#bitcoin-wizards on 2018-07-21 — irc logs at freenode.irclog.whitequark.org

2015-10-30 00:53 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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05:24 <Kaizen_> Can multisig wallets have a hierarchy? For example, 2 (3 of 5) of 3?

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05:39 <maaku> within push and stack limits, yes

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15:53 <Kaizen_> Anyone here atm?

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18:45 <grzs> wizards be lurkin

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22:02 <gmaxwell> BCT so sad to see you go, https://bitcointalk.org/index.php?topic=4438334.0 some six pages of discussion, and AFAICT no one pointing out that the idea is totally broken or that things like it have been suggested by many people before.

22:04 <gmaxwell> (broken, because variance is a _necessary_ feature of POW consensus, because it's what allows the network to converge; and because the scheme is broken by strategic large miners that don't share their work)

22:11 <spinza> that guy is positing 3 out of 4 posts in the thread he started. and answering with walls of text

22:12 <gmaxwell> yup. I looked at his posting history, and he showed up in 2016 pumping scammer dundee == satoshi too. :-/ yet people are replying.

22:15 <spinza> "This is a radical improvement to classical PoW, I admit, but the costs involved are fair for the huge impacts and benefits. I have reviewed the bitcoin Core's code and found it totally feasible and practical form the sole programming perspective."

22:16 <spinza> Don't worry he's thought of everything :)

22:16 <gmaxwell> to save people reading, he's proposing using low-variance hashcash, along the lines of "mine at whatever difficulty you want, and a block has to have total work over a threshold, and share your partial work with others"

22:17 <gmaxwell> with no special logic to try to address the immediate problems that come up.

22:18 <gmaxwell> And I think with the constants in his proposal you'd end up with ~1/1000th the variance (reorg lol)

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