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Edition Number : 2.
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Economist explains the two futures of crypto - Tyler CowenThe economics of this technology that underlies most cryptocurrencies are driven by the individual incentives to double spend and the costs. A key economic feature of a cryptocurrency system is that mining is a public good, while double spending to defraud the cryptocurrency depends on individual. Bitcoin uses both currency growth and transaction fees to generate rewards for mining. In its current form, the cryptocurrency reward structure is too generous.