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1 sat \ 3 replies \ @kepford 22 Oct 2023 \ parent \ on: "If all the people around tells you that you’re drunk - maybe you're just drunk" bitcoin
So the arguement is that miners will have more incentive to manipulate transactions in their favor than to live off fees? Wouldn't this behavior destroy trust in bitcoin and therefore destroy their business?
Just a thought.
Miners cannot afford the luxury of low time preference - their bills occur monthly. They will likely be unaware their hashrate is undermining the chain. Once the subsidy is low, a great deal of hashrate will find its way to hashrate markets so that they can have significantly higher payouts from MEV. These markets tend to be commanded by low time preference actors.
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I dunno. I just don't see it. Maybe I'm missing something.
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Mining is extremely competitive, and every possible incentive is continuously explored to gain an edge. Even publicly traded miners are engaging in MEV: https://www.coindesk.com/business/2023/09/27/bitcoin-miner-marathon-reportedly-mines-invalid-btc-block/
"We utilize a small portion of our hash rate to experiment with our development pool and research potential methods to optimize our operations."
This is a transparent admission of MEV in action.
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