Author: Peter Vessenes 2013-07-16 03:54:23
Published on: 2013-07-16T03:54:23+00:00
Peter Todd, a Bitcoin developer, recently spoke at the Aspen Institute discussing the risks associated with starting an alt-chain based on proof of work that pool operators may attack. On the topic of sacrificing something outside of Bitcoin's chain and new BTC appearing, Todd mentioned it was controversial, which is why he wasn't proposing it. Todd discussed merged-mining, where "merged attacking" another chain is free, but it is still more profitable to follow the rules and mine the other coin. He stated that if someone considers something that they can sell in a market for BTC as "negative value," then they are just dammed stupid. Todd also spoke about proof-of-sacrifice being opaque to the master blockchain by creating txouts that look no different from any other txout. SCIP-based merged mining for the win was also mentioned, but Todd said SCIP is for now a dream.
Updated on: 2023-06-06T19:49:15.909175+00:00