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0 sats \ 2 replies \ @petertodd OP 21 Oct 2022 \ parent \ on: I'm Peter Todd, cryptochronomancer/web-π dev, AMA bitcoin
You forgot the second part of that quote:
How does that answer my question if the difficulty adjustment isn't making sure that there are always miners who are profitable? I saw your reply as an argument for tail emission.
I can see how tail emission could help that miners are "reasonably profitable" but I can't see how it helps with the second part of that quote. Or was that just a general statement?
Then I am not sure if that is possible at all: How do you want to level the field such that mining is "something anyone can usefully do with a minimal amount of capital and expertise"?
In a highly competitive market, my understanding is it will never be easy to get in and turn a profit without a lot of capital and/or expertise.
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What tail emission fixed re: relative profitability between different miners is it makes mining easier at a small scale, with less incentives to do things like reorg blocks for more money. That's why I pointed you to re-read that comment, where I explained all that.
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