From: Gregory Maxwell <gmaxwell@gmail•com>
To: Mike Hearn <mike@plan99•net>
Cc: Bitcoin Development <bitcoin-development@lists•sourceforge.net>
Subject: Re: [Bitcoin-development] Long-term mining incentives
Date: Wed, 27 May 2015 22:22:48 +0000 [thread overview]
Message-ID: <CAAS2fgTdt9zY8KeOaob+idse1j9eraazBo5HukxJ8nkC_h=Zfw@mail.gmail.com> (raw)
In-Reply-To: <CANEZrP0ZdGp6Punh34mNMgaukHDQvMwDM_KEEsnuHn8Fj3Pt2Q@mail.gmail.com>
On Wed, May 27, 2015 at 9:59 PM, Mike Hearn <mike@plan99•net> wrote:
> I wrote an article that explains the hashing assurance contract concept:
>
> https://medium.com/@octskyward/hashing-7d04a887acc8
>
> (it doesn't contain an in depth protocol description)
The prior (and seemingly this) assurance contract proposals pay the
miners who mines a chain supportive of your interests and miners whom
mine against your interests identically.
There is already a mechanism built into Bitcoin for paying for
security which doesn't have this problem, and which mitigates the
common action problem of people just sitting around for other people
to pay for security: transaction fees. Fixing the problem with
assurance contracts effectively makes them end up working like
transaction fees in any case. Considering the near-failure in just
keeping development funded, I'm not sure where the believe this this
model will be workable comes from; in particular unlike a lighthouse
(but like development) security is ongoing and not primarily a fixed
one time cost. I note that many existing crowdfunding platforms
(including your own) do not do ongoing costs with this kind of binary
contract.
Also work reminding people that mining per-contract is a long
identified existential risk to Bitcoin which has been seeing more
analysis lately:
http://www.jbonneau.com/doc/BFGKN14-bitcoin_bribery.pdf
next prev parent reply other threads:[~2015-05-27 22:22 UTC|newest]
Thread overview: 37+ messages / expand[flat|nested] mbox.gz Atom feed top
2015-05-11 16:28 Thomas Voegtlin
2015-05-11 16:52 ` insecurity
2015-05-11 17:29 ` Gavin Andresen
2015-05-12 12:35 ` Thomas Voegtlin
[not found] ` <CABsx9T1h7p3hDr7ty43uxsYs-oNRpndzg=dowST2tXtogxRm2g@mail.gmail.com>
[not found] ` <555210AF.3090705@electrum.org>
2015-05-12 16:10 ` Gavin Andresen
2015-05-12 16:21 ` Dave Hudson
2015-05-12 21:24 ` Pedro Worcel
2015-05-12 23:48 ` Adam Back
2015-05-13 15:41 ` Gavin Andresen
2015-05-13 20:05 ` Pedro Worcel
2015-05-13 9:49 ` Thomas Voegtlin
2015-05-13 10:14 ` Tier Nolan
2015-05-13 10:31 ` Alex Mizrahi
2015-05-13 11:29 ` Tier Nolan
2015-05-13 12:26 ` Alex Mizrahi
2015-05-13 13:24 ` Gavin
2015-05-13 13:28 ` Tier Nolan
2015-05-13 14:26 ` Alex Mizrahi
2015-05-13 23:46 ` Jorge Timón
2015-05-14 0:11 ` Jorge Timón
2015-05-14 0:48 ` Aaron Voisine
2015-05-14 0:58 ` Pieter Wuille
2015-05-14 1:13 ` Aaron Voisine
2015-05-14 1:19 ` Pieter Wuille
2015-05-14 1:31 ` Aaron Voisine
2015-05-14 2:34 ` Aaron Voisine
2015-05-16 20:35 ` Owen Gunden
2015-05-16 22:18 ` Tom Harding
2015-05-17 1:08 ` Aaron Voisine
2015-05-14 0:44 ` Melvin Carvalho
2015-05-25 18:31 ` Mike Hearn
2015-05-26 18:47 ` Thomas Voegtlin
2015-05-27 21:59 ` Mike Hearn
2015-05-27 22:22 ` Gregory Maxwell [this message]
2015-05-28 10:30 ` Mike Hearn
2015-05-13 17:49 Damian Gomez
2015-05-18 2:29 Michael Jensen
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