Game Theory as it relates to mining - Arvind Narayanan
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Transcript of Game Theory as it relates to mining - Arvind Narayanan
Bitcoin doesn’t work in theory.Who cares?
Arvind NarayananPrinceton University
How to outsource a double spend
Joseph Bonneau
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?
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
Joseph Bonneau Ed Felten Arvind Narayanan Andrew Miller
Moving past spherical cows