From j.faber at elevate.nl Tue Mar 29 01:03:50 2016 From: j.faber at elevate.nl (Jannes Faber) Date: Tue, 29 Mar 2016 03:03:50 +0200 Subject: [Lightning-dev] Breach tx vulnerability & CPFP attack In-Reply-To: <874mbqcghf.fsf@rustcorp.com.au> References: <55C4F22D-C7D0-40E7-8910-B008BA4842C0@gmail.com> <874mbqcghf.fsf@rustcorp.com.au> Message-ID: On 29 Mar 2016 2:15 a.m., "Rusty Russell" wrote: > Peter Todd once said small miners are more important than big miners > (maybe it was in person; I can't find it with a quick google). This > is why. Peter Todd: > So, why do we give miners transaction fees anyway? Well, they are providing a service of "mining a block", but the *real* service they are providing is the service of being independent from other miners, and we value that because we don't want >50% of the hashing power to be controlled by any one entity. > > When you say these small miners are inefficient, you're completely ignoring what we actually want miners to do, and that is to provide *independent* hashing power. The small miners are the most efficient at providing this service, not the least. Very interesting and very relevant (even 3 years later) thread overall: https://bitcointalk.org/index.php?topic=144895.10 -------------- next part -------------- An HTML attachment was scrubbed... URL: