Re: [bitcoin-dev] Encouraging mining of the first few big blocks with OP_CSV and BIP68

From: Hector Chu <hectorchu@gmail.com>
To: jl2012@xbt.hk
Cc: Bitcoin Dev <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Encouraging mining of the first few big blocks with OP_CSV and BIP68
Date: Sun, 23 Aug 2015 20:43:36 +0100	[thread overview]
Message-ID: <CAAO2FKHehSfYj4Giov=BkncFrSBOTx9hXFA1Vf9YWRDNsd_53A@mail.gmail.com> (raw)
In-Reply-To: <8e1f634bb21c57090351bf02360add12@xbt.hk>

That guy is going to easily make back his 150 BTC with interest, if he
is short BTC. Should be a clear signal for the market to trend lower,
probably below $180 by the time of the test.

On 23 August 2015 at 19:08, jl2012 via bitcoin-dev
<bitcoin-dev@lists.linuxfoundation.org> wrote:
> Someone is going to burn 150BTC to create a backlog of 30-day in September.
> https://www.reddit.com/r/Bitcoin/comments/3hgke4/coinwallet_says_bitcoin_stress_test_in_september/
> However, the money could be spent more wisely by encouraging mining of the
> first few big blocks
>
> Assumptions:
> 1. OP_CSV and BIP68 are enabled
> 2. Max tx size remains 1MB
>
> The donor will create a transaction, with an input of 150BTC, and 10
> outputs:
> 1. 0 BTC to "OP_RETURN <garbage>"
> 2. 42 BTC to "OP_1 OP_CSV"
> 3. 21 BTC to "OP_2 OP_CSV"
> 4. 10.5 BTC to "OP_3 OP_CSV"
> 5. 5.25 BTC to "OP_4 OP_CSV"
> 6. 2.625 BTC to "OP_5 OP_CSV"
> 7. 1.3125 BTC to "OP_6 OP_CSV"
> 8. 0.65625 BTC to "OP_7 OP_CSV"
> 9. 0.328125 BTC to "OP_8 OP_CSV"
> 10. 0.328125 BTC to "OP_9 OP_CSV"
>
> The first output will fill up the size to 1MB.
>
> This tx could not be confirmed by a pre-hardfork miner because the coinbase
> tx will consume some block space. The first big block miner will be able to
> collect 66BTC of fee. The block confirming the first big block will collect
> 42BTC of fee, etc. This will create a long enough chain to bootstrap the
> hardfork.
>
> The amount is chosen to make sure the difference is <25BTC, so miners would
> have less incentive to create a fork instead of confirming other's block.
> However, a miner cartel may launch a 51% attack to collect all money. Such
> incentive may be reduced by adjusting the distribution of donation.
> (Actually, such cartel may be formed anytime, just for collecting more block
> reward)
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