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Cc: Jorge
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 7:22:10 PM John Dillon wrote:
> > Merged mining is not mining the coin for free. The total reward (ie
> > btc + frc + nmc + dvc) should tend to equal the mining costs. But the
> > value comes from demand, not costs. So if people demand it more it
> > price will rise no matter how is mined. And if the price rises it will
> > make sense to spend more on mining.
>=20
> Merge mining is very much mining a coin for free. Ask not what the total
> reward is, ask that the marginal cost of merge mining an additional coin
> is.
But the total reward is what mining will tend toward equalizing in costs.
In any case, the cryptocurrencies are neutral to cost of mining, or perhaps=
=20
even benefit from it being as cheap as possible: if it's cheaper to mine, y=
ou=20
can get an even higher difficulty/security out of it.
> 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 invalid
> 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.
Invalid blocks are rejected by validating clients in all circumstances.
I suspect you may mean a block that doesn't include transactions you want=20
confirmed. In that case, you must not be paying sufficient fees for the min=
er=20
to consider it worth their time, or must be doing something the miner=20
considers fundamentally objectionable (in which case they won't be satisfie=
d=20
by any fee). But these miners, unless they are able to acquire over 50% of =
the=20
hashrate (in which case the cryptocoin is compromised), are not the only on=
es=20
mining blocks, and if another miner accepts your transactions there is no=20
issue.
Luke
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