sipa changed the topic of #bitcoin-wizards to: This channel is for discussing theoretical ideas with regard to cryptocurrencies, not about short-term Bitcoin development | http://bitcoin.ninja/ | This channel is logged. | For logs and more information, visit http://bitcoin.ninja
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<instagibbs>
I don't understand why people assume transaction propagation would be identical to today. If *nothing* else, hosted wallets would be doing aggregations themselves. It would be nearly zero work.
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<uiuc-slack3>
<amiller> that same reasoning applies today doesn't it
<uiuc-slack3>
<amiller> hosted wallets can also act like mixers
<uiuc-slack3>
<amiller> just by pooling all the accounts and then "forgetting" the original correspondences
<maaku>
cjd: unfortunately it's not obvious how to merge already-merged transactions that share inputs
<maaku>
(please prove me wrong)
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<instagibbs_>
amiller: no, it does not. It required interactivity, which, if nothing else, is a huge UX headache.
<maaku>
amiller: mw provides inflation guarantees, which utxo commitments do not (assuming CT, not bitcoin)
<maaku>
also, transaction cut through
<instagibbs_>
also theft is impossible unless you know the keys. You can only rewrite history, like Bitcoin.
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<uiuc-slack3>
<amiller> how do utxo commitments do too provide inflation guarantees
<uiuc-slack3>
<amiller> well, at least i don't understand how you mean to apply the caveat "(assuming CT, not bitcoin)"
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<andytoshi>
amiller: utxo commitments don't give you any guarantee that a transaction included in the historical chain was not removed or reversed
<andytoshi>
it's just SPV security
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<amiller>
it's not "just SPV security", because SPV security doesn't prevent against inflation, where as checking a UTXO set does
<andytoshi>
ok, sure, though you need the signatures on excess values to be totally aggregatable
<andytoshi>
if you're using CT the way MW does
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<maaku>
AH, ok. So the reason is that there are two sources of error (1) because of larger variance due to faster adjustments, the left-side of the chart increases error as you shorten the adjustment interval
<maaku>
and (2) because slower adjustment means you spend longer mining at the wrong difficulty, the right-side of the graph trends upwards as well (unless you're simulating constant hashrate)
<maaku>
These are separate sources of error, but one starts big and decreases, the onther starts small and increases.
<maaku>
So there's a point in the middle where sum(error1 + error2) is minimized
<maaku>
That happens to be when adjusting every 30-50 blocks, at least using bitcoin's simple adjustment algorithm.
<maaku>
You could of course formalize a model of both sources of error, add them, and then minimize analytically using calculus.. I just haven't done that
<maaku>
I'm an experimentalist, it was easier to just code a 10-line simulator and run it for a frew cpu-days :P
<maaku>
... and I failed at selecting the right IRC channel. Please ignore ^
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