Erik Aronesty [ARCHIVE] on Nostr: 📅 Original date posted:2022-07-11 📝 Original message:> > Miners will learn to ...

📅 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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