Post
Topic
Board Bitcoin Discussion
Re: if the number of transactions doesn't pick up by 8/16 miners will have to quit
by
Sweft
on 19/03/2014, 20:59:04 UTC
Sweft's Law:  The network hashrate of a proof of work cryptocurrency must rise at a rate at least equal to that of Moore's Law to provide minimal network security.
Moore's law is about the number of transistors on a processor. Processor speed is generally a byproduct, but hasn't kept up in percentage terms for quite a while now.

The security of Bitcoin's network is that it's always more profitable to play by the rules than to break them.

I don't know what you mean by it's more profitable to play by the rules than to break them.  Who is it more profitable for?  This generalization is vague and has hardly any evidence supporting it and even if it was sound it's reasonable to assume that people would sacrifice profit to destroy competition.  So the premise is irrelevant.

I'm confident that if the network doesn't double in hash once it matures every year aka grow in accordance to Moore's law, then the network will become insecure and miners will abandon it for other, more miner friendly, PoW currencies.