[Bitcoin-development] Long-term mining incentives

Dave Hudson dave at hashingit.com
Tue May 12 16:21:40 UTC 2015

I think proof-of-idle had a potentially serious problem when I last looked at it. The risk is that a largish miner can use everyone else's idle time to construct a very long chain; it's also easy enough for them to make it appear to be the work of a large number of distinct miners. Given that this would allow them to arbitrarily re-mine any block rewards and potentially censor any transactions then that just seems like a huge security hole?


> On 12 May 2015, at 17:10, Gavin Andresen <gavinandresen at gmail.com> wrote:
> Added back the list, I didn't mean to reply privately:
> Fair enough, I'll try to find time in the next month or three to write up four plausible future scenarios for how mining incentives might work:
> 1) Fee-supported with very large blocks containing lots of tiny-fee transactions
> 2) Proof-of-idle supported (I wish Tadge Dryja would publish his proof-of-idle idea....)
> 3) Fees purely as transaction-spam-prevention measure, chain security via alternative consensus algorithm (in this scenario there is very little mining).
> 4) Fee supported with small blocks containing high-fee transactions moving coins to/from sidechains.
> Would that be helpful, or do you have some reason for thinking that we should pick just one and focus all of our efforts on making that one scenario happen?
> I always think it is better, when possible, not to "bet on one horse."
> On Tue, May 12, 2015 at 10:39 AM, Thomas Voegtlin <thomasv at electrum.org <mailto:thomasv at electrum.org>> wrote:
> Le 12/05/2015 15:44, Gavin Andresen a écrit :
> > Ok, here's my scenario:
> >
> > https://blog.bitcoinfoundation.org/a-scalability-roadmap/ <https://blog.bitcoinfoundation.org/a-scalability-roadmap/>
> >
> > It might be wrong. I welcome other people to present their road maps.
> >
> [answering to you only because you answered to me and not to the list;
> feel free to repost this to the list though]
> Yes, that's exactly the kind of roadmap I am asking for. But your blog
> post does not say anything about long term mining incentives, it only
> talks about scalability. My point is that we need the same kind of thing
> for miners incentives.
> -- 
> --
> Gavin Andresen
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