Sharing this, bit to stir up controversy, but because it's an interesting technical point made by Peter Todd. I don't know enough about Luke's decision process to speculate image

Replies (36)

His options are slim. Sha256 is a no go because miner support is low enough that they could be 51% attacked by basically anyone. Just Ocean aimed at Bitcoin is 3x the size of all of the hash pointed at bip110 right now. Another challenge is, finding miners. Switching away from sha256 means all the former bitcoiners now lukecoiners need new hardware in order to mine. Right after the switch there is likely to be a dominant player who single handedly controls the network while other supporters scramble to get hardware in place. That leaves the Monero algorithm. Intentionally designed to require general purpose CPUs. Then anyone can mine immediately on their existing PCs. The downside of this is that Monero requires regular PoW change hard forks as people figure out ways to cheat algorithms. This is all keeping in mind the cost of attacks. The cost of the hash pointed at the chain sets an upper boundary for the price. Too high price with not enough hash, you get 51% attacked. Monero already deals with issues with hackers attempting attacks using botnets. The $ value of their coin will not be even close to parity and people attempting to sell their shiny new doubled up coins only makes it worse.
True, but it is hard to look into the future and know how long that will continue. My point is that you have to follow those forks or risk getting overrun by whatever dedicated miner.
Looks like it's still in flux. I know I wouldn't be thrilled with the rushed and haphazard way this is being organized, if I were on board. image
Admittedly, this is a bit of hind-sight on my part; but, for someone who actually chose to be invested in bip110, the potential to end up in this situation had to be foreseeable. Frankly, if I were a bip110er - and I had been sold on the idea that this fork was an imminently existential emergency - I'd be more than a little miffed that the hard fork fall-back plan wasn't built right into the bip to begin with.
JackTheMimic's avatar
JackTheMimic 3 days ago
I've never really looked into this, but does the difficulty reset somehow or have a starting value? Because I don't see why the difficulty threshold would change just because the algo did.
Yeah, I can't imagine there's much time to get much input from others, and Peter points to a better way to randomize it in his post. Just seems sloppy, at best, from where I'm sitting.
Bch did some weird emergency difficulty adjustment thing back when, but I'm not informed enough to comment further (other than copy pasting LLM junk)
I vaguely understand what that means. In hindsight I wish I'd vanity mined my npub, like Gigi did. It'd make impersonating me much harder... shhh, do t say it
People comparing it to UASF and saying “bitcoin dead wallst took over” need to understand this. I think that no one would support a rushed attempt with threats of forking off *without any plan*, especially when the solution did not fix the problem. Can we just have relay policy already?!
If it makes you feel better, I checked with my LLM before posting, as I had a hazy recollection of some such limitation, but wanted to seem smart by stating it as a fact pulled from my own knowledge in my reply, by omitting that tidbit.
Hey, you know maffs, like zeros and ones and dem uver numburs. You're smarter than the average college graduate 🫡 Also, I wish it was still Tit bit 😂