tag:blogger.com,1999:blog-5880610.post3950073682074396235..comments2024-01-13T18:57:18.243-05:00Comments on Information Processing: Bitcoin dynamicsSteve Hsuhttp://www.blogger.com/profile/02428333897272913660noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-5880610.post-44292507676854779352014-04-11T21:43:54.225-04:002014-04-11T21:43:54.225-04:00You might be interested in what Mike Hearn has wor...You might be interested in what Mike Hearn has worked out about funding mining in the future. See: https://en.bitcoin.it/wiki/Funding_network_security (much more detail than the FAQ section you found).ESRogsnoreply@blogger.comtag:blogger.com,1999:blog-5880610.post-71885737790416562732014-03-30T15:02:53.298-04:002014-03-30T15:02:53.298-04:00They say that the auction brings the rewards for m...They say that the auction brings the rewards for mining down to zero.<br /> Of course, it really brings the marginal profit for mining down to <br />zero, after the expense for electricity. Moreover, they go on to say, <br />with no explanation, that it's a bad thing, different from the current <br />regime. In fact, it's exactly the same as the situation in the current <br />regime.<br /Douglas Knightnoreply@blogger.comtag:blogger.com,1999:blog-5880610.post-9006002576874013392014-03-30T13:17:56.997-04:002014-03-30T13:17:56.997-04:00There is no "they"; fees can be built in...There is no "they"; fees can be built into a proposed transaction as part of the protocol. When BTC incentives expire, transactions lacking a fee will fail to be added to the blockchain. <br /><br />WRT equilibrium compensation, from the original paper: "to compensate for increasing hardware speed and varying interest in running nodes over time, the proof-of-work difficulty is Adam Marshnoreply@blogger.comtag:blogger.com,1999:blog-5880610.post-48806546628722248192014-03-30T07:27:58.492-04:002014-03-30T07:27:58.492-04:00Care to elaborate on what is wrong with their pape...Care to elaborate on what is wrong with their paper? Maybe you should blame Princeton CS instead of Page House and the physicists :-)steve hsuhttp://duende.uoregon.edu/noreply@blogger.comtag:blogger.com,1999:blog-5880610.post-90292580434803160112014-03-29T22:57:29.878-04:002014-03-29T22:57:29.878-04:00The actual paper is here, and the relevant section...The actual paper is <a href="http://www.weis2013.econinfosec.org/papers/KrollDaveyFeltenWEIS2013.pdf" rel="nofollow">here</a>, and the relevant section is 4.2, but it is idiotic. Shame on Page House and shame on physicists.Douglas Knightnoreply@blogger.comtag:blogger.com,1999:blog-5880610.post-21830174906325065082014-03-29T21:00:25.613-04:002014-03-29T21:00:25.613-04:00Ah, my old Page House contemporary Ed Felton :-) ...Ah, my old Page House contemporary Ed Felton :-) Class of '84 or '85 IIRC. He was a physics major at the time ...<br /><br />http://infoproc.blogspot.com/2010/07/scifoo-2010-notes.htmlsteve hsuhttp://duende.uoregon.edu/noreply@blogger.comtag:blogger.com,1999:blog-5880610.post-25797173306962237802014-03-29T20:56:12.249-04:002014-03-29T20:56:12.249-04:00"Has anyone worked out the equilibrium compen..."Has anyone worked out the equilibrium compensation required for miners to maintain the transaction record"<br /><br />http://www.technologyreview.com/news/525676/academics-spy-weaknesses-in-bitcoins-foundations/<br /><br />"One conclusion drawn by Kroll and his Princeton colleagues Ian Davey and Ed Felten is that those rules will have to be significantly changed if Bitcoin is to dxie48noreply@blogger.comtag:blogger.com,1999:blog-5880610.post-1596826789985807942014-03-29T16:37:49.260-04:002014-03-29T16:37:49.260-04:00No, I don't think that there is any need to ch...No, I don't think that there is any need to change the protocol. <br /><br /><br /><br />Yes, the implementation needs to change, but that's not a big deal. The person who wants a transaction bids a "fee" paid to the miner who records the transaction. That is, fees are supposed to be set by auction. Whether the miner pays attention to the auction is a matter of decentralized Douglas Knightnoreply@blogger.comtag:blogger.com,1999:blog-5880610.post-59409134502607362712014-03-29T16:19:00.705-04:002014-03-29T16:19:00.705-04:00Seems like a potential governance challenge if the...Seems like a potential governance challenge if they want to pursue micropayments ...steve hsuhttp://duende.uoregon.edu/noreply@blogger.comtag:blogger.com,1999:blog-5880610.post-6437861129613827912014-03-29T15:57:15.059-04:002014-03-29T15:57:15.059-04:00They is the writers of the implementation and prot...They is the writers of the implementation and protocol. Most of the core team needs to agree to go forward on development. And most of the miners have to agree to update to newer versions.Harry Morenonoreply@blogger.com