But the most important question about the dynamics of Bitcoin mining, which nobody has yet answered, is whether there is an equilibrium that can actually occur in which the Bitcoin economy can no longer function. This is the question that everyone would like to answer.
Indeed, the Cornell attack on Bitcoin mining claims to demonstrate that Bitcoin is not incentive compatible. This claim is demonstrably wrong. The burden of proof is on the original authors to rebut their (correct) detractors.
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The important part of this post is here:
But the most important question about the dynamics of Bitcoin mining, which nobody has yet answered, is whether there is an equilibrium that can actually occur in which the Bitcoin economy can no longer function. This is the question that everyone would like to answer.
Indeed, the Cornell attack on Bitcoin mining claims to demonstrate that Bitcoin is not incentive compatible. This claim is demonstrably wrong. The burden of proof is on the original authors to rebut their (correct) detractors.