Example of a problematic scenario with timeout treesThere’s been a lot of hand-waiving about timeout trees over the last few days. The point here is just to present a concrete example of what…Feb 22Feb 22
Bitcoin is Dead (long live IBIT.)The possibility of abandonment has been crucial to the security of Bitcoin. Without it, what forces Bitcoin to maintain its character?Jan 184Jan 184
Thoughts on Drivechain II: How bad is MEV?Some suggest MEV will lead to miner centralization. Centralization is always a major concern, and anything that potentially adds…Aug 4, 20232Aug 4, 20232
Thoughts on Drivechain I: Miners can do things about which we will inevitably argue whether it is…There seems to be two main lines of criticism about drivechain, MEV and “miners can steal. ” I’m working on the MEV (still thinking through…Jul 18, 20231Jul 18, 20231
What can go wrong if demand for Bitcoin blockspace becomes taken up by non-Bitcoin uses?Moar security = good, right?May 1, 2022May 1, 2022
How bitcoin transactions can be censoredFor this to work, you need to have 51% of miners that are “rational”. If there are 51% of miners that are not maximizing profits in the…Mar 1, 2022Mar 1, 2022
The Bitcoin Security Trilemma and the security budgetBitcoin Security Trilemma: In as much as an attacker can marshal sufficient hashrate, Bitcoin must be A) Exploitable B)Value-Destructible…Feb 1, 2022Feb 1, 2022
Here’s how the miners will change the total supplyIt will happen 2031/2032, when the halving is expected to change the block reward from 1.5625 to 0.78125 BTC / block. In 2030, the…Jan 5, 2022Jan 5, 2022
Bitcoin’s Layer 0.51 : A quick proposal to reduce the hashrateAbstract: At the outset of some predetermined time epoch, miners run a quick hashing competition to signal their interest in joining a…Dec 10, 2021Dec 10, 2021
Proposal to assert United States Control over the Bitcoin blockchain by 2037 /sBrief DescriptionSep 10, 20213Sep 10, 20213
