š
Original date posted:2014-04-23
š Original message:Miners earn bitcoins, and clearly a network where reasonable certainty
can be achieved with 0-confirm transactions is more useful, thus will
result in those bitcoins being more valuable. One would expect rational
miners (or pool operators) to want to collaborate to reduce the
possibilities for double spend attacks as much as possible.
Simon
On 4/23/2014 3:29 PM, Tom Harding wrote:
> On 4/22/2014 9:03 PM, Matt Whitlock wrote:
>> On Tuesday, 22 April 2014, at 8:45 pm, Tom Harding wrote:
>>> A network where transaction submitters consider their (final)
>>> transactions to be unchangeable the moment they are transmitted, and
>>> where the network's goal is to confirm only transactions all of whose
>>> UTXO's have not yet been seen in a final transaction's input, has a
>>> chance to be such a network.
>> Respectfully, this is not the goal of miners. The goal of miners is to maximize profits. Always will be. If they can do that by enabling replace-by-fee (and they can), then they will. Altruism does not factor into business.
> The rational miner works hard digging hashes out of the ether, and wants
> the reward to be great. How much more valuable would his reward be if
> he were paid in something that is spendable like cash on a 1-minute
> network for coffee and other innumerable real-time transactions, versus
> something that is only spendable on a 15-minute network?
>
> There is a prisoner's dilemma, to be sure, but do the fees from helping
> people successfully double-spend their coffee supplier really outweigh
> the increased value to the entire network - including himself - of
> ensuring that digital cash actually works like cash?
>
>
>
> ------------------------------------------------------------------------------
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> Build your Enterprise Intranet with eXo Platform Software
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Simon Barber [ARCHIVE] /
npub1u4ā¦06crw
2023-06-07 15:19:23
in reply to nevent1qā¦t7cd
Author Public Key
npub1u4rukqfq0xh5t8nw7t26kggayh0zmjw7q56lpkrp6vw0cswtqnlsp06crwPublished at
2023-06-07 15:19:23Event JSON
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Original date posted:2014-04-23\nš Original message:Miners earn bitcoins, and clearly a network where reasonable certainty \ncan be achieved with 0-confirm transactions is more useful, thus will \nresult in those bitcoins being more valuable. One would expect rational \nminers (or pool operators) to want to collaborate to reduce the \npossibilities for double spend attacks as much as possible.\n\nSimon\n\nOn 4/23/2014 3:29 PM, Tom Harding wrote:\n\u003e On 4/22/2014 9:03 PM, Matt Whitlock wrote:\n\u003e\u003e On Tuesday, 22 April 2014, at 8:45 pm, Tom Harding wrote:\n\u003e\u003e\u003e A network where transaction submitters consider their (final)\n\u003e\u003e\u003e transactions to be unchangeable the moment they are transmitted, and\n\u003e\u003e\u003e where the network's goal is to confirm only transactions all of whose\n\u003e\u003e\u003e UTXO's have not yet been seen in a final transaction's input, has a\n\u003e\u003e\u003e chance to be such a network.\n\u003e\u003e Respectfully, this is not the goal of miners. The goal of miners is to maximize profits. Always will be. If they can do that by enabling replace-by-fee (and they can), then they will. Altruism does not factor into business.\n\u003e The rational miner works hard digging hashes out of the ether, and wants\n\u003e the reward to be great. How much more valuable would his reward be if\n\u003e he were paid in something that is spendable like cash on a 1-minute\n\u003e network for coffee and other innumerable real-time transactions, versus\n\u003e something that is only spendable on a 15-minute network?\n\u003e\n\u003e There is a prisoner's dilemma, to be sure, but do the fees from helping\n\u003e people successfully double-spend their coffee supplier really outweigh\n\u003e the increased value to the entire network - including himself - of\n\u003e ensuring that digital cash actually works like cash?\n\u003e\n\u003e\n\u003e\n\u003e ------------------------------------------------------------------------------\n\u003e Start Your Social Network Today - Download eXo Platform\n\u003e Build your Enterprise Intranet with eXo Platform Software\n\u003e Java Based Open Source Intranet - Social, Extensible, Cloud Ready\n\u003e Get Started Now And Turn Your Intranet Into A Collaboration Platform\n\u003e http://p.sf.net/sfu/ExoPlatform\n\u003e _______________________________________________\n\u003e Bitcoin-development mailing list\n\u003e Bitcoin-development at lists.sourceforge.net\n\u003e https://lists.sourceforge.net/lists/listinfo/bitcoin-development",
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