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| author | Eric Voskuil <eric@voskuil.org> | 2018-01-22 14:52:23 -0800 |
|---|---|---|
| committer | bitcoindev <bitcoindev@gnusha.org> | 2018-01-22 22:52:26 +0000 |
| commit | 8755ae7f77cb1a82ca405d3028db1375f5573e04 (patch) | |
| tree | df1b42558d16e9e6f2ef936f90c9a4e86c50e958 | |
| parent | 3effcc7202c58c432a88d85c99d915397f630ef8 (diff) | |
| download | pi-bitcoindev-8755ae7f77cb1a82ca405d3028db1375f5573e04.tar.gz pi-bitcoindev-8755ae7f77cb1a82ca405d3028db1375f5573e04.zip | |
Re: [bitcoin-dev] Blockchain Voluntary Fork (Split) Proposal (Chaofan Li)
| -rw-r--r-- | a4/7d3552855205ebf05947612d9a74844e780e84 | 116 |
1 files changed, 116 insertions, 0 deletions
diff --git a/a4/7d3552855205ebf05947612d9a74844e780e84 b/a4/7d3552855205ebf05947612d9a74844e780e84 new file mode 100644 index 000000000..79c41415f --- /dev/null +++ b/a4/7d3552855205ebf05947612d9a74844e780e84 @@ -0,0 +1,116 @@ +Return-Path: <eric@voskuil.org> +Received: from smtp1.linuxfoundation.org (smtp1.linux-foundation.org + [172.17.192.35]) + by mail.linuxfoundation.org (Postfix) with ESMTPS id AB896E69 + for <bitcoin-dev@lists.linuxfoundation.org>; + Mon, 22 Jan 2018 22:52:26 +0000 (UTC) +X-Greylist: whitelisted by SQLgrey-1.7.6 +Received: from mail-io0-f194.google.com (mail-io0-f194.google.com + [209.85.223.194]) + by smtp1.linuxfoundation.org (Postfix) with ESMTPS id 11027285 + for <bitcoin-dev@lists.linuxfoundation.org>; + Mon, 22 Jan 2018 22:52:25 +0000 (UTC) +Received: by mail-io0-f194.google.com with SMTP id d13so6644438iog.5 + for <bitcoin-dev@lists.linuxfoundation.org>; + Mon, 22 Jan 2018 14:52:25 -0800 (PST) +DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; + d=voskuil-org.20150623.gappssmtp.com; s=20150623; + h=mime-version:subject:from:in-reply-to:date:cc + :content-transfer-encoding:message-id:references:to; + bh=HjCOD4YJHOZneudf/zE322tpR38QjzBapdRQrWbB/sY=; + b=GSjji0RJU1myM7/Nzow3ghwcLzcrVzzhhD9yth/JXyuGvI3hxjxP3fSkEVi3BdPigY + 3GcFqlBVq2Qk+qvsC7XK0C0ceDrMTj8Yq8hPquUZ2QFi4VdVjNrr5zA/B7+TvLoCTpU2 + lIfq24I5ZKNWrnxumAtwiGKqDibVKIUQaWmEeFBlPoAAtIqyTMqwZ4tQ6b/6eitRQwhq + J9o2IMvR00dzPVlVILcg5K6bFPjvAisjtySgCD5oISZyUsJBKx39UMZQuOa7ss1cHYTD + 9e5tHgRvGWjrrFmTT7CIJcTU2DOhwBrUDeMwUTQZrmM3H5HnC67BT/dXKqSjpcZu2xG3 + vgzA== +X-Google-DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; + d=1e100.net; s=20161025; + h=x-gm-message-state:mime-version:subject:from:in-reply-to:date:cc + :content-transfer-encoding:message-id:references:to; + bh=HjCOD4YJHOZneudf/zE322tpR38QjzBapdRQrWbB/sY=; + b=WOUvOU+o0ZmieSujY9pvRKy72ylqoH/p50vdJNGTGqY/7w3s7cPbByZBdu6o8uilqB + PPuhAXCClBRL5crnFQ8pLZituq3qti1EBz+fliStEK4ISXAkyux3C/j6vWWsuBjKt/02 + AXHd6cI3O5zpR2yf0CvOxy1a0j6nzwHaTB8EerDCKJwxUPvZKSUdbBbG+zFQ4fpIS7hm + wqlqm5TpWsLE6QHkLXav14Dhascbp9oXn4sZUrYbTbhtBS8h9ODBbmUONh7v8NrQTlNn + 0XMqNJZJY7Y24HNqXw+Z19C2hiL0yMrfXKfHIFZl7+7wXFqhZHwdRk8a3dg29Ve0VEmB + s1Tg== +X-Gm-Message-State: AKwxyte7EEbMmOc8Spqg6CeYEDHpChH4hwa5EULby+oTJs7fhOwibBe7 + N+sqWBBrDLx7eHpEFeCPCwdCKw== +X-Google-Smtp-Source: AH8x225Grfl3YvQNHWG1kCRc04hjAkJ1bwsx/+uwEaB3slwkG9Jmxtwv58oj9xwb9n0J3q7WU6Id5A== +X-Received: by 10.107.9.200 with SMTP id 69mr762530ioj.289.1516661545435; + Mon, 22 Jan 2018 14:52:25 -0800 (PST) +Received: from ?IPv6:2601:600:a080:16bb:19f4:bd85:8d70:2db3? + ([2601:600:a080:16bb:19f4:bd85:8d70:2db3]) + by smtp.gmail.com with ESMTPSA id + m21sm4329973itb.43.2018.01.22.14.52.24 + (version=TLS1_2 cipher=ECDHE-RSA-AES128-GCM-SHA256 bits=128/128); + Mon, 22 Jan 2018 14:52:24 -0800 (PST) +Content-Type: text/plain; + charset=utf-8 +Mime-Version: 1.0 (1.0) +From: Eric Voskuil <eric@voskuil.org> +X-Mailer: iPhone Mail (15C153) +In-Reply-To: <091F89E0-FBA0-42F9-9166-CF121A84319F@friedenbach.org> +Date: Mon, 22 Jan 2018 14:52:23 -0800 +Content-Transfer-Encoding: quoted-printable +Message-Id: <E39CFE95-1A0D-413B-8AC1-7A9BE20737BC@voskuil.org> +References: <CALTsm7iyJjQa5rkddZj2jL_BTdGxH+6Xz78Rt0wOqW1OveecHw@mail.gmail.com> + <CALTsm7gQC8RejAhmobzejEoU4T7xLf77Ykk2m0p=Z2=oM2p0Uw@mail.gmail.com> + <CALTsm7irVCPE0_JE28NviEUdvVoE1bVcQ37w13VX2bKKb_RnVg@mail.gmail.com> + <091F89E0-FBA0-42F9-9166-CF121A84319F@friedenbach.org> +To: Mark Friedenbach <mark@friedenbach.org>, + Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org> +X-Spam-Status: No, score=-1.9 required=5.0 tests=BAYES_00,DKIM_SIGNED, + DKIM_VALID, MIME_QP_LONG_LINE, + RCVD_IN_DNSWL_NONE autolearn=ham version=3.3.1 +X-Spam-Checker-Version: SpamAssassin 3.3.1 (2010-03-16) on + smtp1.linux-foundation.org +X-Mailman-Approved-At: Mon, 22 Jan 2018 22:53:50 +0000 +Cc: Ilan Oh <ilansky.sharkson@gmail.com> +Subject: Re: [bitcoin-dev] Blockchain Voluntary Fork (Split) Proposal + (Chaofan Li) +X-BeenThere: bitcoin-dev@lists.linuxfoundation.org +X-Mailman-Version: 2.1.12 +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, 22 Jan 2018 22:52:26 -0000 + +This is true but confuses people because obviously miners must commit capita= +l to mining before any block space can exist to have value. The reason for t= +he misunderstanding is that miners don=E2=80=99t simply respond, they antici= +pate. All production, and therefore capital investment, is the result of ant= +icipation of future returns, not an attempt to chase past returns. + +The first miner anticipated that the then-worthless =E2=80=9Ctokens=E2=80=9D= + he was mining would have a future value. Turns out he was right. Others hav= +e been wrong, which is the nature of betting on future prices. But if nobody= + does it, there are no products. + +e + +> On Jan 22, 2018, at 11:59, Mark Friedenbach via bitcoin-dev <bitcoin-dev@l= +ists.linuxfoundation.org> wrote: +>=20 +>=20 +>> On Jan 22, 2018, at 11:01 AM, Ilan Oh via bitcoin-dev <bitcoin-dev@lists.= +linuxfoundation.org> wrote: +>>=20 +>> The chain with the most mining power will tend to have more value. +>=20 +> I believe you have the causality on that backwards. The tokens which are w= +orth more value will attract more mining hash rate. Miners respond to cash-o= +ut value, they don=E2=80=99t set it. +>=20 +> _______________________________________________ +> bitcoin-dev mailing list +> bitcoin-dev@lists.linuxfoundation.org +> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev + |