Post
Topic
Board Bitcoin Discussion
Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)
by
Trent Russell
on 24/09/2015, 09:06:22 UTC

By the way, I am still taking 1 BTC bets (subject to deposit in a 2-of-3 escrowed wallet) that the longest proof-of-work chain will contain a block larger than 1 MB by this time next year.  

And still with a high degree of vaugeness about what is meant by 'the longest proof-of-work chain' I see.

I will say that in my mind, a change in protocol which is not agreed to by ALL of the currently active core contributors is not valid and it does not matter if it is long enough to reach from Earth to the edge of the solar system.

Btw if peter would be more serious about this, i'd take the bet.


I am quite serious.  If the longest chain contains a block greater than 1 MB by this time next year I win, otherwise you win.  The longest chain is defined as the chain built on top of the Satoshi genesis block with the greatest cumulative difficulty.  If Bitcoin forks, then I only win if the "large block" fork has a greater cumulative difficulty than the "small block" fork.

As for escrow, I am open to suggestions.  Danny Hamilton and Jonald Fyookball come to mind.  We would each deposit 1 BTC into a 2-of-3 multisig address and the escrow would hold the third key.  

Suppose there is more than one chain building on top of the Satoshi genesis block and that the one with the greatest cumulative difficulty does contain a block greater than 1 MB. It's clear you (Peter R) "win." But does that mean you get the 2BTC on every still-active chain? Or only on the one with the greatest cumulative difficulty? That outcome isn't clearly specified by what you're writing.

1BTC is too rich for me, but I could put up 0.5 BTC with the following agreement: This time next year (let's say October 1, 2016) Peter R gets the 1 BTC on every active chain that includes the multisig bet output which contains a block greater than 1 MB. I get the 1 BTC on every other active chain that contains the multisig bet output. "Active chain" means that there were at least 20 consecutive blocks mined on the chain on October 1, 2016.