From: Mike Hearn <mike@plan99•net>
To: Peter Todd <pete@petertodd•org>
Cc: Bitcoin Dev <bitcoin-development@lists•sourceforge.net>
Subject: Re: [Bitcoin-development] replace-by-fee v0.10.0rc4
Date: Thu, 12 Feb 2015 12:58:16 +0100 [thread overview]
Message-ID: <CANEZrP2uVT_UqJbzyQcEbiS78T68Jj2cH7OGXv5QtYiCwArDdA@mail.gmail.com> (raw)
In-Reply-To: <20150212064719.GA6563@savin.petertodd.org>
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I know you will ignore this as usual, but the entire replace-by-fee folly
is based on your fundamental misunderstanding of miner incentives.
Miners are *not* incentivised to earn the most money in the next block
possible. They are incentivised to maximise their return on investment.
Making Bitcoin much less useful reduces demand for the bitcoins they are
mining, reducing coinbase and fee income in future blocks. Quite possibly,
to the point where those miners are then making a loss.
Your "scorched earth" plan is aptly named, as it's guaranteed to make
unconfirmed payments useless. If enough miners do it they will simply break
Bitcoin to the point where it's no longer an interesting payments system
for lots of people. Then miners who have equipment to pay off will be
*really* screwed, not to mention payment processors and all the investors
in them.
I'm sure you can confuse a few miners into thinking your ideas are a
super-duper way to maximise their income, and in the process might
facilitate a pile of payment fraud. But they aren't. This one is about as
sensible as your "let's never increase the block size" and "let's kill SPV
clients" crusades - badly thought out and bad for Bitcoin.
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next prev parent reply other threads:[~2015-02-12 11:58 UTC|newest]
Thread overview: 79+ messages / expand[flat|nested] mbox.gz Atom feed top
2015-02-12 6:47 Peter Todd
2015-02-12 7:23 ` Tamas Blummer
2015-02-12 7:45 ` Peter Todd
2015-02-12 8:27 ` Tamas Blummer
2015-02-12 8:49 ` Peter Todd
2015-02-12 9:01 ` Tamas Blummer
2015-02-15 20:51 ` Troy Benjegerdes
2015-02-12 8:16 ` Alex Mizrahi
2015-02-12 11:58 ` Mike Hearn [this message]
2015-02-12 12:23 ` Natanael
2015-02-12 12:49 ` Mike Hearn
2015-02-12 13:02 ` Natanael
2015-02-12 13:44 ` Mike Hearn
2015-02-12 14:36 ` Natanael
2015-02-12 14:53 ` Mike Hearn
2015-02-12 15:20 ` Natanael
2015-02-12 15:30 ` Justus Ranvier
2015-02-12 13:36 ` Oleg Andreev
2015-02-12 12:52 ` Alex Mizrahi
2015-02-12 13:18 ` Mike Hearn
2015-02-12 13:45 ` Alex Mizrahi
2015-02-12 13:52 ` Mike Hearn
2015-02-12 14:04 ` Tamas Blummer
2015-02-12 14:16 ` Mike Hearn
2015-02-12 14:25 ` Tamas Blummer
2015-02-12 23:08 ` Tom Harding
2015-02-12 14:32 ` Alex Mizrahi
2015-02-12 15:15 ` Mike Hearn
2015-02-12 15:32 ` Natanael
2015-02-12 15:42 ` Mike Hearn
2015-02-12 15:54 ` Natanael
2015-02-12 16:57 ` Btc Drak
2015-02-12 17:24 ` Oleg Andreev
2015-02-12 18:11 ` Justus Ranvier
2015-02-12 18:37 ` Allen Piscitello
2015-02-12 19:15 ` Alan Reiner
2015-02-12 19:34 ` Justus Ranvier
2015-02-12 19:45 ` Peter Todd
2015-02-12 19:49 ` Justus Ranvier
2015-02-12 19:47 ` Allen Piscitello
2015-02-12 19:52 ` Justus Ranvier
2015-02-12 20:02 ` Natanael
2015-02-12 20:36 ` Allen Piscitello
2015-02-14 14:47 ` Ross Nicoll
2015-02-12 20:06 ` Peter Todd
2015-02-12 19:49 ` Gregory Maxwell
2015-02-12 20:18 ` Peter Todd
2015-02-13 11:34 ` Mike Hearn
2015-02-12 12:54 ` Tamas Blummer
2015-02-12 14:42 ` Alex Mizrahi
2015-02-12 15:27 ` Jeff Garzik
2015-02-15 21:25 ` Troy Benjegerdes
2015-02-15 21:40 ` Adam Gibson
2015-02-19 8:56 ` Troy Benjegerdes
2015-02-21 19:09 ` Jorge Timón
2015-02-21 20:30 ` Mark Friedenbach
2015-02-21 22:47 ` Jeff Garzik
2015-02-22 1:15 ` Peter Todd
2015-02-22 3:25 ` Jorge Timón
2015-02-22 4:06 ` Jeff Garzik
2015-02-22 11:41 ` Eric Lombrozo
2015-02-22 12:06 ` Eric Lombrozo
2015-02-22 13:41 ` Eric Lombrozo
2015-02-22 13:53 ` Peter Todd
2015-02-22 23:29 ` Eric Lombrozo
2015-02-24 1:11 ` Jeff Garzik
2015-03-01 17:59 ` Troy Benjegerdes
2015-03-01 19:05 ` Neil Fincham
2015-03-01 17:44 ` Troy Benjegerdes
2015-02-12 16:15 ` Lawrence Nahum
2015-02-12 18:14 ` Tom Harding
2015-02-12 21:40 ` Josh Lehan
2015-02-22 16:36 ` Tom Harding
2015-02-22 17:12 ` Peter Todd
2015-02-22 19:25 ` Tom Harding
2015-02-22 21:50 ` Peter Todd
2015-05-04 4:36 ` [Bitcoin-development] New release of replace-by-fee for Bitcoin Core v0.10.1 Peter Todd
2015-05-05 2:23 ` Kevin Greene
2015-05-23 18:26 ` [Bitcoin-development] Replace-by-fee v0.10.2 - Serious DoS attack fixed! - Also novel variants of existing attacks w/ Bitcoin XT and Android Bitcoin Wallet Peter Todd
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