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**Cryptoeconomics**\
**by [Erik Voskuil](https://github.com/evoskuil).**\
**The book can be found on [GitHub](
**Cockroach Fallacy**
- **Cockroach Fallacy**: Suggests aggregation doesn't reduce security via risk sharing because miners and the economy will disperse if needed, like cockroaches.
- **Implication**: This implies security exists because it potentially could, ignoring the Threat Level Paradox where security evolves under threat.
- **Grinders and Allegiance**: Relies on miners switching allegiance, based on the Balance of Power Fallacy, which incorrectly sees miners as the threat. Shifting hash power doesn't reduce pooling risk.
- **State Control**: States can co-opt large hash power, reducing attack costs. Assuming large mines can exist outside state control is flawed.
- **Increasing Miners**: Reducing pooling requires more covert miners, increasing costs for grinders (_grind is a tool that performs hashing_).
- **Economic Irrationality**: People won't act against financial interest; reversing financial pressures is needed for increased risk sharing.
- **Ignoring Centralization**: Ignores economic centralization and delegation. Rapid decentralization or de-delegation is unlikely, especially under state attacks with currency controls.
The rest of the summarized chapters are at 
GitHub
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A Blog by Expatriotic
A Blog by Expatriotic
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