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06:36 < instagibbs> petertodd, he might be referring to the random beacon linearization stuff
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07:16 < kanzure> petertodd: something about proof-of-publication (always?) requiring probabilistic validation..
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07:24 < kanzure> https://medium.com/@bergealex4/bitcoin-is-unstable-without-the-block-size-size-limit-70db07070a54#.s8j8j6nla
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08:44 < wasi> kanzure: what you guys are missing in those 'papers' is that even then there is always an incentive to make the network useful as a miner, otherwise what's the point in mining ;). you could even today argue that miners should fork all the time and leave more high-fee transactions to the next miner..
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08:51 < wasi> but at least now people see the 1mb limit as useful, even if it's for the wrong reasons. lol
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08:58 < adiabat> the paper doesn't really mention the 1MB limit; it seems like they assume unlimited block size
08:59 < instagibbs> they assume entire mempool can be consumed per block
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16:08 < Taek> <instagibbs> they assume entire mempool can be consumed per block
16:08 < Taek> I believe you can generalize their conclusions to a situation where the entire mempool cannot be consumed as well
16:09 < Taek> the important dynamic is 'how much do I make by extending the longest chain' vs. 'how much do I make by trying to rewrite history', where the mempool influences that equation
16:10 < Taek> if you can't consume the entire mempool, it means that your potential for extending the longest chain is lower
16:10 < Taek> but it also means that the potential for an undercutter is also shorter
16:10 < Taek> *lower
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21:21 < Guest91688> I'm beginning to think that having miners take tx fees is a bad idea.  No matter the algorithm, there is a window of time where orphaning/sniping is more profitable than mining a new block (assuming the previous miner maximized his profits)
21:21 -!- Guest91688 is now known as bsm117532
21:31 < bsm117532> Tx fees would make more sense if the "service" being performed by miners was validating transactions.  It's not...everyone validates transactions.  The service being performed is committing real-world value into the ledger, in the form of hashcash PoW.
21:32 < bsm117532> Tying hashcash to the available tx fees means that miners should rightfully only allocate as much PoW-brute-forcing as matches the fees collected.
21:32 < bsm117532> They should turn off a fraction of their miners proportional to the (fees available)/(fees expected)
21:34 < bsm117532> A model where coins are destroyed in tx fees and re-created in the coinbase makes more sense.  The expected reward for miners is therefore approximately constant over time.
21:34 < bsm117532> (relative to the block time)
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22:39 < mryandao> bsm117532: did you mention this in ##bitcoin couple of days ago?
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22:45 < Jonas_> anyone know about solo mining altcoins?
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22:46 < Jonas_> bounty of 10 bits offered
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--- Log closed Wed Oct 26 00:00:32 2016