{"type":"rich","version":"1.0","author_name":"npub1g6vxlp4e0nyhs2dqxxcryztyf5f5hyuaq93nw4r87zcnv0sdsa0qqsl5wd","author_url":"https://nostr.ae/npub1g6vxlp4e0nyhs2dqxxcryztyf5f5hyuaq93nw4r87zcnv0sdsa0qqsl5wd","provider_name":"njump","provider_url":"https://nostr.ae","html":"📅 Original date posted:2014-04-23\n📝 Original message:Bitcoin has various checks and balances that help keep everything honest.\n\nEven if a pool had 60% of the hashing power, they couldn't reverse 6 blocks\nwithout anyone noticing that it had happened.\n\nThere are sites which monitor the blocks and estimate the percentage of the\nblocks found by each pool.\n\nIn a way, bitcoin doesn't depend on the majority of miners following the\nprotocol, it depends on miners believing that a majority of the other\nminers will follow the protocol.\n\nIf a miner has 5% of the hashing power and believes that the other 95% will\nfollow the protocol, then the system should be set up so that it is in that\nminer's interests to follow the protocol too.\n\nThis is why soft forks work.  The formal process convinces all the miners\nthat the new rules are locked in.\n\nIn a system where miners can vote to cancel coinbases, each pool has an\nincentive to vote to reject everyone else's blocks.\n\nPools on the receiving end will be less profitable and lose customers.\n\nIt is possible that \"predatory\" pools would lose hashing power as miners\nswitch to other pools, in protest.\n\nThe proposal allows \"established\" pools to vote to disallow new entrants.\nThey could even justify it by saying that those pools haven't invested in\n\"anti-double spending\" infrastructure.\n\nThe proposal doesn't suddenly give the majority the ability to do it, but\nit isn't clear that making the process less disruptive is a good thing.\n\n\n\nOn Wed, Apr 23, 2014 at 7:37 PM, Mike Hearn \u003cmike at plan99.net\u003e wrote:\n\n\u003e If you want to try and argue that the development list is the wrong place\n\u003e to discuss development, please do so on another thread (or your blog).\n\u003e Let's keep this thread for discussion of the original proposal - ideally,\n\u003e discussed with the dryness that a topic as nerdy as distributed consensus\n\u003e algorithms deserves ;)\n\u003e\n\u003e\n\u003e ------------------------------------------------------------------------------\n\u003e Start Your Social Network Today - Download eXo Platform\n\u003e Build your Enterprise Intranet with eXo Platform Software\n\u003e Java Based Open Source Intranet - Social, Extensible, Cloud Ready\n\u003e Get Started Now And Turn Your Intranet Into A Collaboration Platform\n\u003e http://p.sf.net/sfu/ExoPlatform\n\u003e _______________________________________________\n\u003e Bitcoin-development mailing list\n\u003e Bitcoin-development at lists.sourceforge.net\n\u003e https://lists.sourceforge.net/lists/listinfo/bitcoin-development\n\u003e\n\u003e\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20140423/2d0343ba/attachment.html\u003e"}