This has been discussed many many many times. Please use the search.
Any _automated_ method to lower the difficulty means that an attacker who has isolated a node can cheaply simulate a functioning network in order to rob it. This is not a good security tradeoff against a speculative risk about an already-broken situation which could be addressed when it arose instead of taking the risk in advance.
Topic: Faster recovery; just in case (Read 470 times)
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
I don't know ..
If miners dropped out they would be selling their rigs to those still in the game so that much of a drop overnight would be unlikely. Even if mining power got cut by 90%, you'd still get 3 confirmations in 5 hours...so, I don't think too many people are worried about it. Plus 2016 is worst case, on average will be half that.
If miners dropped out they would be selling their rigs to those still in the game so that much of a drop overnight would be unlikely. Even if mining power got cut by 90%, you'd still get 3 confirmations in 5 hours...so, I don't think too many people are worried about it. Plus 2016 is worst case, on average will be half that.
Long time no post on this but need to ask a question on the topic of mining.
Hypothetical - if Bitcoin takes a hard of enough crash that stop 95% of miners from mining it stops the block-chain from publishing new blocks and paying the other 5% of miner which makes less miner "downward spiral". I see this with other dead or dieng sha-256 coins out there which the block chain is frozen because the difficulty is "stuck" at a high level where its going to take years for the 2016 blocks to be reached. If BTC falls into this situation are there any plans to keep blocks moving at 1 per 10 mins if a crazy drop in mining power would happen and average block time goes into weeks or months before a difficulty change? I was looking at the failure byte coin which got me thinking....
By thinking of this now we could avoid a long hard grid of recovery. Any thought or am I just not educated on bitcoin?
Hypothetical - if Bitcoin takes a hard of enough crash that stop 95% of miners from mining it stops the block-chain from publishing new blocks and paying the other 5% of miner which makes less miner "downward spiral". I see this with other dead or dieng sha-256 coins out there which the block chain is frozen because the difficulty is "stuck" at a high level where its going to take years for the 2016 blocks to be reached. If BTC falls into this situation are there any plans to keep blocks moving at 1 per 10 mins if a crazy drop in mining power would happen and average block time goes into weeks or months before a difficulty change? I was looking at the failure byte coin which got me thinking....
By thinking of this now we could avoid a long hard grid of recovery. Any thought or am I just not educated on bitcoin?
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