Socialized Costs of Hard Forks Free Money Wasnt Free 2017.08.01 - - PowerPoint PPT Presentation

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Socialized Costs of Hard Forks Free Money Wasnt Free 2017.08.01 - - PowerPoint PPT Presentation

Apr 11, 2024 256 likes •620 views

Socialized Costs of Hard Forks Free Money Wasnt Free 2017.08.01 18:12 UTC Free Money!!! Or Was it? Negative Externalities Positive Externalities Users More $$$ Miners More $$$ Exchanges More $$$ Price One-time vs. Permanent Costs

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Socialized Costs of Hard Forks

Free Money Wasn’t Free

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2017.08.01 18:12 UTC

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Free Money!!! Or Was it?

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Negative Externalities

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Positive Externalities

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Users More $$$

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Miners More $$$

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Exchanges More $$$

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Price

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One-time vs. Permanent Costs

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One-time Costs

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Exchanges

  • Deposit and Withdrawal Halted
  • Cold Storage
  • Auditing of New Software
  • One-time Withdrawal or Listing of New Token
  • New Infrastructure
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Merchants and Payment Processors

  • Payments Halted
  • Chain Detection
  • New Infrastructure
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Wallets

  • Chain Detection
  • Splitting Tools
  • Possible Support for New Token
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Miners

  • Token Switching Algorithm
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Users

  • Cold Storage
  • Exposed Public Key
  • Loss of Privacy
  • Regulatory Burden
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Permanent Costs

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Same Addresses

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Unreliable Blocks

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Reorg Attacks

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Chain Hopping Attacks

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Privacy Loss

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Replay Attacks

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Future Hard Forks

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Why Hard Forks Are Attractive

  • Cleaner Altcoin Launch
  • Great Code Base to Start From
  • Fair Distribution
  • Hacking Fiduciary Duty
  • Easy Listing on Exchanges
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Bitcoin Gold/Bitcoin GPU

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Bitcoin 2x

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Immunization

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Negative Externalities

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Questions?

@jimmysong on Twitter, Medium and Github