From mboxrd@z Thu Jan 1 00:00:00 1970 Return-Path: Received: from smtp1.linuxfoundation.org (smtp1.linux-foundation.org [172.17.192.35]) by mail.linuxfoundation.org (Postfix) with ESMTPS id 16F05A82 for ; Sat, 22 Jul 2017 03:58:25 +0000 (UTC) X-Greylist: whitelisted by SQLgrey-1.7.6 Received: from mail-lf0-f45.google.com (mail-lf0-f45.google.com [209.85.215.45]) by smtp1.linuxfoundation.org (Postfix) with ESMTPS id 68030CD for ; Sat, 22 Jul 2017 03:58:24 +0000 (UTC) Received: by mail-lf0-f45.google.com with SMTP id p2so13515964lfg.0 for ; Fri, 21 Jul 2017 20:58:24 -0700 (PDT) DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=gmail.com; s=20161025; h=mime-version:in-reply-to:references:from:date:message-id:subject:to :cc; bh=81hpK3Njie1+Oowz1VZjxB+b1ufD0WcHYENNRKJWhnw=; b=S/zDQDPYT+lur7tndN+GEH3+eQPmwHdjqWOK87qBTYMde0yPTlqp9BJEpZDBCTWTEO xA78OFmkx0uh7MFEVMOrKL1VgnHfgIH5byk3wFQL5iLcP711PG38ekw9TgkQBuPTFbFZ qQXKXxID/wUBf+Xz9GniLQ7WVfkbdZduI+vU8I4b2o8RGrMmBWMF96pctx6YRBOji5mq pD6AIyI+wLTaPPBjA6b2sdFhSeN01fn+hiJx/xAwNaOIH75Il9+4xwTIVDJU8v4hM2yA EpDPBZNRz7b8bx6McKEiTEcltwhbcwQkJH/IL21Kv4Ribtuapz8JbYFMrub3X5yaR2Ds NKRQ== X-Google-DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=1e100.net; s=20161025; h=x-gm-message-state:mime-version:in-reply-to:references:from:date :message-id:subject:to:cc; bh=81hpK3Njie1+Oowz1VZjxB+b1ufD0WcHYENNRKJWhnw=; b=hEOgcbWao/ixyPyZQOIYJwPe0d/bqTse1dB3e0z/9fep5UxK64F51Kg+0Kt8Qm1pr2 t0H2h40D+qIOP8tsUxjMjnC8mzQCo5rfkdXQTsWQKnZvxu9JYHvHtukqEFD6ZKgN509K AX8+MYjgni50HYPrn0ydB+nb0WLva+xvFKKGBFTD9vVFG5qgpdE0UpTdQxdSSgquUqpk VVcSfcodPrxTnPvqszzgm0pLse3Tl0q9gRdh6FT6cFa84PJZ7Un7P2hjdDMlNhScI+eP ahJeJb6Fhqlp1D7QCve80O5pZ/8qNfeC+U+ePMGk9lKRTTIc8yTpJsSn1Mj+BamomhgW BDNA== X-Gm-Message-State: AIVw110ZF7yZYTASCVbPHLyw7s7MGRmr7xF9rpRZhWtBbyctTV3FP604 +neIr2L4rd4vwdv2wvmIPfCnDX+1NGjguis= X-Received: by 10.46.71.72 with SMTP id u69mr3564148lja.16.1500695902742; Fri, 21 Jul 2017 20:58:22 -0700 (PDT) MIME-Version: 1.0 Received: by 10.46.8.17 with HTTP; Fri, 21 Jul 2017 20:58:21 -0700 (PDT) In-Reply-To: <8999832B-BD81-415A-9CA5-0DE397A1A904@voskuil.org> References: <31040BE1-64ED-4D05-BCBE-E80BC7B9A182@gmail.com> <95BB8EA8-31F6-4131-B557-A35342FA17A1@voskuil.org> <8999832B-BD81-415A-9CA5-0DE397A1A904@voskuil.org> From: Zheming Lin Date: Sat, 22 Jul 2017 11:58:21 +0800 Message-ID: To: Eric Voskuil Content-Type: multipart/alternative; boundary="001a11411b8432ef2c0554dffe7a" X-Spam-Status: No, score=-1.5 required=5.0 tests=BAYES_00,DKIM_SIGNED, DKIM_VALID, DKIM_VALID_AU, FREEMAIL_FROM, HTML_MESSAGE, RCVD_IN_DNSWL_NONE, RCVD_IN_SORBS_SPAM autolearn=no version=3.3.1 X-Spam-Checker-Version: SpamAssassin 3.3.1 (2010-03-16) on smtp1.linux-foundation.org X-Mailman-Approved-At: Sat, 22 Jul 2017 04:19:44 +0000 Cc: Bitcoin Dev Subject: Re: [bitcoin-dev] Proposal: Demonstration of Phase in Full Network Upgrade Activated by Miners X-BeenThere: bitcoin-dev@lists.linuxfoundation.org X-Mailman-Version: 2.1.12 Precedence: list List-Id: Bitcoin Protocol Discussion List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , X-List-Received-Date: Sat, 22 Jul 2017 03:58:25 -0000 --001a11411b8432ef2c0554dffe7a Content-Type: text/plain; charset="UTF-8" I think we should not switch to Proof of Stake system. in Proof of Stake system, the one with more voting power tend to protect their investment and that will stop others from competing with them. they will use the voting power to make entering barrier, limiting the competition is bad for bitcoin economy (I believe). Miners are not centralized, they just grow bigger and be industrialized, but there's still a lot of competition. The competition is the main security model of bitcoin system. When we are talking about "security" in bitcoin system, we are talking about the probability that a transaction revert or change. We can not be 100% sure under 3 confirmations, but in 6 or more confirmations, we think the cash received is safe and can't be taken away. That's the security provided by bitcoin system. Hard fork is not dangerous, when hard fork happens, people can wait for a short time (like maintenance of a POS/CreditCard system). When the chain with most hashrate wins (with high enough probability), we can then safely assume that the longest chain can't be reverted. Regards, LIN Zheming --001a11411b8432ef2c0554dffe7a Content-Type: text/html; charset="UTF-8" Content-Transfer-Encoding: quoted-printable
I think we should not switch to= Proof of Stake system.=C2=A0

in Proof of Stake system= , the one with more voting power tend to protect their investment and that = will stop others from competing with them. they will use the voting power t= o make entering barrier, limiting the competition is bad for bitcoin econom= y (I believe).=C2=A0

Miners are not centralized, they just grow bigger and be i= ndustrialized, but there's still a lot of competition. The competition = is the main security model of bitcoin system.

When we are talking about &qu= ot;security" in bitcoin system, we are talking about the probability t= hat a transaction revert or change. We can not be 100% sure under 3 confirm= ations, but in 6 or more confirmations, we think the cash received is safe = and can't be taken away. That's the security provided by bitcoin sy= stem.

= Hard fork is not dangerous, when hard fork happens, people can wait for a s= hort time (like maintenance of a POS/CreditCard system). When the chain wit= h most hashrate wins (with high enough probability), we can then safely ass= ume that the longest chain can't be reverted.


Regards,
LIN Zheming
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