From: "Jorge Timón" <jtimon@monetize•io>
To: Peter Todd <pete@petertodd•org>
Cc: bitcoin-development@lists•sourceforge.net
Subject: Re: [Bitcoin-development] The insecurity of merge-mining
Date: Fri, 10 Jan 2014 13:37:26 +0100 [thread overview]
Message-ID: <CAC1+kJNNa0cmTVS0zZP+xfKGJ09f3WAvm7wEFFa_MMSYMRDNtA@mail.gmail.com> (raw)
In-Reply-To: <20140110112542.GA19426@savin>
On 1/10/14, Peter Todd <pete@petertodd•org> wrote:
> Come to think of it, we've got that exact situation right now: the new
> Twister P2P Microblogging thing has a blockchain for registering
> usernames that could have been easily done with Namecoin, thus in theory
> Namecoin owners have an incentive to make sure the Twister blockchain
> gets killed at birth.
You don't have to MM from birth. That I've already agreed is
dangerous. But if you start with SHA256, then merged mining is a
trivial fork at least 3 currencies have done successfully.
As said we plan to make Freicoin merge-mineable in the future, and we
expect to get much more security after we do.
The only "adverse" effect may be a temporary drop in price due to the
new miners selling all the frc they get until a new price equilibrates
with the demand. But that's not really "bad for the currency", just to
the holders at that moment.
> Pretty easy to do right now too as the hashing power behind Twister is
> miniscule and probably will stay that way - the only incentive to mining
> is that you get the right to make a "promoted post" - called a spam
> message in the codebase - that in theory Twister clients are supposed to
> show to their users. Of course, there's absolutely no way to guarantee
> that clients actually do that.
If a system doesn't compensate its miners in a liquid enough way, the
system will probably be insecure, but that's another topic...
next prev parent reply other threads:[~2014-01-10 12:37 UTC|newest]
Thread overview: 25+ messages / expand[flat|nested] mbox.gz Atom feed top
2013-12-29 18:53 [Bitcoin-development] Looking for GREAT C++ developer for exciting opportunity in bitcoin space Evan Duffield
2013-12-29 19:27 ` Matt Corallo
2013-12-30 23:22 ` Peter Todd
2013-12-31 1:14 ` Luke-Jr
2013-12-31 7:28 ` [Bitcoin-development] Merge mining Jeremy Spilman
2013-12-31 7:38 ` rob.golding
2014-01-04 8:49 ` David Vorick
2014-01-04 10:05 ` Jorge Timón
2014-01-04 10:08 ` David Vorick
2014-01-04 10:34 ` Jorge Timón
2014-01-01 4:53 ` [Bitcoin-development] The insecurity of merge-mining Peter Todd
2014-01-01 5:09 ` Luke-Jr
2014-01-01 5:25 ` Peter Todd
2014-01-03 19:14 ` Jorge Timón
2014-01-03 21:01 ` Peter Todd
2014-01-04 0:27 ` Jorge Timón
2014-01-06 15:44 ` Peter Todd
2014-01-09 17:19 ` Jorge Timón
2014-01-10 11:11 ` Peter Todd
2014-01-10 11:25 ` Peter Todd
2014-01-10 12:37 ` Jorge Timón [this message]
2014-01-10 12:29 ` Jorge Timón
2014-01-10 17:22 ` Peter Todd
2014-01-10 18:50 ` Jorge Timón
2014-01-03 5:11 ` [Bitcoin-development] Looking for GREAT C++ developer for exciting opportunity in bitcoin space Troy Benjegerdes
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