Is bitcoin broken? Gavin Andresen responds to mining vulnerability paper

Gavin Andresen who is the famous American blogger writing on the topic of the Bitcoin Foundation sent the recent paper publishing by two Cornell University`s academics which titled as ‘Majority is Not Enough: Bitcoin Mining Vulnerable’ and told that the release of “a not-yet-peer-reviewed paper” which has been generated the plenty of sensationalistic headlines is rather unsuccessful but in any case predictable event.

The paper which attracted the attention of the majority of the customers all over the world has already been the most discussed issue of some controversy within the limits of the bitcoin developer fellowship which rebutted the claims substantially. Moreover,

Andresen annotated the publication on Twitter and told that it was not a big problem or deal. Today he continued commenting the last publication, saying that he was not going to make articles about specific concrete items in the paper, because nowadays many intelligent and clever people think hardly about rising of the issues and is it a real fact that the model of the researcher corresponds to the reality.

However, it is important to take into the consideration the fact that that in the initial review of the author, the approval of the paper of the fundamental flow is based on some not very difficult propositions about operation of the bitcoin mining market.

Such answer is not given for the purpose of discouraging the academic researches. Factually, as a Foundation, the author considers a plenty of clever and smart people resolving long-term problems rising by researches are brought by the strength of the open source development process. So, according to this point, it is necessary to thank sponsors of the International Financial Cryptography Association. And finally, the first Bicoin Technical Workshop will be hosted during the 18th International conference leading around the world. The researchers are stimulated for submission the papers. As a consequence, there is an expectation of a perfect work which can bring huge value to the protocol and society.

However, there was a start of emergence by intelligent responses. For example, the idea of a ‘Fair Weather’ mining strategy which was published on “Freedom to Tinker” by Ed Felten, provided information about miners who collude about what will be the best for themselves at the cost of the Selfish Mining pool.

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