[Bitcoin-development] Coinbase reallocation to discourage Finney attacks

Troy Benjegerdes hozer at hozed.org
Wed Apr 30 17:06:38 UTC 2014

On Wed, Apr 30, 2014 at 11:00:06PM +1000, Gareth Williams wrote:
> On 30/04/14 00:13, Mike Hearn wrote:
> > I do think we need to move beyond this idea of Bitcoin being some kind
> > of elegant embodiment of natural mathematical law. It just ain't so. 
> I haven't seen anybody arguing that it is.
> Bitcoin is the elegant embodiment of /artificially contrived/
> mathematical rules, which just so happen to be very useful in their
> current configuration :-P
> Nobody is saying those rules are immutable. Just that it isn't sensible
> to undermine them by introducing imprecise and unpredictable elements
> like human politics.

As an end-user of Bitcoin, the whole possible value of a set of mathematical
rules has become completely trashed by the imprecise and unpredictable behavior
of buyers and sellers.

If the rules are not responsive to real human needs, bitcoin is worthless
as a long-term store of value because **my idea of value** changes over time.
This implies, in my mind, an absolutely requirement to attempt to gather 
some useful signal from the human political noise.

How do you determine what that signal is, so you can **change the rules**
and the mathematics so it makes more sense?

You've got to deal with politics, one way or another.

Troy Benjegerdes                 'da hozer'                  hozer at hozed.org
7 elements      earth::water::air::fire::mind::spirit::soul        grid.coop

      Never pick a fight with someone who buys ink by the barrel,
         nor try buy a hacker who makes money by the megahash

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