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

Socialized Costs of Hard Forks Free Money Wasn’t 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
One-time Costs
Exchanges ● Deposit and Withdrawal Halted ● Cold Storage ● Auditing of New Software ● One-time Withdrawal or Listing of New Token ● New Infrastructure
Merchants and Payment Processors ● Payments Halted ● Chain Detection ● New Infrastructure
Wallets ● Chain Detection ● Splitting Tools ● Possible Support for New Token
Miners ● Token Switching Algorithm
Users ● Cold Storage ● Exposed Public Key ● Loss of Privacy ● Regulatory Burden
Permanent Costs
Same Addresses
Unreliable Blocks
Reorg Attacks
Chain Hopping Attacks
Privacy Loss
Replay Attacks
Future Hard Forks
Why Hard Forks Are Attractive ● Cleaner Altcoin Launch ● Great Code Base to Start From ● Fair Distribution ● Hacking Fiduciary Duty ● Easy Listing on Exchanges
Bitcoin Gold/Bitcoin GPU
Bitcoin 2x
Immunization
Negative Externalities
Questions? @jimmysong on Twitter, Medium and Github

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