Feedback-ID: i525146e8:Fastmail
Date: Mon, 11 Jul 2022 17:56:53 -0400
From: Peter Todd <pete@petertodd.org>
To: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
Message-ID: <YsycpTbb3IYpQ2I7@petertodd.org>
References: <CAHUJnBDYDbgr3C158o7c6_XXdG+kqJruFo=od_RmPFk_GS0udw@mail.gmail.com>
 <CAMZUoKmN1Sj=C-asUKCB0hbe-V2fRMsFzNn6kcsJeigbnz3fgQ@mail.gmail.com>
 <YsyX9Hjz4LU5otaT@petertodd.org>
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In-Reply-To: <YsyX9Hjz4LU5otaT@petertodd.org>
Subject: Re: [bitcoin-dev] Security problems with relying on transaction
 fees for security
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On Mon, Jul 11, 2022 at 05:36:52PM -0400, Peter Todd via bitcoin-dev wrote:
> On Mon, Jul 11, 2022 at 04:35:02PM -0400, Russell O'Connor via bitcoin-de=
v wrote:
> > > What happens after that I'm not sure.
> > >
> >=20
> > Miners will learn to create anyone-can-spend outputs to bribe other min=
ers
> > to build on their block rather than reorg it.  (Due to the coinbase
> > maturity, this will require some amount of floating capital.)
>=20
> ...and that's a disaster for mining centralization, because the smaller m=
iners
> need to pay larger bribes than larger miners. Not to mention having to ke=
ep
> capital around to do it.

Also, note how from a practical point of view, we'll need to add a new type=
 of
tx that's only valid in a specific block, or other miners will just reorg t=
hose
anyone-can-spend outputs to steal them. It's not all that trivial to actual=
ly
do that... you'd have to have a signature that commits to the non-segwit pa=
rt
of the coinbase outputs. Ugh.

--=20
https://petertodd.org 'peter'[:-1]@petertodd.org

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