odinn [ARCHIVE] on Nostr: š Original date posted:2015-07-04 š Original message:-----BEGIN PGP SIGNED ...
š
Original date posted:2015-07-04
š Original message:-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1
"The Wall Street of Bitcoin"
On 07/03/2015 08:30 PM, Peter Todd wrote:
> On Sat, Jul 04, 2015 at 03:17:17AM +0000, Gregory Maxwell wrote:
>> On Sat, Jul 4, 2015 at 3:11 AM, Raystonn <raystonn at hotmail.com>
>> wrote:
>>> We need some analysis on why this has happened. It appears the
>>> larger hashrate is violating BIP66. Thus it appears the
>>> network is rejecting this BIP, though potentially accidentally.
>>> If this is an accident, how is such a large portion of hashrate
>>> forking, and what can we do to avoid this in the future?
>>
>> A near majority of the hashrate on the network appears to be SPV
>> mining.
>
> As for what "SPV mining" is:
>
> While blocks are propagating throughout the network, frequently
> it's possible for miners to get the header of the block before they
> get and fully validate the block itself. This is just a few seconds
> to tens of seconds, but that's a big deal for profitability. So
> miners have been running custom patches that mine on top of the
> longest chain they know about, even if they haven't actually
> verified the blocks in it due to propagation delays.
>
> Unfortunately the Bitcoin protocol lets you do that, and the extra
> % of revenue makes a big difference when you take into account the
> low profit margins of mining these days. BIP66 happened to trigger
> this issue this time, but actually *any* miner creating an invalid
> block for *any* reason would have done so with the software miners
> are running right now.
>
>
>
> _______________________________________________ bitcoin-dev mailing
> list bitcoin-dev at lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
- --
http://abis.io ~
"a protocol concept to enable decentralization
and expansion of a giving economy, and a new social good"
https://keybase.io/odinn
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š Original message:-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1
"The Wall Street of Bitcoin"
On 07/03/2015 08:30 PM, Peter Todd wrote:
> On Sat, Jul 04, 2015 at 03:17:17AM +0000, Gregory Maxwell wrote:
>> On Sat, Jul 4, 2015 at 3:11 AM, Raystonn <raystonn at hotmail.com>
>> wrote:
>>> We need some analysis on why this has happened. It appears the
>>> larger hashrate is violating BIP66. Thus it appears the
>>> network is rejecting this BIP, though potentially accidentally.
>>> If this is an accident, how is such a large portion of hashrate
>>> forking, and what can we do to avoid this in the future?
>>
>> A near majority of the hashrate on the network appears to be SPV
>> mining.
>
> As for what "SPV mining" is:
>
> While blocks are propagating throughout the network, frequently
> it's possible for miners to get the header of the block before they
> get and fully validate the block itself. This is just a few seconds
> to tens of seconds, but that's a big deal for profitability. So
> miners have been running custom patches that mine on top of the
> longest chain they know about, even if they haven't actually
> verified the blocks in it due to propagation delays.
>
> Unfortunately the Bitcoin protocol lets you do that, and the extra
> % of revenue makes a big difference when you take into account the
> low profit margins of mining these days. BIP66 happened to trigger
> this issue this time, but actually *any* miner creating an invalid
> block for *any* reason would have done so with the software miners
> are running right now.
>
>
>
> _______________________________________________ bitcoin-dev mailing
> list bitcoin-dev at lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
- --
http://abis.io ~
"a protocol concept to enable decentralization
and expansion of a giving economy, and a new social good"
https://keybase.io/odinn
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