Hi Jaroslaw,
In the Prisoner's Dilemma the prisoners cannot communicate. In Bitcoin large
holders are able to communicate with each other. Also, prisoners need not make
an all or nothing decision in Bitcoin. Miners can join and leave the network
freely over time. You can change your decision based on the decision of others.
The Bitcoin design is such that security is volatile but the issuance of blocks
is timely and evened out to a 10 minutes average even after the reward is
exhausted.
The existing incentive that miners earn money for including transactions is
enough to motivate human nature. Transaction initiators have an incentive to
mine and run full nodes for personal interest.
>Noone will waste his renewable energy on unprofitable Antminer while he/she
>can sell this energy for the market price.
The law in most jurisdictions prevents the resale of spare electricity unless
an expensive license is obtained (and in most cases no license is available as
the government maintains a monopoly). Mining with waste electricity is reducing
losses. Another incentive to motivate human nature.
Bitcoin holders can be enfranchised into any new system. So, no need for bike
shedding the original design which is a Schelling Point.
Regards
Peter Kroll
pointbiz/ BTCCuracao
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