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authorMike Hearn <mike@plan99.net>2015-06-02 13:26:54 +0200
committerbitcoindev <bitcoindev@gnusha.org>2015-06-02 11:27:01 +0000
commit23cd418313d2da4fc803d127a14435903b1969aa (patch)
tree04aa1d15d7c092cfa0efc28b2cf5ee9d2e65540e
parent743a7b1047bb3813b7ddb2fca6469e11da73e88c (diff)
downloadpi-bitcoindev-23cd418313d2da4fc803d127a14435903b1969aa.tar.gz
pi-bitcoindev-23cd418313d2da4fc803d127a14435903b1969aa.zip
Re: [Bitcoin-development] Fwd: Block Size Increase Requirements‏
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+Cc: Bitcoin Dev <bitcoin-development@lists.sourceforge.net>
+Subject: Re: [Bitcoin-development]
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+
+--e89a8f3ba2d537931605178738af
+Content-Type: text/plain; charset=UTF-8
+
+>
+> But the majority of the hashrate can now perform double spends on your
+> chain! They can send bitcoins to exchanges, sell it, extract the money and
+> build a new longer chain to get their bitcoins back.
+>
+Obviously if the majority of the mining hash rate is doing double spending
+attacks on exchanges then the Bitcoin experiment is resolved as a failure
+and it will become abandoned. This has been known since day one: it's in
+the white paper. The basic assumption behind Bitcoin is that only a
+minority of actors are dishonest - if the majority are then Satoshi's
+scheme does not work.
+
+So you are not stating anything new here.
+
+--e89a8f3ba2d537931605178738af
+Content-Type: text/html; charset=UTF-8
+Content-Transfer-Encoding: quoted-printable
+
+<div dir=3D"ltr"><div class=3D"gmail_extra"><div class=3D"gmail_quote"><blo=
+ckquote class=3D"gmail_quote" style=3D"margin:0 0 0 .8ex;border-left:1px #c=
+cc solid;padding-left:1ex"><div><div style=3D"font-family:Verdana;font-size=
+:12.0px"><div><div style=3D"line-height:21.3px;color:rgb(68,68,68);font-fam=
+ily:Calibri,sans-serif;font-size:15px;font-style:normal;font-variant:normal=
+;font-weight:normal;letter-spacing:normal;text-align:start;text-indent:0px;=
+text-transform:none;white-space:normal;word-spacing:0px;background-color:rg=
+b(255,255,255)"><div><div><p>But the majority of the hashrate can now perfo=
+rm double spends on your chain! They can send bitcoins to exchanges, sell i=
+t, extract the money and build a new longer chain to get their bitcoins bac=
+k.</p></div></div></div></div></div></div></blockquote><div>Obviously if th=
+e majority of the mining hash rate is doing double spending attacks on exch=
+anges then the Bitcoin experiment is resolved as a failure and it will beco=
+me abandoned. This has been known since day one: it&#39;s in the white pape=
+r. The basic assumption behind Bitcoin is that only a minority of actors ar=
+e dishonest - if the majority are then Satoshi&#39;s scheme does not work.<=
+/div><div><br></div><div>So you are not stating anything new here.</div></d=
+iv></div></div>
+
+--e89a8f3ba2d537931605178738af--
+
+