Encouraging mining of the first few big blocks with OP_CSV and BIP68
2 messages, 23 Aug 2015. Started by Johnson Lau.
Johnson Lau, Hector Chu
Someone is going to burn 150BTC to create a backlog of 30-day in September. https://www.reddit.com/r/Bitcoin/comments/3hgke4/coinwallet_says_bitcoin_stress_test_in_september/ However, the money could be spent more wisely by encouraging mining of the first few big blocks
Assumptions: 1. OP_CSV and BIP68 are enabled 2. Max tx size remains 1MB
The donor will create a transaction, with an input of 150BTC, and 10 outputs: 1. 0 BTC to "OP_RETURN <garbage>" 2. 42 BTC to "OP_1 OP_CSV" 3. 21 BTC to "OP_2 OP_CSV" 4. 10.5 BTC to "OP_3 OP_CSV" 5. 5.25 BTC to "OP_4 OP_CSV" 6. 2.625 BTC to "OP_5 OP_CSV" 7. 1.3125 BTC to "OP_6 OP_CSV" 8. 0.65625 BTC to "OP_7 OP_CSV" 9. 0.328125 BTC to "OP_8 OP_CSV" 10. 0.328125 BTC to "OP_9 OP_CSV"
The first output will fill up the size to 1MB.
This tx could not be confirmed by a pre-hardfork miner because the coinbase tx will consume some block space. The first big block miner will be able to collect 66BTC of fee. The block confirming the first big block will collect 42BTC of fee, etc. This will create a long enough chain to bootstrap the hardfork.
The amount is chosen to make sure the difference is <25BTC, so miners would have less incentive to create a fork instead of confirming other's block. However, a miner cartel may launch a 51% attack to collect all money. Such incentive may be reduced by adjusting the distribution of donation. (Actually, such cartel may be formed anytime, just for collecting more block reward)
That guy is going to easily make back his 150 BTC with interest, if he is short BTC. Should be a clear signal for the market to trend lower, probably below $180 by the time of the test.
On 23 August 2015 at 19:08, jl2012 via bitcoin-dev <bitcoin-dev@lists•linuxfoundation•org> wrote:
Quoted text (40 lines)
> Someone is going to burn 150BTC to create a backlog of 30-day in September. > https://www.reddit.com/r/Bitcoin/comments/3hgke4/coinwallet_says_bitcoin_stress_test_in_september/ > However, the money could be spent more wisely by encouraging mining of the > first few big blocks > > Assumptions: > 1. OP_CSV and BIP68 are enabled > 2. Max tx size remains 1MB > > The donor will create a transaction, with an input of 150BTC, and 10 > outputs: > 1. 0 BTC to "OP_RETURN <garbage>" > 2. 42 BTC to "OP_1 OP_CSV" > 3. 21 BTC to "OP_2 OP_CSV" > 4. 10.5 BTC to "OP_3 OP_CSV" > 5. 5.25 BTC to "OP_4 OP_CSV" > 6. 2.625 BTC to "OP_5 OP_CSV" > 7. 1.3125 BTC to "OP_6 OP_CSV" > 8. 0.65625 BTC to "OP_7 OP_CSV" > 9. 0.328125 BTC to "OP_8 OP_CSV" > 10. 0.328125 BTC to "OP_9 OP_CSV" > > The first output will fill up the size to 1MB. > > This tx could not be confirmed by a pre-hardfork miner because the coinbase > tx will consume some block space. The first big block miner will be able to > collect 66BTC of fee. The block confirming the first big block will collect > 42BTC of fee, etc. This will create a long enough chain to bootstrap the > hardfork. > > The amount is chosen to make sure the difference is <25BTC, so miners would > have less incentive to create a fork instead of confirming other's block. > However, a miner cartel may launch a 51% attack to collect all money. Such > incentive may be reduced by adjusting the distribution of donation. > (Actually, such cartel may be formed anytime, just for collecting more block > reward) > _______________________________________________ > bitcoin-dev mailing list > bitcoin-dev@lists•linuxfoundation•org > https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev