#bitcoin-wizards on 2019-07-09 — irc logs at freenode.irclog.whitequark.org

2015-10-30 00:53 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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11:34 <Jmabsd> Is what I read online about "merge mining" BS

11:34 <Jmabsd> Mining one PoW chain means, take the block data you want to mine, hash it with different nonces, and keep doing so until a proof comes out.

11:35 <Jmabsd> One hash operation will only regard *one* blockchain, therefore mining two blockchains on one SHA256 miner will mean 50%-50% split of its mining power; three blockchains means 33%-33%-33% split.

11:35 <Jmabsd> Thus there is no gain.

11:35 <Jmabsd> Only if one miner two perform some kind of *synchronization operation* between 2+ chains, such as cross-chain deposit/withdrawals, would merge mining have any use.

11:36 <Jmabsd> Please confirm, google results suggest something totally else.

11:37 <kinlo> Jmabsd: you should lookup how merged mining works

11:37 <Jmabsd> kinlo: describe?

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11:42 <Jmabsd> kinlo: provide an example

11:43 <kinlo> https://is.gd/FznDV3

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12:57 <Jmabsd> kinlo: already done that.

12:59 <Jmabsd> curious, the Proof of Stake guys, have they gotten to any kind of coherent solution yet?

12:59 <Jmabsd> eg https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ#what-is-the-nothing-at-stake-problem-and-how-can-it-be-fixed

13:00 <Jmabsd> it appears to me that they are presuming altruism from >=67% of participants for their chain to work

13:00 <Jmabsd> in their models, can't you get a total firework reorgs when you come up with some dirty incentive for 68% to sign a new longest work chain :-} suddenly all these new longer branches show up in the blockchain.

13:16 <Jmabsd> "We can solve (1) by making it the user's responsibility to authenticate the latest state out of band. They can do this by asking their friends, block explorers, businesses that they interact with, etc. for a recent block hash in the chain that they see as the canonical one."

13:16 <Jmabsd> https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ#what-is-weak-subjectivity

13:16 <Jmabsd> wow.

13:21 <kinlo> Jmabsd: did you fully understand the principle of merged mining?

13:21 <Jmabsd> kinlo: i presume not. can you examplify?

13:22 <kinlo> you just mine one chain and put a hash in the extranonce so it is valid for the 2nd chain aswell withouth duplicating the hashing work basically...

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