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The Economic Limits of Bitcoin and the Blockchain

The Economic Limits of Bitcoin and the Blockchain Eric Budish June 5, 2018 AbstractThe amount of computational power devoted to anonymous, decentralized blockchainssuch as Bitcoin s must simultaneously satisfy two conditions in equilibrium: (1) a zero-profitcondition among miners, who engage in a rent-seeking competition for the prize associatedwith adding the next block to the chain; and (2) an incentive compatibility condition on thesystem s vulnerability to a majority attack , namely that the computational costs of such anattack must exceed the benefits.

The Economic Limits of Bitcoin and the Blockchain∗† EricBudish‡ June5,2018 Abstract The amount of computational power devoted to anonymous, decentralized blockchains

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