this is why bitcoin is believed to be a store of value..!!!
DRIVECHAINS: FROM A BITCOIN MINER'S PERSPECTIVE
Some considerations and thoughts regarding the Drivechains proposal from the perspective of miners considering their business operations.
Bitcoin is the largest, oldest, decentralized, and most secure digital currency of all time, but it's not the first attempt. We as a community would do well to remember that bitcoin stands on previous projects, spanning decades of work. Satoshi established the technical foundations of these projects, their successes and failures, and each unique cultural ethos.
Taking a step back and thinking about the network, one of bitcoin's great attributes is its profound simplicity in monetary policy and fundamentally clear incentives for all stakeholders in the network. Providing access to sound money without trust is not without risk. Game theory and incentives for miners to behave well are among the most sensitive components of the system. Miners must simultaneously be held to the highest standards of behavior today – avoiding 2017-style forks, avoiding transaction censorship, mitigating reorganization risks, etc. – and the network must also offer miners sufficient visibility into the future of their business models necessary to continue making very large capital expenditure investments and committing to large-scale, long-duration operational costs.
$BTC #bitcoin #BTC #cryptocurrency #storeoffvalue #vickyiskandar
DRIVECHAINS: FROM A BITCOIN MINER'S PERSPECTIVE
Some considerations and thoughts regarding the Drivechains proposal from the perspective of miners considering their business operations.
Bitcoin is the largest, oldest, decentralized, and most secure digital currency of all time, but it's not the first attempt. We as a community would do well to remember that bitcoin stands on previous projects, spanning decades of work. Satoshi established the technical foundations of these projects, their successes and failures, and each unique cultural ethos.
Taking a step back and thinking about the network, one of bitcoin's great attributes is its profound simplicity in monetary policy and fundamentally clear incentives for all stakeholders in the network. Providing access to sound money without trust is not without risk. Game theory and incentives for miners to behave well are among the most sensitive components of the system. Miners must simultaneously be held to the highest standards of behavior today – avoiding 2017-style forks, avoiding transaction censorship, mitigating reorganization risks, etc. – and the network must also offer miners sufficient visibility into the future of their business models necessary to continue making very large capital expenditure investments and committing to large-scale, long-duration operational costs.
$BTC #bitcoin #BTC #cryptocurrency #storeoffvalue #vickyiskandar