sipa changed the topic of #bitcoin-wizards to: This channel is for discussing theoretical ideas with regard to cryptocurrencies, not about short-term Bitcoin development | http://bitcoin.ninja/ | This channel is logged. | For logs and more information, visit http://bitcoin.ninja
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<kanzure>
.tw
<yoleaux>
@LukeDashjr Is it possible to *layer* PoW? Blocks currently are hashed w/ SHA2. What if we made it so block fees from specific addresses could only rewarded to miners if they used SHA2 + <pick a hash>? Eventually block reward will be so small users will decide the PoW algo. (@KevinKelbie)
<kanzure>
so H(scriptpubkey) -> map to pow function? wont work because you can choose addresses.. and miners can preferentially pick, etc..
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<adlai>
instagibbs: i think the right approach to the sound vs private conditionality is #bitcoin-otc
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<Taek>
As a miner, aren't I incentivized to sell my hashrate to the highest bidder? What's to stop me from offering an api where I accept payment to work on whatever header I'm being paid to work on?
<Taek>
I guess as a miner I don't want to see the network get attacked, so if I've got enough hashrate I should probably at least verify that I'm not mining an orphan
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<Taek>
err, an alternate chain
<kanzure>
yes, you have to use your microchains thing about adjusting the subsidy based on.. er.. something related to alternate ledger history forging and hashrate things.
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<Taek>
With regards to bitcoin specifically though, it seems to me a natural progression that miners would accept payments to miner whatever, and I'm trying to reason through whether or not this is a good thing for the network
<Taek>
you can always get more short term revenue by either mining normally or getting paid to mine something someone wants, because the lowest amount of money you can make is what you are already making
<Taek>
So I think the only thing stopping you from making hashrate freely available is the fear of destabilizing the ecosystem by making 51% attacks cheaper
<Taek>
but if you refuse to mine on top of a block that you don't recognize as the longest chain, maybe you can dodge the systemic risk component
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<adlai>
"as a miner I don't want to see the network get attacked" << no, as a worker, you want to get paid for your work. whether short-term volatility in the payment currency significantly erodes your work-incentive, is another question.
<Taek>
I wonder if mining suffers from exit scam incentive misalignment. If you know that your hardware is going to be invalidated in a few months by some fancy new chips, your long-term incentive wrt network health goes down substantially
<adlai>
doesn't thermodynamics make mining hardware effectively disposable, "on a long enough timescale"?
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<Taek>
Ideally, yes. Practically speaking though, chips are a nontrivial investement. I believe at 4 cents per kwH, the at-cost price of chips is equal to something like 6 months of mining
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<luke-jr>
kanzure: the impression I got was, make it so certain transactions are only valid in blocks which use SHA2 *and then* another algo
<luke-jr>
kanzure: if there are enough of these, the fees will be worth the additional difficulty
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<kanzure>
ah.
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<yoleaux>
@LukeDashjr @ShervinD @CobraBitcoin Not talking about coinbase maturity. I am saying you could maybe timelock coins that were mined in previous blocks to purchase a lower difficulty on the current block. Expensive for Bitmain, cheap for hodlers. (@agent_scruples, in reply to tw:929030868999589888)
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