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Achim Warner
Achim Warner

47 Followers

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May 1, 2022

What can go wrong if demand for Bitcoin blockspace becomes taken up by non-Bitcoin uses?

Moar security = good, right? — The general heuristic is that anything adding demand for fees is good for security. This is true especially if a fee market doesn’t materialize in the next 15–20 years; todays fee rates are clearly not sustainable when the subsidy has dropped by a factor of 32, or 64, etc. But…

Bitcoin

3 min read

Bitcoin

3 min read


Mar 1, 2022

How bitcoin transactions can be censored

For this to work, you need to have 51% of miners that are “rational”. If there are 51% of miners that are not maximizing profits in the short term, the censorship I’m describing is unlikely to be sustainable. By “rational” I’m assuming that miners are not worried about how their…

Bitcoin

3 min read

How bitcoin transactions can be censored
How bitcoin transactions can be censored
Bitcoin

3 min read


Feb 1, 2022

The Bitcoin Security Trilemma and the security budget

Bitcoin Security Trilemma: In as much as an attacker can marshal sufficient hashrate, Bitcoin must be A) Exploitable B)Value-Destructible or C)Mutable. The proof is straightforward: First of all, let’s suppose that C) and B) both fail. If C) fails, Bitcoins rules are etched in stone, and nobody can change this…

Bitcoin Mining

4 min read

Bitcoin Mining

4 min read


Jan 5, 2022

Here’s how the miners will change the total supply

It will happen 2031/2032, when the halving is expected to change the block reward from 1.5625 to 0.78125 BTC / block. In 2030, the inflation of the total supply of Bitcoin will be about 0.4%, which is not a whole lot. Market dynamics surrounding the price will have changed: First…

Bitcoin

5 min read

Here’s how the miners will change the total supply
Here’s how the miners will change the total supply
Bitcoin

5 min read


Dec 10, 2021

Bitcoin’s Layer 0.51 : A quick proposal to reduce the hashrate

Abstract: At the outset of some predetermined time epoch, miners run a quick hashing competition to signal their interest in joining a decentralized cartel. After majority participation is signaled, miners will spend the next several months only mining on top of blocks by members of the cartel. …

Blockchain

2 min read

Blockchain

2 min read


Sep 10, 2021

Proposal to assert United States Control over the Bitcoin blockchain by 2037 /s

Brief Description Bitcoin was created in 2009 as a peer-to-peer payment network. To date, the network has never been disrupted. No powerful entity has been able to censor transactions or co-opt the network’s function in any way. Today, Bitcoin remains unstoppable. The desire for a global censorship-resistant deflationary currency is…

Bitcoin Mining

9 min read

Proposal to assert United States Control over the Bitcoin blockchain by 2037 /s
Proposal to assert United States Control over the Bitcoin blockchain by 2037 /s
Bitcoin Mining

9 min read


Aug 20, 2021

The Frog and the more rational Scorpion

A scorpion wants to cross a river but cannot swim, so it asks a frog to carry it across. The frog hesitates, afraid that the scorpion might sting. The scorpion replies that it could sting the frog at any time, but would not, as this would ruin any chances the…

Bitcoin Mining

1 min read

The Frog and the more rational Scorpion
The Frog and the more rational Scorpion
Bitcoin Mining

1 min read


Jul 1, 2021

Yes, “miners can form a cartel and choose to systematically exclude certain persons from this financial system.”

As Bitcoin creeps into the real economy, a little backwards induction shows why one would expect such security assurances to fail — Competition between miners is central to Bitcoin. For now. For some party to directly enforce their will on the network, they would need to acquire at least 51% of the hashrate. Right now, such a feat is nearly impossible. Obtaining this 51% level of hashrate is so difficult to do…

Bitcoin

6 min read

Yes, “miners can form a cartel and choose to systematically exclude certain persons from this…
Yes, “miners can form a cartel and choose to systematically exclude certain persons from this…
Bitcoin

6 min read


May 27, 2021

Actually, PoS is much less secure than PoW.

Bitcoin’s extremely clunky and inefficient security mechanism is robust against most threats. PoS is not. — When people discuss PoW or PoS and talk about incentives, throwing around terms like “Nash equilibrium”, they are usually referring to mechanisms internal to that specific blockchain. …

Proof Of Stake

3 min read

Actually, PoS is much less secure than PoW.
Actually, PoS is much less secure than PoW.
Proof Of Stake

3 min read


Apr 29, 2021

Some Progressive Concerns with Crypto

Is Crypto just another driver of inequality? — In short, cryptocurrency has the potential to consummate a marriage between two industries, finance and tech. Over the 10–20 years these industries have demonstrated little more than theatrical concern with morality, especially when profit is involved. …

Economic Inequality

13 min read

Some Progressive Concerns with Crypto
Some Progressive Concerns with Crypto
Economic Inequality

13 min read

Achim Warner

Achim Warner

47 Followers
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