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From: Alex Mizrahi <alex.mizrahi@gmail.com>
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Subject: Re: [Bitcoin-development] Long-term mining incentives
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--f46d0435c0f449be660515f41e1d
Content-Type: text/plain; charset=UTF-8
> With POW, a new node only needs to know the genesis block (and network
> rules) to fully determine which of two chains is the strongest.
>
But this matters if a new node has access to the globally strongest chain.
If attacker is able to block connections to legitimate nodes, a new node
will happily accept attacker's chain.
So PoW, by itself, doesn't give strong security guarantees. This problem is
so fundamental people avoid talking about it.
In practice, Bitcoin already embraces "weak subjectivity" e.g. in form of
checkpoints embedded into the source code. So it's hard to take PoW purists
seriously.
--f46d0435c0f449be660515f41e1d
Content-Type: text/html; charset=UTF-8
Content-Transfer-Encoding: quoted-printable
<div dir=3D"ltr"><div class=3D"gmail_extra"><div class=3D"gmail_quote"><div=
>=C2=A0</div><blockquote class=3D"gmail_quote" style=3D"margin:0 0 0 .8ex;b=
order-left:1px #ccc solid;padding-left:1ex"><div dir=3D"ltr"><div class=3D"=
gmail_extra"><div class=3D"gmail_quote"><div>With POW, a new node only need=
s to know the genesis block (and network rules) to fully determine which of=
two chains is the strongest.<br></div></div></div></div></blockquote><div>=
<br></div><div>But this matters if a new node has access to the globally st=
rongest chain.</div><div>If attacker is able to block connections to legiti=
mate nodes, a new node will happily accept attacker's chain.</div><div>=
<br></div><div>So PoW, by itself, doesn't give strong security guarante=
es. This problem is so fundamental people avoid talking about it.</div><div=
><br></div><div>In practice, Bitcoin already embraces "weak subjectivi=
ty" e.g. in form of checkpoints embedded into the source code. So it&#=
39;s hard to take PoW purists seriously.</div></div></div></div>
--f46d0435c0f449be660515f41e1d--
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