The Bitcoin Dilemma

Colin L. Read ()
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Colin L. Read: SUNY Plattsburgh

Chapter Chapter 9 in The Bitcoin Dilemma, 2022, pp 95-99 from Springer

Abstract: Abstract Bitcoin security was based on the premise that a sufficiently large minerminer base would make the commandeering of more than 50% of the network expensive and not feasible. SatoshiNakamoto, Satoshi predicted, “I anticipate there will never be more than 100 K nodes, probably less. It will reach an equilibrium where it’s not worth it for more nodes to join in. Satoshi could not have imagined that the price of bitcoin wold approach six figures, and more than ten million mining machines would be operating continuously, with electricity consumption continuing to rise to approach that of some major industrialized nations.

Date: 2022
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DOI: 10.1007/978-3-031-09138-4_9

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