From mboxrd@z Thu Jan 1 00:00:00 1970 Received: from sog-mx-2.v43.ch3.sourceforge.com ([172.29.43.192] helo=mx.sourceforge.net) by sfs-ml-1.v29.ch3.sourceforge.com with esmtp (Exim 4.76) (envelope-from ) id 1YzkLV-0008E4-Ly for bitcoin-development@lists.sourceforge.net; Tue, 02 Jun 2015 11:27:01 +0000 Received-SPF: pass (sog-mx-2.v43.ch3.sourceforge.com: domain of gmail.com designates 209.85.212.181 as permitted sender) client-ip=209.85.212.181; envelope-from=mh.in.england@gmail.com; helo=mail-wi0-f181.google.com; Received: from mail-wi0-f181.google.com ([209.85.212.181]) by sog-mx-2.v43.ch3.sourceforge.com with esmtps (TLSv1:RC4-SHA:128) (Exim 4.76) id 1YzkLU-0003Sc-Ok for bitcoin-development@lists.sourceforge.net; Tue, 02 Jun 2015 11:27:01 +0000 Received: by wiwd19 with SMTP id d19so15842986wiw.0 for ; Tue, 02 Jun 2015 04:26:54 -0700 (PDT) MIME-Version: 1.0 X-Received: by 10.180.89.234 with SMTP id br10mr29981534wib.86.1433244414741; Tue, 02 Jun 2015 04:26:54 -0700 (PDT) Sender: mh.in.england@gmail.com Received: by 10.194.16.40 with HTTP; Tue, 2 Jun 2015 04:26:54 -0700 (PDT) In-Reply-To: References: Date: Tue, 2 Jun 2015 13:26:54 +0200 X-Google-Sender-Auth: _0O5T7L66XotI1yXqzV-_pBVIHM Message-ID: From: Mike Hearn To: cipher anthem Content-Type: multipart/alternative; boundary=e89a8f3ba2d537931605178738af X-Spam-Score: -0.5 (/) X-Spam-Report: Spam Filtering performed by mx.sourceforge.net. See http://spamassassin.org/tag/ for more details. -1.5 SPF_CHECK_PASS SPF reports sender host as permitted sender for sender-domain 0.0 FREEMAIL_FROM Sender email is commonly abused enduser mail provider (mh.in.england[at]gmail.com) -0.0 SPF_PASS SPF: sender matches SPF record 1.0 HTML_MESSAGE BODY: HTML included in message 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature X-Headers-End: 1YzkLU-0003Sc-Ok Cc: Bitcoin Dev Subject: Re: [Bitcoin-development] =?utf-8?q?Fwd=3A_Block_Size_Increase_Requir?= =?utf-8?b?ZW1lbnRz4oCP?= X-BeenThere: bitcoin-development@lists.sourceforge.net X-Mailman-Version: 2.1.9 Precedence: list List-Id: List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , X-List-Received-Date: Tue, 02 Jun 2015 11:27:01 -0000 --e89a8f3ba2d537931605178738af Content-Type: text/plain; charset=UTF-8 > > But the majority of the hashrate can now perform double spends on your > chain! They can send bitcoins to exchanges, sell it, extract the money and > build a new longer chain to get their bitcoins back. > Obviously if the majority of the mining hash rate is doing double spending attacks on exchanges then the Bitcoin experiment is resolved as a failure and it will become abandoned. This has been known since day one: it's in the white paper. The basic assumption behind Bitcoin is that only a minority of actors are dishonest - if the majority are then Satoshi's scheme does not work. So you are not stating anything new here. --e89a8f3ba2d537931605178738af Content-Type: text/html; charset=UTF-8 Content-Transfer-Encoding: quoted-printable

But the majority of the hashrate can now perfo= rm double spends on your chain! They can send bitcoins to exchanges, sell i= t, extract the money and build a new longer chain to get their bitcoins bac= k.

Obviously if th= e majority of the mining hash rate is doing double spending attacks on exch= anges then the Bitcoin experiment is resolved as a failure and it will beco= me abandoned. This has been known since day one: it's in the white pape= r. The basic assumption behind Bitcoin is that only a minority of actors ar= e dishonest - if the majority are then Satoshi's scheme does not work.<= /div>

So you are not stating anything new here.
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