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From: LORD HIS EXCELLENCY JAMES HRMH <willtech@live.com.au>
To: Dave Scotese <dscotese@litmocracy.com>, Bitcoin Protocol Discussion
 <bitcoin-dev@lists.linuxfoundation.org>, "David A. Harding" <dave@dtrt.org>
Thread-Topic: [bitcoin-dev] Block solving slowdown question/poll
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Subject: Re: [bitcoin-dev] Block solving slowdown question/poll
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There seems to be the real possibility that miners are simply trying to opt=
imise mining profit by limiting the average hash rate during the retargetin=
g, saving some electricity but poorly considering the overall situation whe=
re they give opportunity to other miners probably raising the hashrate for =
the next period. It is far more profitable for the ecosystem considering th=
e whole to hold a lottery for minig as has been discussed elsewhere some ti=
me ago.

Regards,
LORD HIS EXCELLENCY JAMES HRMH


________________________________
From: bitcoin-dev <bitcoin-dev-bounces@lists.linuxfoundation.org> on behalf=
 of David A. Harding via bitcoin-dev <bitcoin-dev@lists.linuxfoundation.org=
>
Sent: Sunday, 22 March 2020 6:54 PM
To: Dave Scotese <dscotese@litmocracy.com>; Bitcoin Protocol Discussion <bi=
tcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Block solving slowdown question/poll

On Sat, Mar 21, 2020 at 11:40:24AM -0700, Dave Scotese via bitcoin-dev wrot=
e:
> [Imagine] we also see mining power dropping off at a rate that
> suggests the few days [until retarget] might become a few weeks, and
> then, possibly, a few months or even the unthinkable, a few eons.  I'm
> curious to know if anyone has ideas on how this might be handled

There are only two practical solutions I'm aware of:

1. Do nothing
2. Hard fork a difficulty reduction

If bitcoins retain even a small fraction of their value compared to the
previous retarget period and if most mining equipment is still available
for operation, then doing nothing is probably the best choice---as block
space becomes scarcer, transaction feerates will increase and miners
will be incentivized to increase their block production rate.

If the bitcoin price has plummeted more than, say, 99% in two weeks
with no hope of short-term recovery or if a large fraction of mining
equipment has become unusable (again, say, 99% in two weeks with no
hope of short-term recovery), then it's probably worth Bitcoin users
discussing a hard fork to reduce difficulty to a currently sustainable
level.

-Dave

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or:rgb(0,0,0)">
There seems to be the real possibility that miners are simply trying to opt=
imise mining profit by limiting the average hash rate during the retargetin=
g, saving some electricity but poorly considering the overall situation whe=
re they give opportunity to other
 miners probably raising the hashrate for the next period. It is far more p=
rofitable for the ecosystem considering the whole to hold a lottery for min=
ig as has been discussed elsewhere some time ago.<br>
</div>
<div style=3D"font-family:Calibri,Helvetica,sans-serif; font-size:12pt; col=
or:rgb(0,0,0)">
<br>
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or:rgb(0,0,0)">
<div style=3D"font-family:Calibri,Helvetica,sans-serif; font-size:12pt; col=
or:rgb(0,0,0)">
Regards,</div>
<div style=3D"font-family:Calibri,Helvetica,sans-serif; font-size:12pt; col=
or:rgb(0,0,0)">
LORD HIS EXCELLENCY JAMES HRMH </div>
</div>
<div><br>
</div>
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<div id=3D"Signature">
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or:rgb(0,0,0)">
<br>
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<hr tabindex=3D"-1" style=3D"display:inline-block; width:98%">
<div id=3D"divRplyFwdMsg" dir=3D"ltr"><font style=3D"font-size:11pt" face=
=3D"Calibri, sans-serif" color=3D"#000000"><b>From:</b> bitcoin-dev &lt;bit=
coin-dev-bounces@lists.linuxfoundation.org&gt; on behalf of David A. Hardin=
g via bitcoin-dev &lt;bitcoin-dev@lists.linuxfoundation.org&gt;<br>
<b>Sent:</b> Sunday, 22 March 2020 6:54 PM<br>
<b>To:</b> Dave Scotese &lt;dscotese@litmocracy.com&gt;; Bitcoin Protocol D=
iscussion &lt;bitcoin-dev@lists.linuxfoundation.org&gt;<br>
<b>Subject:</b> Re: [bitcoin-dev] Block solving slowdown question/poll</fon=
t>
<div>&nbsp;</div>
</div>
<div class=3D"BodyFragment"><font size=3D"2"><span style=3D"font-size:11pt"=
>
<div class=3D"PlainText">On Sat, Mar 21, 2020 at 11:40:24AM -0700, Dave Sco=
tese via bitcoin-dev wrote:<br>
&gt; [Imagine] we also see mining power dropping off at a rate that<br>
&gt; suggests the few days [until retarget] might become a few weeks, and<b=
r>
&gt; then, possibly, a few months or even the unthinkable, a few eons.&nbsp=
; I'm<br>
&gt; curious to know if anyone has ideas on how this might be handled<br>
<br>
There are only two practical solutions I'm aware of:<br>
<br>
1. Do nothing<br>
2. Hard fork a difficulty reduction<br>
<br>
If bitcoins retain even a small fraction of their value compared to the<br>
previous retarget period and if most mining equipment is still available<br=
>
for operation, then doing nothing is probably the best choice---as block<br=
>
space becomes scarcer, transaction feerates will increase and miners<br>
will be incentivized to increase their block production rate.<br>
<br>
If the bitcoin price has plummeted more than, say, 99% in two weeks<br>
with no hope of short-term recovery or if a large fraction of mining<br>
equipment has become unusable (again, say, 99% in two weeks with no<br>
hope of short-term recovery), then it's probably worth Bitcoin users<br>
discussing a hard fork to reduce difficulty to a currently sustainable<br>
level.<br>
<br>
-Dave<br>
</div>
</span></font></div>
</div>
</div>
</div>
</body>
</html>

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