From: Paul Sztorc <truthcoin@gmail•com>
To: Gregory Maxwell <greg@xiph•org>, "David A. Harding" <dave@dtrt•org>
Cc: Bitcoin Dev <bitcoin-dev@lists•linuxfoundation.org>
Subject: Re: [bitcoin-dev] Hardfork to fix difficulty drop algorithm
Date: Wed, 2 Mar 2016 20:06:27 -0500 [thread overview]
Message-ID: <56D78E13.2050403@gmail.com> (raw)
In-Reply-To: <CAAS2fgQVreFoLiHf8NhHLbT8wpSBO4WHHRU10q6Fe=3johhaoA@mail.gmail.com>
On 3/2/2016 12:53 PM, Gregory Maxwell via bitcoin-dev wrote:
> What you are proposing makes sense only if it was believed that a very
> large difficulty drop would be very likely.
>
> This appears to be almost certainly untrue-- consider-- look how long
> ago since hashrate was 50% of what it is now, or 25% of what it is
> now-- this is strong evidence that supermajority of the hashrate is
> equipment with state of the art power efficiency.
I don't understand the relevance of this.
In my view, we would prefer miners to invest in hardware just a mere
2016 blocks away from the halving. Instead, they've made them too soon.
Assuming that miners are already located in low-power-cost areas, the
difficulty will be quickly rising to compensate for "state of the art
power efficiency".
So it will have canceled out by July.
If anything, the more efficient miners become today, the bigger our
potential problem in July, because chip-manufacturers may have used up
all of the easy efficiency-increasing moves, such that investments do
not take place in June.
Paul
next prev parent reply other threads:[~2016-03-03 1:06 UTC|newest]
Thread overview: 31+ messages / expand[flat|nested] mbox.gz Atom feed top
2016-03-02 14:56 Luke Dashjr
2016-03-02 15:05 ` Pavel Janík
2016-03-02 15:14 ` Luke Dashjr
2016-03-02 15:24 ` Jérémie Dubois-Lacoste
[not found] ` <CAE-z3OUR8So2EM_EBeEerW-UPs0KY+whVB=jjFAHkW3xZPF2Hw@mail.gmail.com>
2016-03-02 15:54 ` Tier Nolan
2016-03-02 15:42 ` Luke Dashjr
2016-03-02 16:27 ` Paul Sztorc
2016-03-02 18:07 ` Tier Nolan
2016-03-02 19:01 ` Eric Voskuil
[not found] ` <56D74859.3090609@gmail.com>
2016-03-02 20:44 ` Eric Voskuil
2016-03-02 23:02 ` Peter Todd
2016-03-03 5:11 ` Dave Scotese
2016-03-03 10:14 ` Patrick Shirkey
2016-03-03 20:54 ` Eric Voskuil
2016-03-04 10:27 ` Tier Nolan
2016-03-02 15:48 ` Dave Hudson
2016-03-08 22:05 ` Bob McElrath
2016-03-09 18:30 ` Dave Hudson
2016-03-09 20:21 ` Bob McElrath
2016-03-09 23:24 ` Dave Hudson
2016-03-09 20:26 ` Paul Sztorc
2016-03-02 16:17 ` Bryan Bishop
2016-03-02 17:14 ` David A. Harding
2016-03-02 17:53 ` Gregory Maxwell
2016-03-02 19:34 ` David A. Harding
2016-03-03 1:06 ` Paul Sztorc [this message]
2016-03-09 17:58 ` Paul Sztorc
2016-03-02 18:20 ` Peter Todd
2016-03-03 18:27 ` Corey Haddad
2016-03-04 8:41 ` Henning Kopp
[not found] ` <CA+XQW1gfnXxxCod6cL=caGnEc66YOvaF6SJL=omUbMqwLNDP7g@mail.gmail.com>
2016-03-09 20:43 ` Paul Sztorc
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