[Cryptography] Cryptocurrency Exchange without a trusted third party (Ron Garret

Natanael natanael.l at gmail.com
Sun Jan 15 20:43:36 EST 2017


Den 15 jan 2017 23:21 skrev "Ron Garret" <ron at flownet.com>:


On Jan 15, 2017, at 12:49 PM, Dominik Zynis <dz at ioresources.com> wrote:

As an aside, the underlying situation with respect to inflation is actually
exactly the same for both bitcoin and fiat currencies.  Bitcoin could
inflate if a majority of the mining pool agreed to a change in the
protocol.


It wouldn't be Bitcoin if they did.

Miners can only enforce "softfork rules" using a majority - a stricter
interpretation of what block contents are valid than what the default rules
implemented by the client allows (any new rules and behaviors would have to
be defined such that the old clients would still accept them as valid, even
if it was entirely unaware of their existence). A softfork don't require
patching any client software to work, only that the miner majority upholds
the new rules and don't allow conflicting behavior.

Hard rules that break compatibility with with the clients, like changing
the mining reward schedule, requires changing the clients to accept it
(which is called a hardfork). Otherwise they will reject your block, no
matter how much hashing power you may have. Your modified blockchain will
be ignored by everybody. To them it's just some random string of invalid
data.

The regular uninflated Bitcoin blockchain would remain intact, with all the
users still on it.

It would take take the majority of the Bitcoin users agreeing to run
software implementing that hardfork change (inflationary reward schedule)
for it to work.
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