From: Alex Mizrahi <alex.mizrahi@gmail.com>
To: Bitcoin Dev <bitcoin-development@lists.sourceforge.net>
Subject: Re: [Bitcoin-development] Long-term mining incentives
Date: Wed, 13 May 2015 13:31:47 +0300 [thread overview]
Message-ID: <CAE28kURWFveC0B-WvFebMpGm1GY-8juxQ+UDpuYtOwVnbOgu-A@mail.gmail.com> (raw)
In-Reply-To: <CAE-z3OXa8vk6Q1EBChoRYDOLKw--CXNXz4AokXCbVam_8LFFDg@mail.gmail.com>
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> With POW, a new node only needs to know the genesis block (and network
> rules) to fully determine which of two chains is the strongest.
>
But this matters if a new node has access to the globally strongest chain.
If attacker is able to block connections to legitimate nodes, a new node
will happily accept attacker's chain.
So PoW, by itself, doesn't give strong security guarantees. This problem is
so fundamental people avoid talking about it.
In practice, Bitcoin already embraces "weak subjectivity" e.g. in form of
checkpoints embedded into the source code. So it's hard to take PoW purists
seriously.
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next prev parent reply other threads:[~2015-05-13 10:31 UTC|newest]
Thread overview: 37+ messages / expand[flat|nested] mbox.gz Atom feed top
2015-05-11 16:28 [Bitcoin-development] Long-term mining incentives Thomas Voegtlin
2015-05-11 16:52 ` insecurity
2015-05-11 17:29 ` Gavin Andresen
2015-05-12 12:35 ` Thomas Voegtlin
[not found] ` <CABsx9T1h7p3hDr7ty43uxsYs-oNRpndzg=dowST2tXtogxRm2g@mail.gmail.com>
[not found] ` <555210AF.3090705@electrum.org>
2015-05-12 16:10 ` Gavin Andresen
2015-05-12 16:21 ` Dave Hudson
2015-05-12 21:24 ` Pedro Worcel
2015-05-12 23:48 ` Adam Back
2015-05-13 15:41 ` Gavin Andresen
2015-05-13 20:05 ` Pedro Worcel
2015-05-13 9:49 ` Thomas Voegtlin
2015-05-13 10:14 ` Tier Nolan
2015-05-13 10:31 ` Alex Mizrahi [this message]
2015-05-13 11:29 ` Tier Nolan
2015-05-13 12:26 ` Alex Mizrahi
2015-05-13 13:24 ` Gavin
2015-05-13 13:28 ` Tier Nolan
2015-05-13 14:26 ` Alex Mizrahi
2015-05-13 23:46 ` Jorge Timón
2015-05-14 0:11 ` Jorge Timón
2015-05-14 0:48 ` Aaron Voisine
2015-05-14 0:58 ` Pieter Wuille
2015-05-14 1:13 ` Aaron Voisine
2015-05-14 1:19 ` Pieter Wuille
2015-05-14 1:31 ` Aaron Voisine
2015-05-14 2:34 ` Aaron Voisine
2015-05-16 20:35 ` Owen Gunden
2015-05-16 22:18 ` Tom Harding
2015-05-17 1:08 ` Aaron Voisine
2015-05-14 0:44 ` Melvin Carvalho
2015-05-25 18:31 ` Mike Hearn
2015-05-26 18:47 ` Thomas Voegtlin
2015-05-27 21:59 ` Mike Hearn
2015-05-27 22:22 ` Gregory Maxwell
2015-05-28 10:30 ` Mike Hearn
2015-05-13 17:49 Damian Gomez
2015-05-18 2:29 Michael Jensen
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