From: Tier Nolan <tier.nolan@gmail•com>
Cc: Bitcoin Dev <bitcoin-development@lists•sourceforge.net>
Subject: Re: [Bitcoin-development] Long-term mining incentives
Date: Wed, 13 May 2015 11:14:06 +0100 [thread overview]
Message-ID: <CAE-z3OXa8vk6Q1EBChoRYDOLKw--CXNXz4AokXCbVam_8LFFDg@mail.gmail.com> (raw)
In-Reply-To: <55531E19.3090503@electrum.org>
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On Wed, May 13, 2015 at 10:49 AM, Thomas Voegtlin <thomasv@electrum•org>
wrote:
>
> The reason I am asking that is, there seems to be no consensus among
> core developers on how Bitcoin can work without miner subsidy. How it
> *will* work is another question.
>
The position seems to be that it will continue to work for the time being,
so there is still time for more research.
Proof of stake has problems with handling long term reversals. The main
proposal is to slightly weaken the security requirements.
With POW, a new node only needs to know the genesis block (and network
rules) to fully determine which of two chains is the strongest.
Penalties for abusing POS inherently create a time horizon. A suggested
POS security model would assume that a full node is a node that resyncs
with the network regularly (every N blocks). N would be depend on the
network rules of the coin.
The alternative is that 51% of the holders of coins at the genesis block
can rewrite the entire chain. The genesis block might not be the first
block, a POS coin might still use POW for minting.
https://blog.ethereum.org/2014/11/25/proof-stake-learned-love-weak-subjectivity/
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next prev parent reply other threads:[~2015-05-13 10:14 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 [this message]
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
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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