📅 Original date posted:2014-04-23
📝 Original message: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?
Tom Harding [ARCHIVE] /
npub1ms…pmwjy
2023-06-07 15:19:23
in reply to nevent1q…rg97
Author Public Key
npub1msef5qkfwz4t7qacwxz775wgdtlytph78g2g2z903x90874u263sypmwjyPublished at
2023-06-07 15:19:23Event JSON
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"content": "📅 Original date posted:2014-04-23\n📝 Original message:On 4/22/2014 9:03 PM, Matt Whitlock wrote:\n\u003e On Tuesday, 22 April 2014, at 8:45 pm, Tom Harding wrote:\n\u003e\u003e A network where transaction submitters consider their (final)\n\u003e\u003e transactions to be unchangeable the moment they are transmitted, and\n\u003e\u003e where the network's goal is to confirm only transactions all of whose\n\u003e\u003e UTXO's have not yet been seen in a final transaction's input, has a\n\u003e\u003e chance to be such a network.\n\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\nThe rational miner works hard digging hashes out of the ether, and wants \nthe reward to be great. How much more valuable would his reward be if \nhe were paid in something that is spendable like cash on a 1-minute \nnetwork for coffee and other innumerable real-time transactions, versus \nsomething that is only spendable on a 15-minute network?\n\nThere is a prisoner's dilemma, to be sure, but do the fees from helping \npeople successfully double-spend their coffee supplier really outweigh \nthe increased value to the entire network - including himself - of \nensuring that digital cash actually works like cash?",
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