From: Mike Hearn <mike@plan99•net>
To: Sergio Lerner <sergiolerner@certimix•com>
Cc: bitcoin-development <bitcoin-development@lists•sourceforge.net>
Subject: Re: [Bitcoin-development] The Bitcoin Freeze on Transaction Attack (FRONT)
Date: Wed, 8 Oct 2014 12:19:10 +0200 [thread overview]
Message-ID: <CANEZrP0soZPGeP5HBoJVSdcKOTWJEB8LDkTDNdLDHcjysjpmcg@mail.gmail.com> (raw)
In-Reply-To: <54344751.708@certimix.com>
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>
> Yes, you're right. I didn't consider that case. But the problem is that
> this is not automatic. Currently there is a clear division between
> miners how will not take the kickback (irrrational) and miners who will
> (rational).
This seems to come up a lot. Your definition of rational is a short term
rationality only. I can pass up a short term profit in return for more
stable longer term profits and be completely rational, by a reasonable
definition of the word.
I think it's clear by now that if most or even some miners decide to
prioritise short term profit over the long term health of the system (i.e.
longer term profit), Bitcoin basically doesn't work right. This attack is
only one of several such things that can happen. This certainly can be a
problem when difficulty is skyrocketing because a mining investment is I
guess quite short term anyway, but presumably at some point the mining arms
race will end and miners will become more settled in.
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next prev parent reply other threads:[~2014-10-08 10:19 UTC|newest]
Thread overview: 14+ messages / expand[flat|nested] mbox.gz Atom feed top
[not found] <543438E4.8080501@certimix.com>
2014-10-07 19:04 ` Sergio Lerner
2014-10-07 19:16 ` Gregory Maxwell
2014-10-07 20:04 ` Sergio Lerner
2014-10-08 10:19 ` Mike Hearn [this message]
2014-10-05 23:00 Sergio Lerner
2014-10-05 23:40 ` Gregory Maxwell
2014-10-05 23:50 ` Gregory Maxwell
2014-10-05 23:54 ` Jorge Timón
2014-10-06 0:01 ` Gregory Maxwell
2014-10-06 11:02 ` Mike Hearn
2014-10-06 12:22 ` Tamas Blummer
2014-10-06 6:42 ` Alex Mizrahi
2014-10-06 13:21 ` Sergio Lerner
2014-10-06 13:29 ` Tamas Blummer
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