On Monday, I wrote about conflicts of interest. Since then, I caught up on Nebulous/ Sia’s controversial decision to hard-fork their network to brick third-party ASIC miners (Innosilicon and Bitmain).
Couldn’t have asked for a better example of conflicts of interest.
A brief summary of events:
- Mid-2015: a company, Nebulous, launched the Sia network–a file storage network
- September 2016: Nebulous had raised $1.25M
- June 2017: Nebulous announced they would be building their own ASICs: Obelisk and secured millions in presales of the hardware
- Soon thereafter: it become clear that third parties were also creating Sia ASICs, namely Innosilicon and Bitmain
- April 2018: Nebulous sold ~$1.5M in Siafunds1, a tokenized security
- October 2018: Nebulous decided to initiate a hard-fork to brick third-party ASIC miners, using a “kill switch” programmed into their Obelisk miner
What a mess of incentives. The Nebulous team has many bosses:
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