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Upon reading your article “Bitcoin: fee based security modeling” [https://www.lynalden.com/bitcoin-security-modeling/]

I’d really like to get your take on the following.

1/ In the pessimistic scenario for the future of bitcoin, bitcoin hasn’t garnered sufficient adoption. (Fees+rewards) are far below the all time high’s (fees+rewards). The most powerful asic miners are no longer profitable. They are being offered cheaply on the market. Who is buying them? Aren’t you worried it’s someone who doesn’t plan to profit from them, but instead use them to attack bitcoin at their own expense.

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Discussion

Andro 2y ago

2/ you only mention that a malicious miners can do double spends. You haven’t mentioned that a miner having 51% of the hash rate can do “selfish mining”. They mine and they don’t disclose their discovered blocks to the rest of the network. The rest of the network doesn’t even know that anything bad is happening. If the malicious miner seeks not to profit from mining, but rather wants only to undermine the network, they would choose to mine empty blocks. Only after some time, the malicious miner reveals the longest chain to the rest of the network thus reversing possibly over a hundred of latest blocks. I believe this effectively kills bitcoin or at least any idea of a hyper bitcoinized world.