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Date: Thu, 20 Oct 2022 18:28:16 -0400
From: Peter Todd <pete@petertodd.org>
To: Jeremy Rubin <jeremy.l.rubin@gmail.com>,
Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
Message-ID: <Y1HLgLkCmVJQtqT+@petertodd.org>
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Subject: Re: [bitcoin-dev] Does Bitcoin require or have an honest majority
or a rational one? (re rbf)
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On Sun, Oct 16, 2022 at 01:35:54PM -0400, Jeremy Rubin via bitcoin-dev wrot=
e:
> The Bitcoin white paper says:
>=20
> The proof-of-work also solves the problem of determining representation in
> majority decision
> making. If the majority were based on one-IP-address-one-vote, it could be
> subverted by anyone
> able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote.
> The majority
> decision is represented by the longest chain, which has the greatest
> proof-of-work effort invested
> in it. If a majority of CPU power is controlled by honest nodes, the hone=
st
> chain will grow the
> fastest and outpace any competing chains. To modify a past block, an
> attacker would have to
> redo the proof-of-work of the block and all blocks after it and then catch
> up with and surpass the
> work of the honest nodes. We will show later that the probability of a
> slower attacker catching up
> diminishes exponentially as subsequent blocks are added.
>=20
>=20
> This, Satoshi (who doesn't really matter anyways I guess?) claimed that f=
or
> Bitcoin to function properly you need a majority honest nodes.
Satoshi also made a very fundamental mistake: the whitepaper and initial
Bitcoin release chooses the *longest* chain, rather than the most work chai=
n.
Longest chain is totally broken.
What Satoshi said in the whitepaper is completely irrelevant and quoting it=
in
circumstances like this is IMO misleading.
Anyway, obviously we should always try to make systems that work properly w=
ith
an economically rational majority, rather than the much more risky honest
majority. Economically rational is a better security guarantee. And whenever
possible we should go even further, using the standard computationally
infeasible guarantees (as seen in our EC signature schems), or even,
mathematically impossible (1+1=3D2).
It's notable how in ethereum land, their smart contract schemes have lead to
significant effort in economically rational MEV optimization, at a signific=
ant
cost to decentralization (eg majority of blocks are now OFAC compliant).
There's no reason why Bitcoin should be fundamentally any different in the =
long
run.
--=20
https://petertodd.org 'peter'[:-1]@petertodd.org
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