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From: "Jorge Timón" <jtimon@monetize.io>
To: Peter Todd <pete@petertodd.org>
Cc: bitcoin-development@lists.sourceforge.net
Subject: Re: [Bitcoin-development] The insecurity of merge-mining
Date: Fri, 10 Jan 2014 13:37:26 +0100	[thread overview]
Message-ID: <CAC1+kJNNa0cmTVS0zZP+xfKGJ09f3WAvm7wEFFa_MMSYMRDNtA@mail.gmail.com> (raw)
In-Reply-To: <20140110112542.GA19426@savin>

On 1/10/14, Peter Todd <pete@petertodd.org> wrote:
> Come to think of it, we've got that exact situation right now: the new
> Twister P2P Microblogging thing has a blockchain for registering
> usernames that could have been easily done with Namecoin, thus in theory
> Namecoin owners have an incentive to make sure the Twister blockchain
> gets killed at birth.

You don't have to MM from birth. That I've already agreed is
dangerous. But if you start with SHA256, then merged mining is a
trivial fork at least 3 currencies have done successfully.
As said we plan to make Freicoin merge-mineable in the future, and we
expect to get much more security after we do.
The only "adverse" effect may be a temporary drop in price due to the
new miners selling all the frc they get until a new price equilibrates
with the demand. But that's not really "bad for the currency", just to
the holders at that moment.

> Pretty easy to do right now too as the hashing power behind Twister is
> miniscule and probably will stay that way - the only incentive to mining
> is that you get the right to make a "promoted post" - called a spam
> message in the codebase - that in theory Twister clients are supposed to
> show to their users. Of course, there's absolutely no way to guarantee
> that clients actually do that.

If a system doesn't compensate its miners in a liquid enough way, the
system will probably be insecure, but that's another topic...



  reply	other threads:[~2014-01-10 12:37 UTC|newest]

Thread overview: 25+ messages / expand[flat|nested]  mbox.gz  Atom feed  top
2013-12-29 18:53 [Bitcoin-development] Looking for GREAT C++ developer for exciting opportunity in bitcoin space Evan Duffield
2013-12-29 19:27 ` Matt Corallo
2013-12-30 23:22 ` Peter Todd
2013-12-31  1:14   ` Luke-Jr
2013-12-31  7:28     ` [Bitcoin-development] Merge mining Jeremy Spilman
2013-12-31  7:38       ` rob.golding
2014-01-04  8:49         ` David Vorick
2014-01-04 10:05           ` Jorge Timón
2014-01-04 10:08             ` David Vorick
2014-01-04 10:34               ` Jorge Timón
2014-01-01  4:53     ` [Bitcoin-development] The insecurity of merge-mining Peter Todd
2014-01-01  5:09       ` Luke-Jr
2014-01-01  5:25         ` Peter Todd
2014-01-03 19:14       ` Jorge Timón
2014-01-03 21:01         ` Peter Todd
2014-01-04  0:27           ` Jorge Timón
2014-01-06 15:44             ` Peter Todd
2014-01-09 17:19               ` Jorge Timón
2014-01-10 11:11                 ` Peter Todd
2014-01-10 11:25                   ` Peter Todd
2014-01-10 12:37                     ` Jorge Timón [this message]
2014-01-10 12:29                   ` Jorge Timón
2014-01-10 17:22                     ` Peter Todd
2014-01-10 18:50                       ` Jorge Timón
2014-01-03  5:11 ` [Bitcoin-development] Looking for GREAT C++ developer for exciting opportunity in bitcoin space Troy Benjegerdes

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