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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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--e89a8f3ba2d537931605178738af
Content-Type: text/plain; charset=UTF-8
>
> 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.
--e89a8f3ba2d537931605178738af
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><div style=3D"font-family:Verdana;font-size=
:12.0px"><div><div style=3D"line-height:21.3px;color:rgb(68,68,68);font-fam=
ily:Calibri,sans-serif;font-size:15px;font-style:normal;font-variant:normal=
;font-weight:normal;letter-spacing:normal;text-align:start;text-indent:0px;=
text-transform:none;white-space:normal;word-spacing:0px;background-color:rg=
b(255,255,255)"><div><div><p>But the majority of the hashrate can now perfo=
rm double spends on your chain! They can send bitcoins to exchanges, sell i=
t, extract the money and build a new longer chain to get their bitcoins bac=
k.</p></div></div></div></div></div></div></blockquote><div>Obviously if th=
e majority of the mining hash rate is doing double spending attacks on exch=
anges then the Bitcoin experiment is resolved as a failure and it will beco=
me abandoned. This has been known since day one: it's in the white pape=
r. The basic assumption behind Bitcoin is that only a minority of actors ar=
e dishonest - if the majority are then Satoshi's scheme does not work.<=
/div><div><br></div><div>So you are not stating anything new here.</div></d=
iv></div></div>
--e89a8f3ba2d537931605178738af--
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