diff options
| author | Paul Sztorc <truthcoin@gmail.com> | 2016-03-09 12:58:18 -0500 |
|---|---|---|
| committer | bitcoindev <bitcoindev@gnusha.org> | 2016-03-09 17:58:37 +0000 |
| commit | d91fcf7629f3c1be273144e62cb5881fac706996 (patch) | |
| tree | d6656a62dea11cc114ab556b1686c60f9029d4cd | |
| parent | d1150d8c6b0d92f7337f9e38b3452362585569c8 (diff) | |
| download | pi-bitcoindev-d91fcf7629f3c1be273144e62cb5881fac706996.tar.gz pi-bitcoindev-d91fcf7629f3c1be273144e62cb5881fac706996.zip | |
Re: [bitcoin-dev] Hardfork to fix difficulty drop algorithm
| -rw-r--r-- | 6b/a60fef93b4d5a63f31b9af64e468ae9e33872a | 135 |
1 files changed, 135 insertions, 0 deletions
diff --git a/6b/a60fef93b4d5a63f31b9af64e468ae9e33872a b/6b/a60fef93b4d5a63f31b9af64e468ae9e33872a new file mode 100644 index 000000000..4bf2f612f --- /dev/null +++ b/6b/a60fef93b4d5a63f31b9af64e468ae9e33872a @@ -0,0 +1,135 @@ +Return-Path: <truthcoin@gmail.com> +Received: from smtp1.linuxfoundation.org (smtp1.linux-foundation.org + [172.17.192.35]) + by mail.linuxfoundation.org (Postfix) with ESMTPS id 412A2BED + for <bitcoin-dev@lists.linuxfoundation.org>; + Wed, 9 Mar 2016 17:58:37 +0000 (UTC) +X-Greylist: whitelisted by SQLgrey-1.7.6 +Received: from mail-qk0-f173.google.com (mail-qk0-f173.google.com + [209.85.220.173]) + by smtp1.linuxfoundation.org (Postfix) with ESMTPS id 20E6D10C + for <bitcoin-dev@lists.linuxfoundation.org>; + Wed, 9 Mar 2016 17:58:35 +0000 (UTC) +Received: by mail-qk0-f173.google.com with SMTP id s68so23545653qkh.3 + for <bitcoin-dev@lists.linuxfoundation.org>; + Wed, 09 Mar 2016 09:58:35 -0800 (PST) +DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=gmail.com; s=20120113; + h=subject:to:references:cc:from:message-id:date:user-agent + :mime-version:in-reply-to:content-transfer-encoding; + bh=phdi+LolBeBtBnCOp1nJM+cPJw+3AVs0tb53c0xe5Lc=; + b=zioA0O/STYYAYQGZu3JCeeGfjAcE9kTvFm+pAR6mpWOwbsvam+wetoLbucOvURS0si + BEzV99CjR9KNJPWO1Cp1mLDBCPuw3Mi6ZRg043pT69f0FCbEoxZhAcpOPVSeeVRgZ47g + NrxYyY8+5ln3QyOB5R9sSXDE3i3p377VmWGWYQIFUcpde43bhaipsexyeVYwTBkYi6jG + dUly8yMgCEkEs6UMWbNVdHhE/vvDOvI0nZc8jXl6z1xBj3B3eKxuHHCp+/6D2KJeBUQq + PkLiBiWFgohtaruXcRtEWEjEGk8+U59grgAlctb++QuRnh7Lwi64bt1bZSTyruumbxYW + yu0g== +X-Google-DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; + d=1e100.net; s=20130820; + h=x-gm-message-state:subject:to:references:cc:from:message-id:date + :user-agent:mime-version:in-reply-to:content-transfer-encoding; + bh=phdi+LolBeBtBnCOp1nJM+cPJw+3AVs0tb53c0xe5Lc=; + b=btMFYjZjHSq1p4alPU26XBwc7+gfH/nWTFY0R5RbZ3r38SvLYM+ETLz0b5MCWcMwMm + u2RXDUE0U5KVkldnTq8D3SMPtMczmWik0GOR2W9wlAL2w9Wbg26i+pqmUiurjua5XCvx + ghGMh/0mkacGSFUfb0e9vsoYbUOj3B04nEyBJihNOIjnzEmZCoJKKBbRnh7P13u1uybP + hCQD4t8tShYP5M6jXqzlSe2IGGiUn3XyaM3KE/CaGkrQ4WKfsj956uM9BoVxLWh89gPu + uN075+xoayrw1Ay/JfdqIUAnShfoKq0HmTBVJAt5T4v4BaJc8UKR9FFZOqxpqQfYJelp + Vc2w== +X-Gm-Message-State: AD7BkJJE89wZapi9eAzwzz3o8bxNkyr9qRrLLxvaM6PdbZzhNzdCQMKYs+WYjkfXBrPQnw== +X-Received: by 10.55.78.11 with SMTP id c11mr12643950qkb.89.1457546314318; + Wed, 09 Mar 2016 09:58:34 -0800 (PST) +Received: from [192.168.1.104] (ool-4575fa8d.dyn.optonline.net. + [69.117.250.141]) by smtp.googlemail.com with ESMTPSA id + o67sm4123423qho.12.2016.03.09.09.58.32 + (version=TLSv1/SSLv3 cipher=OTHER); + Wed, 09 Mar 2016 09:58:32 -0800 (PST) +To: Gregory Maxwell <greg@xiph.org>, "David A. Harding" <dave@dtrt.org> +References: <201603021456.15820.luke@dashjr.org> + <20160302171418.GA5312@localhost.localdomain> + <CAAS2fgQVreFoLiHf8NhHLbT8wpSBO4WHHRU10q6Fe=3johhaoA@mail.gmail.com> + <56D78E13.2050403@gmail.com> +From: Paul Sztorc <truthcoin@gmail.com> +Message-ID: <56E0643A.8070201@gmail.com> +Date: Wed, 9 Mar 2016 12:58:18 -0500 +User-Agent: Mozilla/5.0 (Windows NT 6.1; WOW64; rv:38.0) Gecko/20100101 + Thunderbird/38.5.1 +MIME-Version: 1.0 +In-Reply-To: <56D78E13.2050403@gmail.com> +Content-Type: text/plain; charset=windows-1252 +Content-Transfer-Encoding: quoted-printable +X-Spam-Status: No, score=-2.7 required=5.0 tests=BAYES_00,DKIM_SIGNED, + DKIM_VALID, DKIM_VALID_AU, FREEMAIL_FROM, + RCVD_IN_DNSWL_LOW 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: Wed, 09 Mar 2016 18:06:22 +0000 +Cc: Bitcoin Dev <bitcoin-dev@lists.linuxfoundation.org> +Subject: Re: [bitcoin-dev] Hardfork to fix difficulty drop algorithm +X-BeenThere: bitcoin-dev@lists.linuxfoundation.org +X-Mailman-Version: 2.1.12 +Precedence: list +List-Id: Bitcoin Development 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: Wed, 09 Mar 2016 17:58:37 -0000 + + +My recent conversations with miners revealed: + +* Many have made "extra-large" hardware investments recently. +* Some wonder if we have just reached (or are quickly reaching) a +plateau of hardware-efficiency. This would mean that +hardware-investments might not be made in the critical period +immediately preceding the halving. + +However, some good news: + +* For Chinese miners, power is often purchased in fixed quantities, for +long-durations (of around 12 months, and these contracts -fortunately- +do overlap the July halving). Because power is difficult to store, this +implies that miners will *need* to mine, at all times, even at a loss. +So miners may continue to mine after the halving, no matter what. + +On the other hand, miners can default on these contracts by simply +declaring bankruptcy, at which point their equipment would be entirely +unusable, by anyone, for a very long time. + +So the problem is less likely, but more potentially-catastrophic. + +Paul + +On 3/2/2016 8:06 PM, Paul Sztorc wrote: +> +> On 3/2/2016 12:53 PM, Gregory Maxwell via bitcoin-dev wrote: +>> What you are proposing makes sense only if it was believed that a very= + +>> large difficulty drop would be very likely. +>> +>> This appears to be almost certainly untrue-- consider-- look how long +>> ago since hashrate was 50% of what it is now, or 25% of what it is +>> now-- this is strong evidence that supermajority of the hashrate is +>> equipment with state of the art power efficiency. +> I don't understand the relevance of this. +> +> In my view, we would prefer miners to invest in hardware just a mere +> 2016 blocks away from the halving. Instead, they've made them too soon.= + +> Assuming that miners are already located in low-power-cost areas, the +> difficulty will be quickly rising to compensate for "state of the art +> power efficiency". +> +> So it will have canceled out by July. +> +> If anything, the more efficient miners become today, the bigger our +> potential problem in July, because chip-manufacturers may have used up +> all of the easy efficiency-increasing moves, such that investments do +> not take place in June. +> +> Paul + + + |