Karl [ARCHIVE] on Nostr: 📅 Original date posted:2021-05-16 📝 Original message:On 5/16/21, Eric Voskuil ...
📅 Original date posted:2021-05-16
📝 Original message:On 5/16/21, Eric Voskuil via bitcoin-dev
<bitcoin-dev at lists.linuxfoundation.org> wrote:
> https://github.com/libbitcoin/libbitcoin-system/wiki/Efficiency-Paradox
> https://github.com/libbitcoin/libbitcoin-system/wiki/Proof-of-Memory-Fallacy
The chain security actually reduces by 10% in this proposal. So the
efficiency paradox is not violated, it is just the real cost of
confirming a transaction is reduced, because there is actually less
security. This eventually reduces the price of bitcoin and reduces the
amount of electricity the block reward can eventually buy.
📝 Original message:On 5/16/21, Eric Voskuil via bitcoin-dev
<bitcoin-dev at lists.linuxfoundation.org> wrote:
> https://github.com/libbitcoin/libbitcoin-system/wiki/Efficiency-Paradox
> https://github.com/libbitcoin/libbitcoin-system/wiki/Proof-of-Memory-Fallacy
The chain security actually reduces by 10% in this proposal. So the
efficiency paradox is not violated, it is just the real cost of
confirming a transaction is reduced, because there is actually less
security. This eventually reduces the price of bitcoin and reduces the
amount of electricity the block reward can eventually buy.