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Date: Sat, 25 Oct 2014 23:49:54 +0300
Message-ID: <CAE28kUT-Ywo=de94HVJCmLJhWnf_=v5Vo=M9pjed-YhEAu5Sjw@mail.gmail.com>
From: Alex Mizrahi <alex.mizrahi@gmail.com>
To: Bitcoin Dev <bitcoin-development@lists.sourceforge.net>
Content-Type: multipart/alternative; boundary=047d7b4721e08d49e20506457057
Subject: Re: [Bitcoin-development] death by halving
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> For the sake of argument, lets assume that somehow (quite unlikely)


Why is it unlikely? Do you believe that the cost of electricity cannot be
higher than expected mining revenue?
Or do you expect miners to keep mining when it costs them money?


> half the mining equipment gets shut off.
> The amount of hashes/second is such that it is currently, lets just say,
> quite
> secure against any takeover.
>

The equipment won't be simply turned off, it will be up for grabs.

Please check this web sites:

https://nicehash.com/
https://www.multipool.us/

One can use them in the same way he uses normal mining pools, and they
switch between different chains.
Say, multipool.us can switch between BTC and PPC (Peercoin).
Mining BTC will be less profitable after a halving, so a miner who is
willing to maximize his profits might use multipool to auto-switch to
something more profitable.
Which might be attack-on-Bitcoin.
E.g. if 60% of bitcoin's total hashrate is available via "multipools", one
can try to pull of a double-spending attack.


> Your document makes a long series of assumptions about how this can turn
> out
> bad with each individually is implausible, together are just fiction.
>

It sounds like you failed to grasp even basics.

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<div dir=3D"ltr"><div class=3D"gmail_extra"><div class=3D"gmail_quote"><div=
>=C2=A0</div><blockquote class=3D"gmail_quote" style=3D"margin:0px 0px 0px =
0.8ex;border-left-width:1px;border-left-color:rgb(204,204,204);border-left-=
style:solid;padding-left:1ex">For the sake of argument, lets assume that so=
mehow (quite unlikely)</blockquote><div><br></div><div>Why is it unlikely? =
Do you believe that the cost of electricity cannot be higher than expected =
mining revenue?</div><div>Or do you expect miners to keep mining when it co=
sts them money?</div><div>=C2=A0</div><blockquote class=3D"gmail_quote" sty=
le=3D"margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-color:rgb(=
204,204,204);border-left-style:solid;padding-left:1ex"> half the=C2=A0minin=
g equipment gets shut off.<br>
The amount of hashes/second is such that it is currently, lets just say, qu=
ite<br>
secure against any takeover.<br></blockquote><div><br></div><div>The equipm=
ent won&#39;t be simply turned off, it will be up for grabs.</div><div><br>=
</div><div>Please check this web sites:</div><div><br></div><div><a href=3D=
"https://nicehash.com/">https://nicehash.com/</a></div><div><a href=3D"http=
s://www.multipool.us/">https://www.multipool.us/</a>=C2=A0</div><div><br></=
div><div>One can use them in the same way he uses normal mining pools, and =
they switch between different chains.</div><div>Say, <a href=3D"http://mult=
ipool.us">multipool.us</a> can switch between BTC and PPC (Peercoin).</div>=
<div>Mining BTC will be less profitable after a halving, so a miner who is =
willing to maximize his profits might use multipool to auto-switch to somet=
hing more profitable.</div><div>Which might be attack-on-Bitcoin.</div><div=
>E.g. if 60% of bitcoin&#39;s total hashrate is available via &quot;multipo=
ols&quot;, one can try to pull of a double-spending attack.</div><div>=C2=
=A0<br></div><blockquote class=3D"gmail_quote" style=3D"margin:0px 0px 0px =
0.8ex;border-left-width:1px;border-left-color:rgb(204,204,204);border-left-=
style:solid;padding-left:1ex">Your document makes a long series of assumpti=
ons about how this can turn out<br>
bad with each individually is implausible, together are just fiction.<br></=
blockquote><div><br></div><div>It sounds like you failed to grasp even basi=
cs.</div></div></div></div>

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