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Cc: Bitcoin Dev <bitcoin-development@lists.sourceforge.net>
Subject: Re: [Bitcoin-development] Coinbase reallocation to discourage
Finney attacks
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--047d7b41cd281d775304f7b71fca
Content-Type: text/plain; charset=UTF-8
>
> No. Bitcoin should work if miners are merely individually rational, i.e.
> they try to maximize their pay-offs without colluding with others.
>
And it still would. Non-collusive miners cast votes based on the outcome of
their own attempts to double spend. If enough agree then they all agree
that the vote is binding.
> I guess word "honest" might have different meanings, that can be a source
> of confusing.
> 1. Honest -- not trying to destroy bitcoin
> 2. Honest -- following rules which are not required by the protocol
>
I'm using it in the same sense Satoshi used it. Honest miners work to
prevent double spends. That's the entire justification for their existence.
Miners that are deliberately trying to double spend are worse than useless.
--047d7b41cd281d775304f7b71fca
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"><blo=
ckquote class=3D"gmail_quote" style=3D"margin:0 0 0 .8ex;border-left:1px #c=
cc solid;padding-left:1ex"><div dir=3D"ltr"><div class=3D"gmail_extra"><div=
class=3D"gmail_quote">
<div class=3D""><div>No. Bitcoin should work if miners are merely individua=
lly rational, i.e. they try to maximize their pay-offs without colluding wi=
th others.<br></div></div></div></div></div></blockquote><div><br></div><di=
v>
And it still would. Non-collusive miners cast votes based on the outcome of=
their own attempts to double spend. If enough agree then they all agree th=
at the vote is binding.</div><div>=C2=A0</div><blockquote class=3D"gmail_qu=
ote" style=3D"margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex=
">
<div dir=3D"ltr"><div class=3D"gmail_extra"><div class=3D"gmail_quote"><div=
class=3D""><div></div></div><div>I guess word "honest" might hav=
e different meanings, that can be a source of confusing.<br></div>
<div>1. Honest -- not trying to destroy bitcoin</div><div>2. Honest -- foll=
owing rules which are not required by the protocol</div></div></div></div><=
/blockquote><div><br></div><div>I'm using it in the same sense Satoshi =
used it. Honest miners work to prevent double spends. That's the entire=
justification for their existence. Miners that are deliberately trying to =
double spend are worse than useless.</div>
</div></div></div>
--047d7b41cd281d775304f7b71fca--
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