Topic: Merged mining for Ixcoin - page 3. (Read 5358 times)

Yes, that's it. But do remember that you have to set this to switch over at a future block. Since it will cause previous diff changes to be incorrect.

It is not either/or.  You have to fix the exploit regardless of whether you do merged mining.

I've seen the "fix" (sorry, no link handy) but am left wondering, Why not update difficulty continuously?  Pseudocode:


TIME_i would be the "current" time as stored in the block header.  Validation would require that "now" >= TIME_i >= TIME_i-1.  (If a block appears with time in the future, the client would hold onto it in case it is part of the best chain when it becomes valid.)

Let's see how this fares in some pathological cases.  1. Difficulty too low.  A long sequence of blocks with little change in time: TIME_i-TIME_i-1 is close to zero, so difficulty increases by a factor of approx. B/(B-1) with each block.  Difficulty doubles every 1397 blocks (approx. B*log(2)).

2. Pool dumps coin.  Difficulty too high.  A long stretch of time without any blocks.  Current algorithms suffer.  This one decreases difficulty with the passage of time, not just the solving of blocks.  Difficulty halves in 2 weeks (approx. B*N) even with zero blocks solved.

3. Miners leave block time unchanged despite passage of real time.  They may gain from higher chain difficulty, but they will have to mine at an increasingly higher difficulty than the rest of us, and eventually that advantage will get us mining a block with updated time.

4. Time traveller visits.  Can't do much as far as I can see.  Blocks in past (before previous block) fail validation.  Blocks in future must wait for their time (and hope the chain doesn't pass them) before clients recognize them.  The lack of discreet difficulty jumps moderates profit.  Exploit thwarted by appeal to external authority (the stars, crystal oscillations, Naval Observatory, etc.) yet without requiring absolute, network-wide agreement.

5. Computer clocks all wrong.  As far as I can tell, the incentives are for accuracy.

I'm curious whether this has been proposed and discussed.  Edit: proposed in mid-2010 here, though in a simpler form suffering from use of floating-point arithmetic.  To clarify: the pseudocode is not meant to suggest use of floating point or incompletely specified operations.  No arguments against my form, but of course for the established chains there is inertia.

To stop a BitCoin network you would need to break every single BitCoin node.  - quote by SD

Would merged mining stop the time travel exploit?

Dear my, you gotta be trolling.
MINE ALL THE COINS !

If IXCoin is back, I'll mine them again!

In California we pay close to a 10% sales taxes.  A crypto-currency could have a 5% sales tax (transactions) and delete 100% of them.  They could also give 75% to miners and 25% to deletion.

I don't even know where to start...

That's probably worse idea than coin taxes. There, I said it. There can be worse ideas than taxing miners in favor of third party.

Also, x-flation is irrelevant as far as utility of a cc as way of transferring value tokens is concerned

If mining is required to protect the network, I think you should have mandatory mining in the client.

subsidies? the added 50 25 12.5?  It will be a decade before btc becomes useful, in the meantime your puppy will die of old age.  

So would it be ok to end the 96 subsidies and allow the miners to keep the transaction fees?

Mining will not cease.

Subsidies will.

With all due respect, learn the distinction, and then we shall proceed to discuss the optimal way to build a deflationcoin

Merged mining will probably get new users into ixc so it might increase interest and thus value.  Locust/BCEx eventually for most coins mining is going to cease anyways.  In 2015 mining is going to seize for ixcoin anyways.  And in 2030 all mining will cease for bitcoin.  We could cease mining, and only have transaction fees minus 10% which are destroyed.  Thus, you will get something for mining.  Why mine a worthless coin?  If there was a way to automatically mine when you open the client, thus people would keep the client open to get a tiny bits of coin that come from transactions.  Early versions of bitcoin had a miner built in, maybe set the default to mine automatically?

http://www.youtube.com/watch?v=6nJYN94m2pw

If we stop mining rewards without a large ecosystem of paid Ixcoin transactions, then there will be no incentive to mine.


Possible, but I don't see a trivial way to prevent this.

Can anyone point me to a fix for in the code of other alt coins where this was fixed please? Thanks.

I still think merged mining has more potential though.

this was my point, without computers mining.... coins can't be transacted.  It's like saying let's all invest in a set number of rocks, and then send them to the moon and never trade them... they become worthless...

I'd say the main driver of namecoin value would be US Gov and its ugly "intellectual property protecshun" initiatives

Sorry Mr. Express but namecoin gets more valuable as time goes on as it requires less coins to register a domain.

Sadly, mining is also the sole act that allows transactions to become confirmed in the first place, and the sole thing that keeps one from double-spending.

In case you are concerned by  growth of the number of coins available on the market for purchase (a dubious concern, but I am quite tired of arguing over it with deflation crowd), what you should be looking into is introducing factors that increase irrevocable loss of coins, not decrease production (that would induce the overall number of coins available for purchase on the market to stabilize more quickly)

Mining offers no value to the currency.  Bitcoin at price of 5 has to come up with $1500 every hour to keep it from collapsing.  Yes, eventually it will reach 1% inflation in 15 years.  Mining makes the currency go down!  way down! 

I am running the ixcoin graphic bounty.  I would love to change the name to "The Worlds 1st Deflationary Currency" graphics ad bounty.

I think we should do anything to make the currency go up.  Maybe offer bounty for BCE to fix holes. Merged mining, end mining! or sleeping with the fed reserves daughter.

Search deflation on youtube or in the economics section.

what accomplishs this
total number of $ = M
k = constant
value of a dollar = k (M/person)
value of dollar = kM/person

If you double amount of currency, the value of the currency will halve.

Stop mining?  That would stop the currency.... and make it all worthless... I don't understand what that accomplishes?

I don't care about merged mining, but why not if easy.  What I would really like to see is all mining stop after block 50,000 to create the worlds 1st deflationary currency.  There is a danger if a large merged mining pool say 100 Gh decides to drop ixcoin, you might be wait 6 months to get 144 blocks.