Luke-Jr [ARCHIVE] on Nostr: 📅 Original date posted:2013-12-30 📝 Original message:On Monday, December 30, ...
📅 Original date posted:2013-12-30
📝 Original message:On Monday, December 30, 2013 11:22:25 PM Peter Todd wrote:
> that you are using merge-mining is a red-flag because without majority, or
> at least near-majority, hashing power an attacker can 51% attack your
> altcoin at negligible cost by re-using existing hashing power.
I strongly disagree on this isolated point. Using the same logic, Bitcoin is
vulnerable to an attacker at negligible cost by re-using existing hashing
power from mining Namecoin. Any non-scam altcoin is pretty safe using merged
mining, since any would-be attacker is going to have it in their interests to
invest in the altcoin instead of attacking it. It's only the scam ones that
want to pump & dump with no improvements, that are really at risk here.
The rational decision for a non-scam altcoin, is to take advantage of merged
mining to get as much security as possible. There are also some possible
tricks to get the full security of the bitcoin miners even when not all
participate in your altcoin (but this area probably needs some studying to get
right).
Luke
📝 Original message:On Monday, December 30, 2013 11:22:25 PM Peter Todd wrote:
> that you are using merge-mining is a red-flag because without majority, or
> at least near-majority, hashing power an attacker can 51% attack your
> altcoin at negligible cost by re-using existing hashing power.
I strongly disagree on this isolated point. Using the same logic, Bitcoin is
vulnerable to an attacker at negligible cost by re-using existing hashing
power from mining Namecoin. Any non-scam altcoin is pretty safe using merged
mining, since any would-be attacker is going to have it in their interests to
invest in the altcoin instead of attacking it. It's only the scam ones that
want to pump & dump with no improvements, that are really at risk here.
The rational decision for a non-scam altcoin, is to take advantage of merged
mining to get as much security as possible. There are also some possible
tricks to get the full security of the bitcoin miners even when not all
participate in your altcoin (but this area probably needs some studying to get
right).
Luke