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Date: Fri, 15 Nov 2013 14:19:56 -0500
From: Peter Todd <pete@petertodd.org>
To: Michael Gronager <gronager@ceptacle.com>
Message-ID: <20131115191956.GB29469@petertodd.org>
References: <528367F5.9080303@ceptacle.com> <20131115103246.GB17034@savin>
	<528609E2.2050107@ceptacle.com>
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User-Agent: Mutt/1.5.21 (2010-09-15)
Cc: bitcoin-development@lists.sourceforge.net
Subject: Re: [Bitcoin-development] Even simpler minimum fee calculation
 formula: f > bounty*fork_rate/average_blocksize
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On Fri, Nov 15, 2013 at 12:47:46PM +0100, Michael Gronager wrote:
> -----BEGIN PGP SIGNED MESSAGE-----
> Hash: SHA1
>=20
> On 15/11/13, 11:32 , Peter Todd wrote:
>=20
> > alpha =3D (1/113)*600s/134kBytes =3D 39.62uS/byte =3D 24kB/second
> >=20
> > Which is atrocious...=20
>=20
> alpha =3D P_fork*t_block/S =3D 1/113*454000/134 =3D 29ms/kb

Huh? Where did 454000 come from?

> > , which shows you how little attention they are paying to
> > optimizing profits.  Right now mining pulls in $1.8 million/day, so
> > that's up to $16k wasted.
>=20
> yup, but the relevant comparison is not 16k vs 1.8m, but the pool
> operator earnings which are on the order of 1% of the 1.8m so it is 18k
> vs 16k - I wouldn't mind doubling my income...

That's only true for a PPS pool though, not the more usual pools that
pay relative to blocks actually found. Heh, actually, that might be part
of the problem... also doesn't help how varience is going to make
noticing 1% hard.

> > In
> > theory anyway, could just as easily be the case that larger pools have
> > screwed up relaying still such that p2pool's forwarding wins.
>=20
> Yeah, we should resurrect p2pool ;)

P2Pool has 1% hashing power right now; I mine on it myself with what
little hashing power I have.

The more interesting thing is how do you grow P2Pool - requiring a full
node is going to make that tricky. Also the once we start adding more
efficient block propagation by transmitting headers + txids p2pool's
current advantage goes away.

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