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| author | Jeremy <jlrubin@mit.edu> | 2021-12-12 17:31:42 -0800 |
|---|---|---|
| committer | bitcoindev <bitcoindev@gnusha.org> | 2021-12-13 01:31:58 +0000 |
| commit | 58218577abd776851a9cd39b9f6cc1f107a4294d (patch) | |
| tree | efec9ff12068478056d26d2a5b7709e473079623 | |
| parent | 84f611670fe5f7297e1faba0e6659e62159aae2b (diff) | |
| download | pi-bitcoindev-58218577abd776851a9cd39b9f6cc1f107a4294d.tar.gz pi-bitcoindev-58218577abd776851a9cd39b9f6cc1f107a4294d.zip | |
Re: [bitcoin-dev] [Bitcoin Advent Calendar] Decentralized Coordination Free Mining Pools
| -rw-r--r-- | b8/1809a8bdfeda40b859852089ea63a78eef9f6b | 156 |
1 files changed, 156 insertions, 0 deletions
diff --git a/b8/1809a8bdfeda40b859852089ea63a78eef9f6b b/b8/1809a8bdfeda40b859852089ea63a78eef9f6b new file mode 100644 index 000000000..a22dafa1a --- /dev/null +++ b/b8/1809a8bdfeda40b859852089ea63a78eef9f6b @@ -0,0 +1,156 @@ +Return-Path: <jlrubin@mit.edu> +Received: from smtp3.osuosl.org (smtp3.osuosl.org [IPv6:2605:bc80:3010::136]) + by lists.linuxfoundation.org (Postfix) with ESMTP id 26EA6C0012 + for <bitcoin-dev@lists.linuxfoundation.org>; + Mon, 13 Dec 2021 01:31:58 +0000 (UTC) +Received: from localhost (localhost [127.0.0.1]) + by smtp3.osuosl.org (Postfix) with ESMTP id 1539660EE1 + for <bitcoin-dev@lists.linuxfoundation.org>; + Mon, 13 Dec 2021 01:31:58 +0000 (UTC) +X-Virus-Scanned: amavisd-new at osuosl.org +X-Spam-Flag: NO +X-Spam-Score: -4.199 +X-Spam-Level: +X-Spam-Status: No, score=-4.199 tagged_above=-999 required=5 + tests=[BAYES_00=-1.9, HTML_MESSAGE=0.001, RCVD_IN_DNSWL_MED=-2.3, + SPF_HELO_NONE=0.001, SPF_PASS=-0.001] autolearn=ham autolearn_force=no +Received: from smtp3.osuosl.org ([127.0.0.1]) + by localhost (smtp3.osuosl.org [127.0.0.1]) (amavisd-new, port 10024) + with ESMTP id wT_VdiViRVI0 + for <bitcoin-dev@lists.linuxfoundation.org>; + Mon, 13 Dec 2021 01:31:56 +0000 (UTC) +X-Greylist: domain auto-whitelisted by SQLgrey-1.8.0 +Received: from outgoing.mit.edu (outgoing-auth-1.mit.edu [18.9.28.11]) + by smtp3.osuosl.org (Postfix) with ESMTPS id B301360E36 + for <bitcoin-dev@lists.linuxfoundation.org>; + Mon, 13 Dec 2021 01:31:56 +0000 (UTC) +Received: from mail-lf1-f48.google.com (mail-lf1-f48.google.com + [209.85.167.48]) (authenticated bits=0) + (User authenticated as jlrubin@ATHENA.MIT.EDU) + by outgoing.mit.edu (8.14.7/8.12.4) with ESMTP id 1BD1VrW3018019 + (version=TLSv1/SSLv3 cipher=AES128-GCM-SHA256 bits=128 verify=NOT) + for <bitcoin-dev@lists.linuxfoundation.org>; Sun, 12 Dec 2021 20:31:54 -0500 +Received: by mail-lf1-f48.google.com with SMTP id z7so28032183lfi.11 + for <bitcoin-dev@lists.linuxfoundation.org>; + Sun, 12 Dec 2021 17:31:54 -0800 (PST) +X-Gm-Message-State: AOAM533zfZ5mAT2aN5/k2Am1h5y7LWSV0uAKnzzo2LqcDSoeTBVnc3Eg + thDMm3b9SQbEayaUk0HVVLH5nI0MYwJs6FQHzo8= +X-Google-Smtp-Source: ABdhPJzHxUn5tzpE5gfLCXEEVxiw4XEJ1IWZZByPgvvpAW9GyhpIxnwGbSI9sEx4kgFc064/798SQIktudvAqLBuuRk= +X-Received: by 2002:a19:f242:: with SMTP id d2mr26059351lfk.516.1639359113257; + Sun, 12 Dec 2021 17:31:53 -0800 (PST) +MIME-Version: 1.0 +References: <CAD5xwhgOK6p7fqZPha1jvDgo=4Syti9K46a2A48Eas44dn9v6Q@mail.gmail.com> + <57315643-a4c33a2ff7196be1070725cf1903435e@pmq6v.m5r2.onet> +In-Reply-To: <57315643-a4c33a2ff7196be1070725cf1903435e@pmq6v.m5r2.onet> +From: Jeremy <jlrubin@mit.edu> +Date: Sun, 12 Dec 2021 17:31:42 -0800 +X-Gmail-Original-Message-ID: <CAD5xwhgPFxm9_K_z4gomDa9AV1FAdhCq+-YYnreJAS+jcW+4Sw@mail.gmail.com> +Message-ID: <CAD5xwhgPFxm9_K_z4gomDa9AV1FAdhCq+-YYnreJAS+jcW+4Sw@mail.gmail.com> +To: vjudeu@gazeta.pl +Content-Type: multipart/alternative; boundary="0000000000009ae87905d2fd093a" +Cc: Bitcoin development mailing list <bitcoin-dev@lists.linuxfoundation.org> +Subject: Re: [bitcoin-dev] [Bitcoin Advent Calendar] Decentralized + Coordination Free Mining Pools +X-BeenThere: bitcoin-dev@lists.linuxfoundation.org +X-Mailman-Version: 2.1.15 +Precedence: list +List-Id: Bitcoin Protocol Discussion <bitcoin-dev.lists.linuxfoundation.org> +List-Unsubscribe: <https://lists.linuxfoundation.org/mailman/options/bitcoin-dev>, + <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=unsubscribe> +List-Archive: <http://lists.linuxfoundation.org/pipermail/bitcoin-dev/> +List-Post: <mailto:bitcoin-dev@lists.linuxfoundation.org> +List-Help: <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=help> +List-Subscribe: <https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev>, + <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=subscribe> +X-List-Received-Date: Mon, 13 Dec 2021 01:31:58 -0000 + +--0000000000009ae87905d2fd093a +Content-Type: text/plain; charset="UTF-8" + +Hey there! + +Thanks for your response! + +One of the reasons to pick a longer window of, say, a couple difficulty +periods would be that you can make participation in the pool hedge you +against hashrate changes. + +You're absolutely spot on to think about the impact of pooling w.r.t. +variance when fees > subsidy. That's not really in the analysis I had in +the (old) post, but when the block revenues swing, dcfmp over longer +periods can really smooth out the revenues for miners in a great way. This can +also help with the "mind the gap" problem when there isn't a backlog of +transactions, since producing an empty block still has some value (in order +to incentivize mining transaction at all and not cheating, we need to +reward txn inclusion as I think you're trying to point out. + +Sadly, I've read the rest of your email a couple times and I don't really +get what you're proposing at all. It jumps right into "things you could +compute". Can you maybe try stating the goals of your payout function, and +then demonstrate how what you're proposing meets that? E.g., we want to pay +more to miners that do x? + +--0000000000009ae87905d2fd093a +Content-Type: text/html; charset="UTF-8" +Content-Transfer-Encoding: quoted-printable + +<div dir=3D"ltr"><div dir=3D"ltr"><div class=3D"gmail_default" style=3D"fon= +t-family:arial,helvetica,sans-serif;font-size:small;color:rgb(0,0,0)">Hey t= +here!</div><div class=3D"gmail_default" style=3D"font-family:arial,helvetic= +a,sans-serif;font-size:small;color:rgb(0,0,0)"><br></div><div class=3D"gmai= +l_default" style=3D"font-family:arial,helvetica,sans-serif;font-size:small;= +color:rgb(0,0,0)">Thanks for your response!</div></div><div class=3D"gmail_= +quote"><div dir=3D"ltr" class=3D"gmail_attr"><br></div><div class=3D"gmail_= +attr"><span style=3D"color:rgb(0,0,0);font-family:arial,helvetica,sans-seri= +f"><span class=3D"gmail_default" style=3D"font-family:arial,helvetica,sans-= +serif;font-size:small;color:rgb(0,0,0)">One of the reasons to pick a longer= + window of, say, a couple difficulty periods would be that you can make par= +ticipation in the pool hedge you against hashrate changes.</span></span></d= +iv><div class=3D"gmail_attr"><span class=3D"gmail_default" style=3D"color:r= +gb(0,0,0);font-family:arial,helvetica,sans-serif"><br></span></div><div cla= +ss=3D"gmail_attr"><span class=3D"gmail_default" style=3D"color:rgb(0,0,0);f= +ont-family:arial,helvetica,sans-serif">You're absolutely spot on to thi= +nk about the impact of pooling w.r.t. variance when fees > subsidy. That= +'s not really in the analysis I had in the (old) post, but when the blo= +ck revenues swing, dcfmp over longer periods can really smooth out the reve= +nues for miners in a great way. This=C2=A0</span><span class=3D"gmail_defau= +lt" style=3D"color:rgb(0,0,0);font-family:arial,helvetica,sans-serif"></spa= +n><span style=3D"color:rgb(0,0,0);font-family:arial,helvetica,sans-serif"><= +span class=3D"gmail_default" style=3D"font-family:arial,helvetica,sans-seri= +f;font-size:small;color:rgb(0,0,0)">can also help with the "mind the g= +ap" problem when there isn't a backlog of transactions, since prod= +ucing an empty block still has some value (in order to incentivize mining t= +ransaction at all and not cheating, we need to reward txn inclusion as I th= +ink you're trying to point out.</span></span></div><div class=3D"gmail_= +attr"><span style=3D"color:rgb(0,0,0);font-family:arial,helvetica,sans-seri= +f"><span class=3D"gmail_default" style=3D"font-family:arial,helvetica,sans-= +serif;font-size:small;color:rgb(0,0,0)"><br></span></span></div><div class= +=3D"gmail_attr"><span style=3D"color:rgb(0,0,0);font-family:arial,helvetica= +,sans-serif"><span class=3D"gmail_default" style=3D"font-family:arial,helve= +tica,sans-serif;font-size:small;color:rgb(0,0,0)">Sadly, I've read the = +rest of your email a couple times and I don't really get what you'r= +e proposing at all. It jumps right into "things you could compute"= +;. Can you maybe try stating the goals of your payout function, and then de= +monstrate how what you're proposing meets that? E.g., we want to pay mo= +re to miners that do x?</span></span></div><div class=3D"gmail_attr"><span = +style=3D"color:rgb(0,0,0);font-family:arial,helvetica,sans-serif"><span cla= +ss=3D"gmail_default" style=3D"font-family:arial,helvetica,sans-serif;font-s= +ize:small;color:rgb(0,0,0)"><br></span></span></div><div class=3D"gmail_att= +r"><span style=3D"color:rgb(0,0,0);font-family:arial,helvetica,sans-serif">= +<span class=3D"gmail_default" style=3D"font-family:arial,helvetica,sans-ser= +if;font-size:small;color:rgb(0,0,0)"></span></span></div><div dir=3D"ltr" c= +lass=3D"gmail_attr"><br></div><blockquote class=3D"gmail_quote" style=3D"ma= +rgin:0px 0.8ex;border-left-width:1px;border-left-style:solid;border-left-co= +lor:rgb(204,204,204);border-right-width:1px;border-right-style:solid;border= +-right-color:rgb(204,204,204);padding-left:1ex;padding-right:1ex"><blockquo= +te style=3D"margin-left:7px;border-left-width:2px;border-left-style:solid;b= +order-left-color:orange;padding-left:8px"><div dir=3D"ltr"><div><div dir=3D= +"ltr"><div dir=3D"ltr"></div> +</div> +</div> +</div> +</blockquote> +</blockquote></div></div> + +--0000000000009ae87905d2fd093a-- + |