Yeah looks like he’s following the “Ou rule” aka wait until security spend matches txn value ~52 days for $1b. I think that’s overkill.
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I see. Do you have a post explaining this in depth? I’d mainly want to understand if you consider coin issuance one of those large paymets, with many recipients, or you think coinbases are different from single tx payment outputs.
It follows quite straightforwardly from what you just tweeted. The Bitcoin protocol does not secure such a large tx in an exchange, since benefit to attacker can be greater than the cost the protocol imposes. If you can't follow simple logic I have nothing else to say to you.
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i think
@fnietom is trying to point out that as mining hw improves, it becomes easier to reorg very old blocks. perhaps an argument against going to moon too fast? -
But thats absolutely not the case. The more mining HW improves, the less relevant the hardware is in mining operational costs. HW efficiency just shifts costs from hardware to electricity.
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well yeah, it takes less electricity today to re-mine the earliest blocks and steal the coinbase tx's
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Yeah, but practically: good luck finding enough electricity. Even if you do: you can only go so far because dev's used to checkpoint.
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This is one thing I think that is far under-discussed in this space. Bitcoin's mining incentives _now_ can be looked at in terms of cost/benefit very simply. That is absolutely not a valid analysis long term when you consider available electricity...
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..., the other electricity consumers, the competition of Bitcoin with every other good consuming electricity, etc. The bigger Bitcoin gets, the more complex those incentives get.
End of conversation
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this is where proof of stake shows its power. for an attack on a billion dollar tx enough has to be purchased on the market to secure the large stake which has the effect of driving up the cost to attack as supply at price is never 100%
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It goes against the interests of the attacker to change the transaction as it will make their bags and the money and infrastructure needed to commit attack.
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