorship, confiscation, inflation, and counterfeiters depends on decentralization.
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Eric Lombrozo
@eric_lombrozo
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2 h |
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Decentralized pools suffer from latency and coordination costs. Centralized pools benefit from economies of scale. And trying to prevent pools at the protocol level encourages physical pooling.
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Eric Lombrozo
@eric_lombrozo
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3 h |
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The incentive model must be first and foremost about human needs and interests. Not everyone has lost sight of this, although it is easy to get lost in the weeds.
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Eric Lombrozo
@eric_lombrozo
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3 h |
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Decentralization is critical for overcoming legal tender laws. But it is ultimately a means to an end, not the end in itself.
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Eric Lombrozo
@eric_lombrozo
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3 h |
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*Thier's law
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Eric Lombrozo
@eric_lombrozo
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3 h |
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I think they are orthogonal. My understanding, maximalism has more to do with Thiel's law than the specifics of the technology used to move money.
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Eric Lombrozo
@eric_lombrozo
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3 h |
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The important thing isn't whether you are centralized or decentralized. Different situations call for different degrees of centralization.
The important thing is whether the incentives align, remain balanced, and encourage cooperation.
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Eric Lombrozo
@eric_lombrozo
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5 h |
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Cryptocurrency purists, noncryptocurrency blockchain projects are not your competitors.
Noncryptocurrency blockchain folks, stop trying to pretend you are a cryptocurrency.
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Eric Lombrozo
@eric_lombrozo
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7 h |
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Perhaps. BTW, it should be noted most users never participated in this controversy yet were able to continue to use the network with no disruption. This is an important part of why I supported it.
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Eric Lombrozo
@eric_lombrozo
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9 h |
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Sure, Bitcoin remains expensive to attack, but I've seen a huge chunk of hashpower represented on one stage before.
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Eric Lombrozo
@eric_lombrozo
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9 h |
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There already exist pools with sufficient hashpower to attack weaker chains. This isn't merely hypothetical.
twitter.com/BMBernstein/st…
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Eric Lombrozo
@eric_lombrozo
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10 h |
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In this context, "they" consistently refers to miners mounting an attack except for in the original post where once it refers to harsh measures. How could I improve my pronoun usage?
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Eric Lombrozo
@eric_lombrozo
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10 h |
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Practically all the major ones have suffered a few failures, not all of them fatal, though. Many smaller ones have been seriously attacked
Examples:
Bitcoin suffered the March 2013 fork.
Ethereum suffered the DAO hack and subsequent chain split.
Monero suffered ASIC attacks.
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Eric Lombrozo
@eric_lombrozo
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10 h |
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The assumption with a 51% attack is that they control enough hashpower to make the chain they select the one with the most work.
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Eric Lombrozo
@eric_lombrozo
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10 h |
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As soon as you politicize this process, you begin to destroy it. The software project itself should remain as apolitical as possible. This does not mean individual contributors cannot be politically active of their own volition.
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Eric Lombrozo
@eric_lombrozo
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10 h |
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Even worse would be if it went right. Then the Bitcoin Core developers would become targets of attacks.
Their job is to implement the rules of Bitcoin as generally understood, not to arbitrarily change them.
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Eric Lombrozo
@eric_lombrozo
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10 h |
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If miners switch to an incompatible set of rules, the nodes will simply reject their blocks and refuse to accept the coins they mine.
There might be a temporary slowdown of the network until the difficulty readjusts. But the opportunity costs for miners are severe.
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Eric Lombrozo
@eric_lombrozo
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10 h |
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This is one of the major benefits of being backwards-compatible.
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