Post
Topic
Board Altcoin Discussion
Re: DECENTRALIZED crypto currency (including Bitcoin) is a delusion (any solutions?)
by
Come-from-Beyond
on 29/03/2016, 23:32:22 UTC
No. Because anyone who has greater than 33% of the hashrate must employ the Selfish Mining as their optimum strategy and everyone else must mine on the visible longest chains as theirs.

You say that "white" is "black". It doesn't make sense to continue after this point.


PS: Those who are interested in the subject can check

https://en.wikipedia.org/wiki/Nash_equilibrium#Informal_definition ("Informally, a set of strategies is a Nash equilibrium if no player can do better by unilaterally changing their strategy."),

https://www.cs.cornell.edu/~ie53/publications/btcProcFC.pdf ("We presented Selfish-Mine, a mining strategy that enables pools of colluding miners that adopt it to earn revenues in excess of their mining power.")

and https://bitcoin.org/bitcoin.pdf ("Nodes always consider the longest chain to be the correct one and will keep working on extending it.")

which clearly show that Bitcoin doesn't operate in a Nash equilibrium and still achieves consensus thus making TPTB's claim ("Thus there is no Nash equilibrium.") look out of place, because it shows/proves nothing.