Topic: Meni's Blog - Fiery Spinning Sword (Read 3888 times)

That's basically correct, for a first-order approximation. But if most miners are opportunistic, always switching to whichever chain is more profitable, there could be serious oscillations in the hashrate of each chain. All of them will mine on one chain (the one which is slightly more profitable at the moment), then after ~2 weeks its difficulty will spike, and then they will all move to the other chain. Resolving this is an open problem.

Sweet!  This is pretty much exactly what I've been saying since the flare-up near the beginning of 2015 and I'm happy to see some confirmation (though it's not exactly rocket-science and I'm sure that other's have thought up the same thing.)

Since you are a master at mining tech, could you comment on my thesis about mining:

For simplicity's sake, lets say that there are only two chains (though I expect a possibility of many more when the shit hits the fan...)  'Core' and 'XT'.  Let's also say that neither one takes special actions to substanatively change any protocols or 'monitor and screw' the other.  Let's also stiplate that miners behavior will approximate market driven principles (nobody hires them as mercenaries and they don't have strong political beliefs.)

Say Core market value is $100/coin

Say XT market value is $200/coin

I would expect that difficulty of each chain would adjust to how much mining effort was applied to supporting each.  Thus, a miner would mine twice as many coins on Core as XT for a given total hash input.  I would anticipate then that the mining power would approach a ratio which was represented by the market value of the respective coins.

Since I do not fully understand how difficulties are represented in chains, I don't know if I am off-base in this thesis.  Any thoughts?

How I learned to stop worrying and love the fork
(I might cross-post that as a thread here).

What is real? And what is virtual?

I have time will go to your blog to see what you wrote some articles about the currency

very cool, great job!

like the idea of the blue and white representative colors

New posts:

How to create a reasonably secure Bitcoin paper wallet (This one is from a while ago actually)

Mtgox post mortem

New post - Naive views of financial markets.

Me!

I don't have have any Fed friends that I know of.

Thanks!

Who said anything about cold?

There's no "hidden" meaning, there's an obvious meaning - blue and white are the colors of the Israeli flag, and the blue-and-white Bitcoin is the logo of Bitcoil, the first (though currently inactive) Israeli Bitcoin exchange service. I've used it as my avatar on the Bitcoin forum for over two years, and by now it's also identified as my personal avatar.

A bitcoin coin should be yellow. A blue one looks like a negative image. Is there any hidden meaning in a blue bitcoin coin?

That's exactly what I thought

a bit of a quite poetic blog title for such a cold technical subject, ain't it?

Awesome, this is going to be great!

Will your fed friends get our IPs? 

List of posts (possibly incomplete):

Welcome to the Fiery Spinning Sword
ASIC will not centralize Bitcoin mining
Hashrate amplification attacks
Naive views of financial markets
How to create a reasonably secure Bitcoin paper wallet
Mtgox post mortem
What is real? And what is virtual?
How I learned to stop worrying and love the fork

I have started a new blog, Fiery Spinning Sword. It will be mostly about Bitcoin stuff. You are welcome to visit.

Still playing around with the design.