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Cc: Bitcoin Dev <bitcoin-development@lists.sourceforge.net>
Subject: Re: [Bitcoin-development]
=?utf-8?q?Fwd=3A_Block_Size_Increase_Requir?=
=?utf-8?b?ZW1lbnRz4oCP?=
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--f46d04428c08c4e29705178774bb
Content-Type: text/plain; charset=UTF-8
On 2 June 2015 at 14:26, Mike Hearn <mike@plan99.net> wrote:
> But the majority of the hashrate can now perform double spends on your
>> chain! They can send bitcoins to exchanges, sell it, extract the money and
>> build a new longer chain to get their bitcoins back.
>>
> Obviously if the majority of the mining hash rate is doing double spending
> attacks on exchanges then the Bitcoin experiment is resolved as a failure
> and it will become abandoned. This has been known since day one: it's in
> the white paper. The basic assumption behind Bitcoin is that only a
> minority of actors are dishonest - if the majority are then Satoshi's
> scheme does not work.
>
> So you are not stating anything new here.
>
It's both consistent and credible for an agent to commit to honesty on a
chain that it openly supports and dishonesty on a chain that it openly
opposes. (Moral? Legal? Perhaps not.) That said, majority hashpower doesn't
need to be dishonest to stop a change to large blocks. It just needs to
refuse to build on blocks that it doesn't like. The minority isn't going to
mine blocks larger than 1MB if it knows they'll be orphaned.
--f46d04428c08c4e29705178774bb
Content-Type: text/html; charset=UTF-8
Content-Transfer-Encoding: quoted-printable
<div dir=3D"ltr"><div class=3D"gmail_extra"><div class=3D"gmail_quote">On 2=
June 2015 at 14:26, Mike Hearn <span dir=3D"ltr"><<a href=3D"mailto:mik=
e@plan99.net" target=3D"_blank">mike@plan99.net</a>></span> wrote:<br><b=
lockquote class=3D"gmail_quote" style=3D"margin:0px 0px 0px 0.8ex;border-le=
ft-width:1px;border-left-color:rgb(204,204,204);border-left-style:solid;pad=
ding-left:1ex"><div dir=3D"ltr"><div class=3D"gmail_extra"><div class=3D"gm=
ail_quote"><span class=3D""><blockquote class=3D"gmail_quote" style=3D"marg=
in:0px 0px 0px 0.8ex;border-left-width:1px;border-left-color:rgb(204,204,20=
4);border-left-style:solid;padding-left:1ex"><div><div style=3D"font-family=
:Verdana;font-size:12px"><div><div style=3D"line-height:21.3px;color:rgb(68=
,68,68);font-family:Calibri,sans-serif;font-size:15px;font-style:normal;fon=
t-variant:normal;font-weight:normal;letter-spacing:normal;text-align:start;=
text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;bac=
kground-color:rgb(255,255,255)"><div><div><p>But the majority of the hashra=
te can now perform double spends on your chain! They can send bitcoins to e=
xchanges, sell it, extract the money and build a new longer chain to get th=
eir bitcoins back.</p></div></div></div></div></div></div></blockquote></sp=
an><div>Obviously if the majority of the mining hash rate is doing double s=
pending attacks on exchanges then the Bitcoin experiment is resolved as a f=
ailure and it will become abandoned. This has been known since day one: it&=
#39;s in the white paper. The basic assumption behind Bitcoin is that only =
a minority of actors are dishonest - if the majority are then Satoshi's=
scheme does not work.</div><div><br></div><div>So you are not stating anyt=
hing new here.</div></div></div></div></blockquote><div>=C2=A0</div></div>I=
t's both consistent and credible for an agent to commit to honesty on a=
chain that it openly supports and dishonesty on a chain that it openly opp=
oses. (Moral? Legal? Perhaps not.) That said, majority hashpower doesn'=
t need to be dishonest to stop a change to large blocks. It just needs to r=
efuse to build on blocks that it doesn't like. The minority isn't g=
oing to mine blocks larger than 1MB if it knows they'll be orphaned.</d=
iv></div>
--f46d04428c08c4e29705178774bb--
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