Does anyone here understand why all Segwit coins are doomed (BTC in particular). I'll tell you. The biggest threat to crypto-currencies is something called selfish mining. Selfish mining is when a miner finds a block, but instead of propagating the block to the network they keep it secret, meaning only then can mine on the next block. So long as the selfish miner is smaller than the honest miners he will make more money as a selfish miner. The good news for non-Segwit coins is that there is a simple defense. The honest miners (who make up more of the network's hashrate) simply form their own selfish mining cartel and choke the selfish miner until he is out of money. This isn't a great defense as it will cause even the honest cartels to lose money, but by definition the honest cartel always wins in this scenario. However, everything changes when Segwit is taken into account. The first issue with Segwit is that it allows the selfish miner to publish his block, just without signatures. By publishing his block without signatures the selfish miner can now entice new miners into his cartel without any collusion, making him more efficient than any honest cartels that may try and choke him off the network. Furthermore, because the Segwit selfish miner has already published his block, if an honest miner tries to publish a block they will be beat in the block propagation race because the Segwit cartel only has to release the signature data, while the honest cartel has to release the signature data and the rest of the block. This means the normal defense against selfish mining does not work as even if it is attempted the Segwit cartel makes more money than the honest cartel. Furthermore the point of the Segwit selfish mining attack is not only to be the most profitable miners, but to forge transactions. (1)
Segwit Selfish Mining
If the Segwit Selfish miner can attract 51% of the hashrate then he can change the destination of all transactions in the block he mined to his own address (or more likely spread these transactions amongst miners according to their hashrate). Remember that this Segwit selfish miner is always more profitable than honest miners or honest miners that form cartels because the cartels must try and selfish mine without releasing the blocks. The only real defense against this attack is to mine blocks without signature data, but again, once 51% of miners mine on blocks without signature data the Segwit mining cartel can forge all transactions in that block. So the only defense against this attack is to do exactly what the attacker wants you to do. Furthermore the fact that Bitcoin Segwit is committed to small blocks (as are most Segwit coins) means the attacker can use a Sybil attack and create many nodes throughout the network for a very small cost (thanks to the small block sizes) and every time they get in a block propagation race with the honest miners they will win as their nodes will propagate their block faster. So basically in the long-term all Segwit coins are fucked, because the more they get used the more the transaction volume in a block is. The more the transaction volume is in a block the more profitable this attack becomes. Finally even if the Segwit coin tries to fork and start on a new chain the Segwit mining cartel can follow them to the new chain, so there is no escape. Please tell me, why does anyone trust Segwit?
Bcash Bcash Bcash!
>Does anyone here understand why all Segwit coins are doomed (BTC in particular). I'll tell you. The biggest threat to crypto-currencies is something called selfish mining. Selfish mining is when a miner finds a block, but instead of propagating the block to the network they keep it secret, meaning only then can mine on the next block.
Real brainlet hours up in this bitch. If another miner finds a block and propogates it and everyone else uses that chain and that chain becomes longer than yours (it will, as long as they have more hash power than you), then your block is invalid and useless.
>Real brainlet hours up in this bitch. If another miner finds a block and propogates it and everyone else uses that chain and that chain becomes longer than yours (it will, as long as they have more hash power than you), then your block is invalid and useless.
You obviously don't understand selfish mining. As soon as another miner finds a block, you release your secret block and a block propagation race occurs. This means there is a 50/50 chance the selfish miners block is chosen as the real chain or the honest miners. But if you do the math the fact remains that because the selfish miner is smaller the honest miners waste more time on invalid blocks so the selfish miner always wins. Read my post, the only defense against selfish mining is to selfish mine yourself, which is fine unless you have Segwit activated. I suggest you read this. (cs.cornell.edu
Alternatively I will copy and paste one sentence from the first page as I'm sure you won't actually read it. >Unless certain assumptions are made, selfish mining may be feasible for any group size of colluding miners.
The assumptions they are talking about is complete collusion between honest miners, which is unlikely. But even with complete collusion of honest miners if the cartel hits 33% then there is no defense against selfish mining other than for all miners to engage in selfish mining. And again you can only beat a selfish miner by selfish mining if we are talking about a non-Segwit coin.
That's about the response I expected from the Segwit Soyboys. No matter how much you have disappointed me before, you never fail to disappoint me further. Want to try an actual argument or is this topic above your paygrade?
I've seen this claim of an attack vector by someone far more reputable than Craig Wright. And I want it debated by someone that understands the bitcoin codebase.
You lost all of my respect to discuss when you posted a picture of Craig Wright to outline your shit article here. Fucking idiot.
>You lost all of my respect to discuss when you posted a picture of Craig Wright to outline your shit article here. Fucking idiot.
That's another way of saying you are to stupid to understand the argument. You can debate it without throwing a temper tantrum. Here, I'll post a picture of one of the authors of the Selfish mining papers. I bet you still don't make a valid response. The author (Emin Guin Sirer) also makes fun of Segwit supporters and small blockers on twitter. See here (twitter.com
posting a pic of Craig Wright is like posting a picture of fucking Alex Jones and outlining a tinfoil hat conspiracy. Truly, nobody is shitter, more disproven, more evidently exposed than Craig Wright.
>I almost had to admit defeat but you posted a picture so CHECKMATE you lost lmao
the state of Blockstream shills.
You're in your own little echo chamber screaming about globalists like Alex Jones. I already gave the selfish mining paper credit. Shut the fuck up you bumbling idiot.
>I already gave the selfish mining paper credit.
The paper doesn't discuss the Segwit version of Selfish mining though, you need good old Peter Rizun for that. Again, will you discuss it or just avoid the topic? youtube.com
based peter
>6 posts by this ID
>he doesnt know that the bitcoin software isnt fixed in place and can change over time to fix issues like this
segwit is very irreversible
please do tell me how
Soft forks aren't "reversible" in any normal sense of the word.
It would require a hard fork (new network).
It's possible miners can perform censorship attacks on Bitcoin users, but that's true of any transaction that can be identified.
Do you really expect us to read this?
Corecucks have nothing but Ad Hominem and blind faith to count on.
Thanks OP , now I know what I need to do to kill BTC.
Hi Gun
>The first issue with Segwit is that it allows the selfish miner to publish his block, just without signatures.
Major faggotry here. SW was activated with 95% minor support. Publishing a block without SW signatures just gets your block rejected and orphaned. Good Job, retard.