On: The Economic Limits of Bitcoin and the Blockchain ...

[bhl]

Is this even viable?

Due to the non-linearity of block rewards -- reward as a function of time spent working on a block is not constant -- an individual miner is always incentivized to pool hop after a certain point [1].

[1] http://www.cs.huji.ac.il/~yoadlew/bitcoin.pdf

[kylebenzle → bhl]

You are right, the argument (against bitcoin) holds no water and comes from a place of ignorance (and probably fear).