📅 Original date posted:2014-10-28
📝 Original message:> > In november 2008 bitcoin was a much younger ecosystem,
>
> Or very old, indeed, if you are using unsigned arithmetic. [...]
>
:-) I meant 2012, of course, but loved your wit
> > and the halving happened during a quite stable positive price trend
>
> Hardly,
>
>
> http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2012-10-01zeg2012-12-01ztgSzm1g10zm2g25zv
indeed!
http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2012-08-01zeg2013-02-01ztgSzm1g10zm2g25zv
> There is a lot more complexity to the system than the subsidy schedule.
>
who said the contrary?
This thread is, in my opinion, a waste of time.
>
it might be, I have some free time right now...
many people have performed planning around the current
> behaviour. The current behaviour has also not shown itself to be
> problematic (and we've actually experienced its largest effect already
> without incident), and there are arguable benefits like encouraging
> investment in mining infrastructure.
>
I would love a proper rebuttal of a basic economic argument. If increased
competition will push mining revenues below 200% of operational costs, then
the halving will suddenly switch off many non profitable mining resources.
As of now the cost per block is probably already about 100USD, probably in
the 50-150USD.
Dismissed mining resources might even become cheaply available for
malevolent agents considering a 51% attack. Moreover the timing would be
perfect for the burst of any existing cloud hashing Ponzi scheme.
>From a strict economic point of view allowing the halving jump is looking
for trouble. To each his own.
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Ferdinando M. Ametrano [ARCHIVE] /
npub189…xhudz
2023-06-07 15:27:01
in reply to nevent1q…770w
Author Public Key
npub1898wx5qz8xkgqk06la9ukfzk2dfvv0ejmrnu7akzwzj66ekt6p4qdxhudzPublished at
2023-06-07 15:27:01Event JSON
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"content": "📅 Original date posted:2014-10-28\n📝 Original message:\u003e \u003e In november 2008 bitcoin was a much younger ecosystem,\n\u003e\n\u003e Or very old, indeed, if you are using unsigned arithmetic. [...]\n\u003e\n:-) I meant 2012, of course, but loved your wit\n\n\n\u003e \u003e and the halving happened during a quite stable positive price trend\n\u003e\n\u003e Hardly,\n\u003e\n\u003e\n\u003e http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2012-10-01zeg2012-12-01ztgSzm1g10zm2g25zv\n\n\nindeed!\nhttp://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2012-08-01zeg2013-02-01ztgSzm1g10zm2g25zv\n\n\n\u003e There is a lot more complexity to the system than the subsidy schedule.\n\u003e\nwho said the contrary?\n\nThis thread is, in my opinion, a waste of time.\n\u003e\nit might be, I have some free time right now...\n\nmany people have performed planning around the current\n\u003e behaviour. The current behaviour has also not shown itself to be\n\u003e problematic (and we've actually experienced its largest effect already\n\u003e without incident), and there are arguable benefits like encouraging\n\u003e investment in mining infrastructure.\n\u003e\n\nI would love a proper rebuttal of a basic economic argument. If increased\ncompetition will push mining revenues below 200% of operational costs, then\nthe halving will suddenly switch off many non profitable mining resources.\nAs of now the cost per block is probably already about 100USD, probably in\nthe 50-150USD.\nDismissed mining resources might even become cheaply available for\nmalevolent agents considering a 51% attack. Moreover the timing would be\nperfect for the burst of any existing cloud hashing Ponzi scheme.\n\u003eFrom a strict economic point of view allowing the halving jump is looking\nfor trouble. To each his own.\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20141028/c85c0aa9/attachment.html\u003e",
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