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From: "Luke-Jr" <luke@dashjr.org>
To: Pieter Wuille <pieter.wuille@gmail.com>
Date: Sun, 14 Jul 2013 20:16:41 +0000
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Cc: bitcoin-development@lists.sourceforge.net, Jorge@vps7135.xlshosting.net
Subject: Re: [Bitcoin-development] libzerocoin released,
what about a zerocoin-only alt-coin with either-or mining
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On Sunday, July 14, 2013 7:42:06 PM Pieter Wuille wrote:
> On Sun, Jul 14, 2013 at 07:33:06PM +0000, Luke-Jr wrote:
> > > The issue is that unless there is a cost to mining a *invalid* block
> > > the merge mined coin has little protection from miners who mine inval=
id
> > > blocks, either maliciously or through negligence. If the coin isn't
> > > worth much, either because it's market value is low or the worth is
> > > negative to the malicious miner, your theories of value have nothing
> > > to do with the issue.
> >=20
> > Invalid blocks are rejected by validating clients in all circumstances.
>=20
> I don't think that's what John means.
>=20
> If you have hash power for the parent chain, mining invalid blocks for the
> merge-mined chain costs you nothing. Yes, they will be invalid, but you've
> lost nothing.
Nor gained anything. So the "lesser" chain maybe can't trust SPV.
But trusting SPV was already a bad idea anyway.
Note that the parent chain is not in any privileged position here either: a=
=20
merged-mined chain could provide the value to the miner he is interested in=
,=20
while he sees nothing of the parent chain. In short, merged mining is prett=
y=20
much unavoidable in any case.
> The basic assumption underlying mining security is that it is more
> profitable to collaborate with mining a chain (and profit from the block
> payout) than to attack it. In the case of merged mining, this assumption
> is not valid.
The basic assumption of SPV is that more people will be assisting rather th=
an=20
making invalid blocks. That motive doesn't necessarily need to be economic,=
=20
nor do proper validating clients rely on it. The only real assumption behin=
d=20
mining is that the majority will not be aiming to reverse transactions with=
=20
valid blocks.
P.S. How about a Zerocoin with no-reward/PoSacrifice merged mining as well =
as=20
(rewarded) Prime POW; maybe with no subsidy halving, to try a new economic=
=20
idea as well ;)
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