“The most important question about the dynamics of Bitcoin mining, which nobody has yet answered, is whether there is an equilibrium that can actually occur in which the Bitcoin economy can no longer function. The ES paper has provided value by describing and characterizing a strategy in which miners or pools withhold mined blocks in order to try to gain an advantage. This starts a useful conversation. But their bold claims about dominant strategies and incentive incompatibility are unsupported and sometimes incorrect. More progress will have to be made before we can understand what role if any the new mining strategies might play in practice.”

https://freedom-to-tinker.com/blog/felten/game-theory-and-bitcoin/

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