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Date: Thu, 20 Oct 2022 18:19:38 -0400
From: Peter Todd <pete@petertodd.org>
To: Russell O'Connor <roconnor@blockstream.com>,
Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
Message-ID: <Y1HJeq5wsBVV64mS@petertodd.org>
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Subject: Re: [bitcoin-dev] Does Bitcoin require or have an honest majority
or a rational one? (re rbf)
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On Tue, Oct 18, 2022 at 10:30:26AM -0400, Russell O'Connor via bitcoin-dev =
wrote:
> It is most certainly the case that one can construct situations where not
> mining on the tip is going to be the prefered strategy. But even if that
> happens on occasion, it's not like the protocol immediately collapses,
> because mining off the tip is indistinguishable from being a high latency
> miner who simply didn't receive the most work block in time. So it is mo=
re
I don't believe that's a good argument.
A sufficiently large high latency miner who doesn't receive the most work b=
lock
in time would cause huge disruptions to the network, potentially causing ot=
her
miners to be unprofitable. I even gave a talk on this a few years back, on =
how
if Bitcoin mining in space becomes profitable, it'll cause enormous problems
due to the slow speed of light.
> of a question of how rare does it need to be, and what can we do to reduce
> the chances of such situations arising (e.g. updating our mining policy to
> leave some transactions out based on current (and anticipated) mempool
> conditions, or (for a sufficiently capitalized miner) leave an explicit,
> ANYONECANSPEND transaction output as a tip for the next miner to build up=
on
> mined blocks.)
=2E..at which point the large miners are likely to be significantly more
profitable than small miners, because they can collect more fees. That's a
disaster.
--=20
https://petertodd.org 'peter'[:-1]@petertodd.org
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