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 54A37DB5 for ; Sat, 20 Jan 2018 18:36:11 +0000 (UTC) X-Greylist: whitelisted by SQLgrey-1.7.6 Received: from mail-io0-f169.google.com (mail-io0-f169.google.com [209.85.223.169]) by smtp1.linuxfoundation.org (Postfix) with ESMTPS id E1355203 for ; Sat, 20 Jan 2018 18:36:10 +0000 (UTC) Received: by mail-io0-f169.google.com with SMTP id n7so5470952iob.0 for ; Sat, 20 Jan 2018 10:36:10 -0800 (PST) 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; bh=jh07aTC1JkELNS8I5e8aP4qzp1J9dJbN8w9noUdbVbY=; b=mcfzks3hjsxer1Abi4rMHeSGKymEwU7QSAW0Mg9AgU9h5G1Kf0darrA3UhN8oehqsH DEyp7F5amBo6EPbVcvxSspw5A14jWiguOD59rGupNFg4nfCF+am1Arb+5nk/ZBY2TOko qYnMCAYIuZvFcZ/61KpECYiNQVgx1uQ+YFQCzGR7TKYAPsrvZV5Tnq2q2WqmK5NspaHb XZcuWd2jcoACjIQZUI3f7Gv0wBGu0+go3swNU1RTVDdh42TZ+bJGv2seL/AH/eAiWzsQ R16Dwc9fPd4lBOjmoDC0TPY99QT3q8UgOFzyMs97jeElzL6JCPc0Y5qSGjaIHmhnWe7d 5Lqw== 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; bh=jh07aTC1JkELNS8I5e8aP4qzp1J9dJbN8w9noUdbVbY=; b=d0vSNBJYonU52t+TTVvhOgqc9qBv+T7c4HOVHZNA+uJ3JOA5NkzeQdfwomjxeCDzwX gHmtu8h7/OE9R8AiKz3T3AJ9UzrOKy4+P5wtHLWWsgFUjHdVxo7YTsA36By7tx6LlcrW SrVQYQodCYs6cxay4iv8FW5Hq2opvOIPkHlInuIBzDWwhRcKqdkzUBo7ogfF62RPiSmF we2oM+PXdvWONVsZD53I05cP/DaUQvXwUEtUyuAlTczTNtoCjZc2HBHARknyJ8I6+wbF bAEM5DQr0DOSHtKZTXLtqfMf23MEZBe7kYY8za+aIZJWdei0M3AhaP6V+rP/zEoT/qeA ASgA== X-Gm-Message-State: AKwxytfkIRh10e6GZ5Vpja0oUIOMefjdv13//RBy3aH96bXvSozV+2DC 5eNdwNBikC/5fJIpUOhwqQK/sldkPz0A9Y4xaEo= X-Google-Smtp-Source: AH8x225ieyI+7VMRG4XK87898TAli38f37K1qAqXyycdAo75DHa3Ud21/OO9fs586XmZTR1k6JJAG/xNkIsgWNUIeoc= X-Received: by 10.107.164.70 with SMTP id n67mr2726639ioe.88.1516473370265; Sat, 20 Jan 2018 10:36:10 -0800 (PST) MIME-Version: 1.0 Received: by 10.107.48.75 with HTTP; Sat, 20 Jan 2018 10:36:09 -0800 (PST) In-Reply-To: <58fa85b8-cba3-ee34-8c96-41c6c7bfbf9c@gmail.com> References: <58fa85b8-cba3-ee34-8c96-41c6c7bfbf9c@gmail.com> From: Melvin Carvalho Date: Sat, 20 Jan 2018 19:36:09 +0100 Message-ID: To: Jefferson Carpenter , Bitcoin Protocol Discussion Content-Type: multipart/alternative; boundary="001a114289f28bce7205633978ba" X-Spam-Status: No, score=-2.0 required=5.0 tests=BAYES_00,DKIM_SIGNED, DKIM_VALID, DKIM_VALID_AU, FREEMAIL_FROM, HTML_MESSAGE, RCVD_IN_DNSWL_NONE autolearn=ham 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, 20 Jan 2018 18:53:27 +0000 Subject: Re: [bitcoin-dev] Upgrading PoW algorithm 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, 20 Jan 2018 18:36:11 -0000 --001a114289f28bce7205633978ba Content-Type: text/plain; charset="UTF-8" On 17 January 2018 at 23:31, Jefferson Carpenter via bitcoin-dev < bitcoin-dev@lists.linuxfoundation.org> wrote: > Bitcoin's difficulty will be maxed out within about 400 years, by Moore's > law. (After that - supposing the software does not crash when difficulty > overflows - block time will start decreasing, and it will not take long > before blocks are mined faster than photons can be sent across the planet). > > Bitcoin is the dominant cryptocurrency today, as the first mover: the > perfectly fair worldwide game of inventing the cryptocurrency has been > played and won. However, unfortunately, it has a built-in end date: about > 400 years from now. After that, it won't necessarily be clear what the > dominant cryptocurrency is. It might be a lot like VHS vs Betamax, and a > lot of people could lose a lot of money. It seems to me, this could be > mitigated by planning today for what we are going to do when Bitcoin > finally breaks 400 years from now. > > Are there any distinct plans today for migrating to a PoW supporting an > even higher difficulty? > Crypto algorithms have a lifetime, and consensus is no different. Is it likely to be more than a few years? Yes. Is likely to be less than a few hundred years. Yes. Every algorithm involves trade offs and it's the job of a thoughtful dev team to examine those trade offs and come to a consensus optimal solution. This field is only 9 years old, and there is a large amount of R & D in this area. So we can evaluate what seems to working better and what seems to be working worse, transfer that to BIPs, create code, test it, try to achieve consensus. The normal path that has served free software projects well. > _______________________________________________ > bitcoin-dev mailing list > bitcoin-dev@lists.linuxfoundation.org > https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev > --001a114289f28bce7205633978ba Content-Type: text/html; charset="UTF-8" Content-Transfer-Encoding: quoted-printable


On 17 January 2018 at 23:31, Jefferson Carpenter via bitcoin-dev <bitcoin-dev@lists.linuxfoundation.org> wrote:=
Bitcoin's difficulty will be maxed o= ut within about 400 years, by Moore's law.=C2=A0 (After that - supposin= g the software does not crash when difficulty overflows - block time will s= tart decreasing, and it will not take long before blocks are mined faster t= han photons can be sent across the planet).

Bitcoin is the dominant cryptocurrency today, as the first mover: the perfe= ctly fair worldwide game of inventing the cryptocurrency has been played an= d won.=C2=A0 However, unfortunately, it has a built-in end date: about 400 = years from now.=C2=A0 After that, it won't necessarily be clear what th= e dominant cryptocurrency is.=C2=A0 It might be a lot like VHS vs Betamax, = and a lot of people could lose a lot of money.=C2=A0 It seems to me, this c= ould be mitigated by planning today for what we are going to do when Bitcoi= n finally breaks 400 years from now.

Are there any distinct plans today for migrating to a PoW supporting an eve= n higher difficulty?

Crypto algorithms = have a lifetime, and consensus is no different.=C2=A0

Is it likely to be more than a few years?=C2=A0 Yes.=C2=A0

Is likely to be less than a few hundred years.=C2=A0= Yes.=C2=A0

Every algorithm involves trade of= fs and it's the job of a thoughtful dev team to examine those trade off= s and come to a consensus optimal solution.

This f= ield is only 9 years old, and there is a large amount of R & D in this = area.=C2=A0 So we can evaluate what seems to working better and what seems = to be working worse, transfer that to BIPs, create code, test it, try to ac= hieve consensus.=C2=A0 The normal path that has served free software projec= ts well.
=C2=A0
_______________________________________________
bitcoin-dev mailing list
= bitcoin-dev@lists.linuxfoundation.org
https://lists.linuxfoundation.org= /mailman/listinfo/bitcoin-dev

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