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From: Peter R <peter_r@gmx.com>
In-Reply-To: <20150901075613.GD17380@muck>
Date: Tue, 1 Sep 2015 01:06:30 -0700
Message-Id: <7E54183F-DDBD-4EFB-828B-841350A80E33@gmx.com>
References: <CAEgR2PE35K6kt1sZ0iDu2Y9vv+6+Omgg_n4n3gtMggYuE3YD-g@mail.gmail.com>
	<20150901075613.GD17380@muck>
To: Peter Todd <pete@petertodd.org>
Cc: bitcoin-dev@lists.linuxfoundation.org,
	Daniele Pinna <daniele.pinna@gmail.com>
Subject: Re: [bitcoin-dev] ERRATA CORRIGE + Short Theorem
Precedence: list


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On 2015-09-01, at 12:56 AM, Peter Todd via bitcoin-dev =
<bitcoin-dev@lists.linuxfoundation.org> wrote
>=20
> FWIW I did a quick math proof along those lines awhile back too using
> some basic first-year math, again proving that larger miners earn more
> money per unit hashing power:
>=20
> =
http://www.mail-archive.com/bitcoin-development@lists.sourceforge.net/msg0=
3272.html

I don't believe anyone is arguing otherwise.  Miners with a larger =
fraction of the network hash rate, h/H, have a theoretical advantage, =
all other variables in the miner's profitability equation held constant. =
=20

Dpinna originally claimed (unless I'm mistaken) that his paper showed =
that this advantage decreased as the block reward diminished or as the =
total fees increased.  This didn't seem unreasonable to me, although I =
never checked the math. =20

Best regards,
Peter


=20


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<html><head><meta http-equiv=3D"Content-Type" content=3D"text/html =
charset=3Dus-ascii"></head><body style=3D"word-wrap: break-word; =
-webkit-nbsp-mode: space; -webkit-line-break: after-white-space; =
"><div><div>On 2015-09-01, at 12:56 AM, Peter Todd via bitcoin-dev =
&lt;<a =
href=3D"mailto:bitcoin-dev@lists.linuxfoundation.org">bitcoin-dev@lists.li=
nuxfoundation.org</a>&gt; wrote</div><blockquote type=3D"cite"><br>FWIW =
I did a quick math proof along those lines awhile back too using<br>some =
basic first-year math, again proving that larger miners earn =
more<br>money per unit hashing power:<br><br><a =
href=3D"http://www.mail-archive.com/bitcoin-development@lists.sourceforge.=
net/msg03272.html">http://www.mail-archive.com/bitcoin-development@lists.s=
ourceforge.net/msg03272.html</a><br></blockquote><br></div><div>I don't =
believe anyone is arguing otherwise. &nbsp;Miners with a larger fraction =
of the network hash rate, <i>h</i>/<i>H</i>, have a theoretical =
advantage, all other variables in the miner's profitability equation =
held constant. &nbsp;</div><div><br></div><div>Dpinna originally claimed =
(unless I'm mistaken) that his paper showed that this advantage =
<i>decreased</i> as the block reward diminished or as the total fees =
increased. &nbsp;This didn't seem unreasonable to me, although I never =
checked the math. &nbsp;</div><div><br></div><div>Best =
regards,</div><div>Peter</div><div><br></div><div><br></div><div>&nbsp;</d=
iv><br></body></html>=

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