From: Erik Aronesty <erik@q32•com>
To: "Russell O'Connor" <roconnor@blockstream•com>,
Bitcoin Protocol Discussion
<bitcoin-dev@lists•linuxfoundation.org>
Subject: Re: [bitcoin-dev] Security problems with relying on transaction fees for security
Date: Mon, 11 Jul 2022 16:52:39 -0400 [thread overview]
Message-ID: <CAJowKg+cm5WeC0L=rfexd2n5fstSXw2sqMo1ZGR3unuqBJ8swA@mail.gmail.com> (raw)
In-Reply-To: <CAMZUoKmN1Sj=C-asUKCB0hbe-V2fRMsFzNn6kcsJeigbnz3fgQ@mail.gmail.com>
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>
> Miners will learn to create anyone-can-spend outputs to bribe other miners
> to build on their block rather than reorg it. (Due to the coinbase
> maturity, this will require some amount of floating capital.)
>
(reward + avg fee) * 144 * 365 (one year) == approximate investment needed
to reorg the chain for a double-spend attack
in 30 years, assuming fees are still negligible (why wouldn't they be?
layer 2 works and layer 3 is coming), that's only 1200 bitcoin. not really
a lot.
there's only few things that allow that security budget to be ok
- we assume the price goes up a lot
- we assume transactions get a lot more expensive
- we don't care about double-spend attacks for very large transactions
i'd rather engineer block demand than ignore it
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next prev parent reply other threads:[~2022-07-11 20:52 UTC|newest]
Thread overview: 35+ messages / expand[flat|nested] mbox.gz Atom feed top
2022-07-11 18:12 Bram Cohen
2022-07-11 18:38 ` micaroni
2022-07-11 18:43 ` Erik Aronesty
2022-07-11 19:45 ` vjudeu
2022-07-11 20:35 ` Russell O'Connor
2022-07-11 20:52 ` Erik Aronesty [this message]
2022-07-11 21:36 ` Peter Todd
2022-07-11 21:56 ` Peter Todd
2022-07-12 0:21 ` Russell O'Connor
2022-07-12 0:37 ` Peter Todd
2022-07-14 0:54 ` Anthony Towns
2022-07-11 21:18 ` Pox
2022-07-11 21:53 ` Peter Todd
2022-07-12 2:47 ` Bram Cohen
2022-07-11 22:19 ` James MacWhyte
2022-07-11 22:26 ` Peter Todd
2022-07-12 0:01 ` James MacWhyte
2022-07-12 0:31 ` Peter Todd
2022-07-13 0:38 ` Tom Harding
2022-07-13 12:18 ` Erik Aronesty
2022-07-11 23:29 ` Anthony Towns
2022-07-12 3:56 Peter
2022-07-12 11:57 ` Erik Aronesty
2022-07-12 15:08 ` Peter
2022-07-12 17:46 ` Ryan Grant
[not found] <mailman.82083.1657699581.8511.bitcoin-dev@lists.linuxfoundation.org>
2022-07-13 9:43 ` John Tromp
2022-07-13 11:56 ` John Tromp
2022-07-13 12:11 ` Gino Pinuto
2022-07-13 13:29 ` Manuel Costa
2022-07-14 9:33 ` vjudeu
2022-07-14 9:57 ` Erik Aronesty
2022-07-14 11:42 ` Gino Pinuto
2022-07-14 16:01 ` Erik Aronesty
2022-07-14 16:27 ` Manuel Costa
2022-07-15 6:03 ` vjudeu
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