PoX Screws Bitcoin, Adulterates Blockchain Software Technology
g at xny.io
Sat Nov 27 11:17:23 PST 2021
I think dark pools are illegal in New York? But you might need to ask
Harvard Management Company how deep their STX fraud goes?
On Sat, Nov 27, 2021, 2:06 PM Uwe Cerron <uwecerron at gmail.com> wrote:
> Remind me again, how many mining pools make up the entire bitcoin
> Sent from my iPhone
> > On Nov 27, 2021, at 10:01 AM, Gunnar Larson <g at xny.io> wrote:
> > MIA Coin and NYCCoin use PoX as part of their fraud. Harvard Management
> Company perhaps has a hand in the scheme?
> > PoX when used for participation rewards, as described, could lead to
> miner consoli-
> > dation. Because miners that also participate as holders could gain an
> advantage over
> > miners who do not participate as holders, miners would be strongly
> incentivized to
> > buy the new cryptocurrency and use it to crowd out other miners. In the
> extreme case,
> > this consolidation could lead to centralization of mining, which would
> undermine the
> > decentralization goals of the public blockchain.
> > Bitcoin Bandwidth:
> > Because PoX miners must send Bitcoin transactions to participate in the
> > algorithm and send PoX rewards, PoX mining would occupy some Bitcoin
> > tion bandwidth. Given Bitcoin bandwidth is limited by design, given
> security require-
> > ments, new PoX blockchains need to reduce their bandwidth use
> requirements. SIP-
> > 007 does this by limiting the number of participants, using a STX
> holding threshold.
> > Other ways to address bandwidth limitations are also possible e.g.,
> lighting channels
> > between Bitcoin and the new blockchain. Optimizations at the Bitcoin
> > layer could also be possible, which would reduce the total size needed
> for PoX trans-
> > actions.
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