The Dominoes Keep Falling part 3

A nation state will now be using Bitcoin for international trade. In another case of the Law of Unintended Consequences, punitive US sanctions on the Iranian banking system forced Iran to seek alternative methods to conduct trade and are expediting hyperbitcoinization.… Read more

Bitcoin Mining Pool Protocol Upgrade: Stratum V2

Bitcoin just keeps getting more efficient and secure.

Individual bitcoin miners commonly pool their mining resources with other miners to earn a more stable stream of income. Instead of mining a block infrequently on their own, they instead earn a pro rata share of the mining revenue of the entire mining pool that they contribute their hash power to.… Read more

A Model for Bitcoin’s Security

Last week, Hasu, James Prestwich, and Brandon Curtis released a research paper examining Bitcoin’s ability to function properly in an adversarial environment, A Model for Bitcoin’s Security and the Declining Block Subsidy.

In the paper, the authors introduce a model, which can be reduced to a simple formula, for assessing the Bitcoin protocol’s security based on a number of factors:

We can thus derive that ​EV(honest mining) EV(attack mining)​ is the necessary condition for Bitcoin to be secure against rational attackers.

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