game theory as it relates to mining - arvind narayanan
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Bitcoin doesn’t work in theory.Who cares?
Arvind NarayananPrinceton University
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How to outsource a double spend
Joseph Bonneau
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How to outsource a double spend
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→ Miner0: 25
Attacker → A: x
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→ Miner1: 25
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→ Minerk: 25×6
Attacker → B: x
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→ Miner1: 25
1. pay miners to mine here
2. profit!
I’ll pay 26 for blocks
on this fork!
1. buy a load of mining ASICS
2. win a mining race
3. profit?
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Feather fork (Andrew Miller)I have 20% of hashpower I’m blacklisting address X
I will consider transactions with input X invalid
I won’t mine on top of blocks that include such tx’s
But if such a TX has two confirmations I’ll accept it
Whatevs
We heard you the first time
You’re just hurting yourself
Wait… shit. You might just be crazy enough to really do itTo maximize your revenue you’d better blacklist X too
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Joseph Bonneau Ed Felten Arvind Narayanan Andrew Miller
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Moving past spherical cows