From: Alex Mizrahi <alex.mizrahi@gmail•com>
To: Bitcoin Dev <bitcoin-development@lists•sourceforge.net>
Subject: Re: [Bitcoin-development] Block Size Increase Requirements
Date: Sun, 31 May 2015 03:32:34 +0300 [thread overview]
Message-ID: <CAE28kUQ8HYFAjsUXrah0CoRY9xJBVx7jo8RFgpVsP11ppThXtw@mail.gmail.com> (raw)
In-Reply-To: <COL402-EAS257D9744762445A974BDA85CDC80@phx.gbl>
[-- Attachment #1: Type: text/plain, Size: 1588 bytes --]
>
> Stop trying to dictate block growth limits. Block size will be determined
> by competition between miners and availability of transactions, not through
> hard-coded limits.
>
Do you even game theory, bro? It doesn't work that way.
Mike Hearn described the problem in this article:
https://medium.com/@octskyward/hashing-7d04a887acc8
But the solution he's proposing is ridiculously bad and unsound: he expects
business owners to donate large sums of money towards mining. If it comes
to this, what sane business owner will donate, say, 100 BTC to miners
instead of seeking some alternatives? Proof-of-stake coins are already
there. I'm well aware of theoretical issues with PoS security, but those
theoretical issues aren't as bad as donation-funded cryptocurrency security.
But you know what works? Mining fees + block size limit.
Users and merchants are interested in their transactions being confirmed,
but block size limit won't allow it to turn into a race to bottom.
This is actually game-theoretically sound.
> I see now the temporary 1MB limit was a mistake. It should have gone in
> as a dynamic limit that scales with average block size.
>
This means that miners will control it, and miners couldn't care less about
things like decentralization and about problems of ordinary users. This
means that in this scenario Bitcoin will be 100% controlled by few huge-ass
mining operations.
Possibly a single operation. We already saw GHASH.IO using 51% of total
hashpower. Is that what you want?
Miners are NOT benevolent. This was already demonstrated. They are greedy.
[-- Attachment #2: Type: text/html, Size: 2353 bytes --]
next prev parent reply other threads:[~2015-05-31 0:32 UTC|newest]
Thread overview: 31+ messages / expand[flat|nested] mbox.gz Atom feed top
2015-05-30 23:18 Raystonn
2015-05-31 0:32 ` Alex Mizrahi [this message]
-- strict thread matches above, loose matches on Subject: below --
2015-05-07 22:02 Matt Corallo
2015-05-07 23:24 ` Joseph Poon
2015-05-08 0:05 ` Peter Todd
2015-05-08 6:33 ` Arkady
2015-05-08 10:03 ` Mike Hearn
2015-05-08 16:37 ` Peter Todd
2015-05-08 19:47 ` Tier Nolan
2015-05-09 3:08 ` Peter Todd
2015-05-16 4:39 ` Stephen
2015-05-16 11:29 ` Tier Nolan
2015-05-16 11:25 ` Tier Nolan
2015-05-29 22:36 ` Gavin Andresen
2015-05-29 23:25 ` Matt Corallo
[not found] ` <CABsx9T3__mHZ_kseRg-w-x2=8v78QJLhe+BWPezv+hpbFCufpw@mail.gmail.com>
2015-05-30 19:32 ` Matt Corallo
2015-05-30 20:37 ` Gavin Andresen
2015-05-31 14:46 ` Jorge Timón
2015-05-31 14:49 ` Gavin Andresen
2015-05-31 14:59 ` Jorge Timón
2015-05-31 15:08 ` Gavin Andresen
2015-05-31 15:45 ` Jorge Timón
2015-05-29 23:42 ` Chun Wang
2015-05-30 13:57 ` Gavin Andresen
2015-05-30 14:08 ` Pindar Wong
2015-05-30 22:05 ` Alex Mizrahi
2015-05-30 23:16 ` Brian Hoffman
2015-05-31 0:13 ` Alex Mizrahi
2015-05-31 5:05 ` gb
2015-05-31 7:05 ` Peter Todd
2015-05-31 12:51 ` Gavin Andresen
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=CAE28kUQ8HYFAjsUXrah0CoRY9xJBVx7jo8RFgpVsP11ppThXtw@mail.gmail.com \
--to=alex.mizrahi@gmail$(echo .)com \
--cc=bitcoin-development@lists$(echo .)sourceforge.net \
/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