From: praxeology_guy <praxeology_guy@protonmail•com>
To: Martin Stolze <martin@stolze•cc>
Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists•linuxfoundation.org>
Subject: Re: [bitcoin-dev] Inquiry: Transaction Tiering
Date: Tue, 28 Mar 2017 03:02:35 -0400 [thread overview]
Message-ID: <7CmgrdJ_lxx6nto8dmMO3P89LK0x9HtUjTMtNklCFKbdIjN6KDauYZqf3get3gufCcoMarQ1cnvqJcnfxQsO83fvixWCm1xL6BrHort8v3E=@protonmail.com> (raw)
In-Reply-To: <CAOyfL0pnkf4gOAJHgOSJgz2RLGupvQtcHewEijBHz9GWnr0rAw@mail.gmail.com>
[-- Attachment #1: Type: text/plain, Size: 2347 bytes --]
Martin:
Re: Block Space Authority, or "authority": in general
An authority dictates policy.
Authority arises in 4 cases off the top of my head:
- Authority because entity threats violence/dominance
- Authority because entity's claim to property is respected to maintain friendship/benefits of specialization and trade. (one has authority over one's own property/business/contractually agreed claims)
- Authority because entity claims divine inspiration, and others accept such a claim
- Authority because entity gained respect and was voluntarily delegated
"Miners" do not fit in any of these categories. In fact "miners" do the exact opposite, their policy is dictated by market demand. They do us the service of creating block candidates. If a miner is a good businessman, he mines whatever currency gives him the most profit. The end users decide the policy and which currency is worth anything. Hence the users are the ones dictating to the miners how much work they should perform on each coin.
Miners compete against each other until there is only very slim profit. If they are devoting too much work to a coin they spend too much on energy/computers/network, and they have losses, so they reduce capacity on that coin. If mining a coin is extremely profitable, they expand their work until there is no profit.
So... miners don't really have any authority. Or if for some reason somebody does give them authority, its due to either the Divine (lol unlikely) or Respect reasons above... which is an unfounded/insecure reason.
Using miner signalling to determine when/whether SegWit is activated was a mistake in any extent that gave people the implication that miners have any authority. It was a poor way to schedule its activation. We assumed that the miners would activate it in a reasonable time because SegWit is undeniably good, so we just used this method to try to prevent a soft fork. Instead I recommend my proposed BitcoinUpdateBoard https://pastebin.com/ikBGPVfR. Or bitcoin core could include more entities such as specific miners and exchanges in their table located here: https://bitcoincore.org/en/segwit_adoption/.
We already have come to consensus that SegWit is good. So we should just schedule a date to activate it in the future where market participants have a reasonable time to prepare.
Cheers,
Praxeology Guy
[-- Attachment #2: Type: text/html, Size: 2858 bytes --]
next prev parent reply other threads:[~2017-03-28 7:02 UTC|newest]
Thread overview: 18+ messages / expand[flat|nested] mbox.gz Atom feed top
2017-03-22 17:48 Martin Stolze
2017-03-25 4:42 ` praxeology_guy
2017-03-25 17:15 ` Martin Stolze
2017-03-26 11:12 ` praxeology_guy
2017-03-26 12:11 ` greg misiorek
2017-03-27 17:18 ` Martin Stolze
[not found] ` <fFz3k0NstFYpKctCaSKDrhPnkInjW3GgQ-3FIyokzdl_SScKjXptQsn8jnW71ax_oknq9hI8gUBllYaKo_9hMiBASSJtkL6xXN_NX8tcmXw=@protonmail.com>
2017-03-27 21:11 ` Martin Stolze
2017-03-28 7:02 ` praxeology_guy [this message]
2017-03-28 19:51 ` Martin Stolze
-- strict thread matches above, loose matches on Subject: below --
2017-03-28 12:58 Martin Stolze
2017-03-28 14:57 ` Andrew Baine
2017-03-29 12:51 ` Martin Stolze
2017-03-27 16:29 AJ West
2017-03-20 20:12 Martin Stolze
2017-03-21 15:18 ` Tim Ruffing
2017-03-29 9:04 ` Tom Zander
2017-03-29 12:48 ` Martin Stolze
2017-03-29 13:10 ` Tom Zander
Reply instructions:
You may reply publicly to this message via plain-text email
using any one of the following methods:
* Save the following mbox file, import it into your mail client,
and reply-to-all from there: mbox
Avoid top-posting and favor interleaved quoting:
https://en.wikipedia.org/wiki/Posting_style#Interleaved_style
* Reply using the --to, --cc, and --in-reply-to
switches of git-send-email(1):
git send-email \
--in-reply-to='7CmgrdJ_lxx6nto8dmMO3P89LK0x9HtUjTMtNklCFKbdIjN6KDauYZqf3get3gufCcoMarQ1cnvqJcnfxQsO83fvixWCm1xL6BrHort8v3E=@protonmail.com' \
--to=praxeology_guy@protonmail$(echo .)com \
--cc=bitcoin-dev@lists$(echo .)linuxfoundation.org \
--cc=martin@stolze$(echo .)cc \
/path/to/YOUR_REPLY
https://kernel.org/pub/software/scm/git/docs/git-send-email.html
Be sure your reply has a Subject: header at the top and a blank line
before the message body.
This is a public inbox, see mirroring instructions
for how to clone and mirror all data and code used for this inbox