đź“… Original date posted:2016-11-24
đź“ť Original message:Hi Peter,
How would a person or exchange decide to accept a payment in BU if it does
not know the gate policy of 51% of the miners?
Suppose that the exchange receives B1,S2,S3,S4 (a big block at height 1,
and 3 small blocks at height 2, 3 and 4), and an alternate chain A1,A2,A3
(three small blocks). The first is the longest, but the second may be the
one 51% of the miners will extend.
Without knowing the policy of at least 51% of the miners (the maximum
acceptance depth) it's unclear if the exchange has to obey the longest
chain or the chain with higher probability of being extended.
If the maximum acceptance depth of the majority of miners is higher than 6
blocks, accepting a transaction with 6 confirmations is risky.
So BU would set a lower bound on the number of confirmations equal to the
maximum acceptance depth of the majority of miners.But miners do not
publish their acceptance depth, so basically users are clue-less. I think
miners should at least advertise their gate block size and acceptance depth
in their coinbase field.
Is there a game-theoretic analysis of confirmation blocks and their
probabilities in BU ?
Without a detailed analysis, unlimited block size seems a risky change to
Bitcoin, to me.
Regards, Sergio.
On Tue, Nov 22, 2016 at 1:31 PM, Peter R via bitcoin-dev <
bitcoin-dev at lists.linuxfoundation.org> wrote:
> Dear all,
>
> Bitcoin Unlimited’s market-based solution to the block-size limit is
> slowly winning support from node operators and miners. With this increased
> attention, many people are asking for a better explanation of how Bitcoin
> Unlimited actually works. The article linked below describes how Bitcoin
> Unlimited’s excessive-block logic works from the perspective of a single
> node. (I’m hoping to do a follow-up article that describe how this
> “node-scale” behavior facilitates the emergence of a fluid and organic
> block size limit at the network scale.)
>
> https://medium.com/@peter_r/the-excessive-block-gate-how-
> a-bitcoin-unlimited-node-deals-with-large-blocks-22a4a5c322d4
>
> Best regards,
> Peter R
>
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev at lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
>
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Sergio Demian Lerner [ARCHIVE] /
npub1fv…3vq7f
2023-06-07 17:54:33
in reply to nevent1q…u05f
Author Public Key
npub1fvuxqdqg7klqqgy3yy8gdxjv4phu92sll5y8zqm2qe5qdrhxymhqf3vq7fPublished at
2023-06-07 17:54:33Event JSON
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"content": "📅 Original date posted:2016-11-24\n📝 Original message:Hi Peter,\n\nHow would a person or exchange decide to accept a payment in BU if it does\nnot know the gate policy of 51% of the miners?\n\nSuppose that the exchange receives B1,S2,S3,S4 (a big block at height 1,\nand 3 small blocks at height 2, 3 and 4), and an alternate chain A1,A2,A3\n(three small blocks). The first is the longest, but the second may be the\none 51% of the miners will extend.\n\nWithout knowing the policy of at least 51% of the miners (the maximum\nacceptance depth) it's unclear if the exchange has to obey the longest\nchain or the chain with higher probability of being extended.\nIf the maximum acceptance depth of the majority of miners is higher than 6\nblocks, accepting a transaction with 6 confirmations is risky.\nSo BU would set a lower bound on the number of confirmations equal to the\nmaximum acceptance depth of the majority of miners.But miners do not\npublish their acceptance depth, so basically users are clue-less. I think\nminers should at least advertise their gate block size and acceptance depth\nin their coinbase field.\n\nIs there a game-theoretic analysis of confirmation blocks and their\nprobabilities in BU ?\nWithout a detailed analysis, unlimited block size seems a risky change to\nBitcoin, to me.\n\nRegards, Sergio.\n\n\n\nOn Tue, Nov 22, 2016 at 1:31 PM, Peter R via bitcoin-dev \u003c\nbitcoin-dev at lists.linuxfoundation.org\u003e wrote:\n\n\u003e Dear all,\n\u003e\n\u003e Bitcoin Unlimited’s market-based solution to the block-size limit is\n\u003e slowly winning support from node operators and miners. With this increased\n\u003e attention, many people are asking for a better explanation of how Bitcoin\n\u003e Unlimited actually works. The article linked below describes how Bitcoin\n\u003e Unlimited’s excessive-block logic works from the perspective of a single\n\u003e node. (I’m hoping to do a follow-up article that describe how this\n\u003e “node-scale” behavior facilitates the emergence of a fluid and organic\n\u003e block size limit at the network scale.)\n\u003e\n\u003e https://medium.com/@peter_r/the-excessive-block-gate-how-\n\u003e a-bitcoin-unlimited-node-deals-with-large-blocks-22a4a5c322d4\n\u003e\n\u003e Best regards,\n\u003e Peter R\n\u003e\n\u003e _______________________________________________\n\u003e bitcoin-dev mailing list\n\u003e bitcoin-dev at lists.linuxfoundation.org\n\u003e https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev\n\u003e\n\u003e\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20161124/7c1166cd/attachment.html\u003e",
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