> Mining infrastructure follows price. If bitcoins were still trading at 1
USD per coin, nobody will build mining infrastructure to the same level as
today, with 5000 USD per coin.
In the case of bitcoin, it is the price that follows mining
infrastructures. The price is at 5000 because it is difficult to mine
bitcoin not the other way around, like you mention it. Even with a fixed
demand, price would go up as difficulty grow, the supply guide the market.
There is a strong incentive to mine blindly as it is difficult to estimate
for a miner where is the actual demand, with a start up currency without
actual economic support. Indeed at the genesis of this "mining-price" cycle
the incentive was to contribute to a network and create ones own supply,
and not respond to a demand.
Ilansky
Le 13 oct. 2017 13:55, a
écrit :
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> Today's Topics:
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>1. Re: New difficulty algorithm part 2 (ZmnSCPxj)
>2. Re: New difficulty algorithm part 2 (Scott Roberts)
>
>
> --
>
> Message: 1
> Date: Fri, 13 Oct 2017 00:45:33 -0400
> From: ZmnSCPxj
> To: Scott Roberts
> Cc: "bitcoin-dev@lists.linuxfoundation.org"
>
> Subject: Re: [bitcoin-dev] New difficulty algorithm part 2
> Message-ID:
> rkbdukpk9eyoPx1ReOZSUsNrcowRU9gL5UbKtblkQn2SUo06BHE=@protonmail.com>
>
> Content-Type: text/plain; charset="utf-8"
>
> Good morning,
>
> >ZmnSCPxj wrote:
> >> Thus even if the unwanted chain provides 2 tokens as fee per block,
> >> whereas the wanted chain provides 1 token as fee per block, if the
> >> unwanted chain tokens are valued at 1/4 the wanted chain tokens, miners
> >> will still prefer the wanted chain regardless.
> >
> >This is a good point I was not thinking about, but your math assumes
> >1/2 price for a coin that can do 2x more transactions. Holders like
> >Roger Ver have an interest in low price and more transactions. A coin
> >with 2x more transactions, 22% lower price, and 22% lower fees per
> >coin transferred will attract more merchants, customers, and miners
> >(they get 50% more total fees) and this will in turn attract more
> >hodlers and devs. This assumes it outweighs hodler security concerns.
> >Merchants and customers, to the extent they are not long term hodlers,
> >are not interested in price as much as stability, so they are somewhat
> >at odds with hodlers.
>
> As of this moment, BT1 / BT2 price ratio in BitFinex is slightly higher
> than 7 : 1. Twice the transaction rate cannot overcome this price ratio
> difference. Even if you were to claim that the BitFinex data is off by a
> factor of 3, twice the transaction rate still cannot overcome the price
> ratio difference. Do you have stronger data than what is available on
> BitFinex? If not, your assumptions are incorrect and all conclusions
> suspect.
>
> >Bitcoin consensus truth is based on "might is right". Buyers and
> >sellers of goods and services ("users") can shift some might to miners
> >via fees, to the chagrin of hodlers who have more interest in security
> >and price increases. Some hodlers think meeting user needs is the
> >source of long term value. Others think mining infrastructure is.
>
> Mining infrastructure follows price. If bitcoins were still trading at 1
> USD per coin, nobody will build mining infrastructure to the same level as
> today, with 5000 USD per coin.
>
> Price will follow user needs, i.e. demand.
>
> >You
> >seem to require hodlers to correctly identify and rely solely on good
> >developers.
>
> For the very specific case of 2X, it is very easy to make this
> identification. Even without understanding the work being done, one can
> reasonably say that it is far more likely that a loose group of 100 or more
> developers will contain a few good or excellent developers, than a group of
> a few developers containing a similar number of good or excellent
> developers.
>
> User needs will get met only on the chain that good developers work on.
> Bitcoin today has too many limitations: viruses on Windows can steal all
> your money, fee estimates consistently overestimate, fees rise during
> spamming attacks, easy to lose psuedonymity, tiny UTXOs are infeasible to
> spend, cannot support dozens of thousands of transactions per second.
>