📅 Original date posted:2022-07-11
📝 Original message:>
> Miners will learn to create anyone-can-spend outputs to bribe other miners
> to build on their block rather than reorg it. (Due to the coinbase
> maturity, this will require some amount of floating capital.)
>
(reward + avg fee) * 144 * 365 (one year) == approximate investment needed
to reorg the chain for a double-spend attack
in 30 years, assuming fees are still negligible (why wouldn't they be?
layer 2 works and layer 3 is coming), that's only 1200 bitcoin. not really
a lot.
there's only few things that allow that security budget to be ok
- we assume the price goes up a lot
- we assume transactions get a lot more expensive
- we don't care about double-spend attacks for very large transactions
i'd rather engineer block demand than ignore it
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Erik Aronesty [ARCHIVE] /
npub1y2…5taj0
2023-06-07 23:11:41
in reply to nevent1q…afsu
Author Public Key
npub1y22yec0znyzw8qndy5qn5c2wgejkj0k9zsqra7kvrd6cd6896z4qm5taj0Published at
2023-06-07 23:11:41Event JSON
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"content": "📅 Original date posted:2022-07-11\n📝 Original message:\u003e\n\u003e Miners will learn to create anyone-can-spend outputs to bribe other miners\n\u003e to build on their block rather than reorg it. (Due to the coinbase\n\u003e maturity, this will require some amount of floating capital.)\n\u003e\n\n(reward + avg fee) * 144 * 365 (one year) == approximate investment needed\nto reorg the chain for a double-spend attack\n\nin 30 years, assuming fees are still negligible (why wouldn't they be?\nlayer 2 works and layer 3 is coming), that's only 1200 bitcoin. not really\na lot.\n\nthere's only few things that allow that security budget to be ok\n\n - we assume the price goes up a lot\n - we assume transactions get a lot more expensive\n - we don't care about double-spend attacks for very large transactions\n\ni'd rather engineer block demand than ignore it\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20220711/4d93ee87/attachment.html\u003e",
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