[Bitcoin-development] Coinbase reallocation to discourage Finney attacks

Mike Hearn mike at plan99.net
Wed Apr 23 12:51:24 UTC 2014

On Wed, Apr 23, 2014 at 2:43 PM, Christophe Biocca <
christophe.biocca at gmail.com> wrote:

> 1. This provides a very strong incentive to always vote for
> reallocating a block if it isn't yours

If everyone votes to reallocate everyone elses blocks all the time, then
you'd end up losing your own coins too, so this doesn't seem like a
workable strategy.

>     a) Requiring supermajorities
>     c) Burning, rather than reallocating, the coins. Miners' immediate
> incentive to attack honest pools is much reduced.

I'm OK with burning actually. The total amount of coins in the system
essentially defines its maximum price resolution. Ideally we'd not lose
resolution, but it's less important than having a system that does actually
work. Moreover, this sort of system is like double spending defence itself
- if it does work, it doesn't need to actually be done very frequently
because people know the safeguards work and don't try. So in practice total
loss of resolution should be limited.

> 2. BitUndo gets paid using additional txouts in the double-spend
> transaction, no by miner's fees.

Right. It's indeed an assumption that block rewards matter to miners, even
the ones that have double spend revenues.
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