Searching for Blockchain Unicorns … Without Bitcoin
Ivan Brightly
61

Hey Ivan, I’m not sure the argument “validators have to behave in a good way, otherwise the verification algorithm could change such that the miner’s specific equipment (e.g. ASICs) would be rendered useless” works: These deep architectural decisions are sacrosanct within Bitcoin and other networks, because changing them would hurt every specialized miner — not just the ones that behaved “badly”. Even if such as change were to implemented in a new client version — the large miners/mining pools would simply refuse to deploy it.

I think the game-theory solution to a 50%+1 attack is much simpler: Corrupting the blockchain would send exchange rates into a downward spiral — thereby hurting one of the most important factors in the equation underlying the decision of people to invest in mining equipment in the first place.

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