Post
Topic
Board Development & Technical Discussion
Re: Majority is not Enough: Bitcoin Mining is Vulnerable
by
gmaxwell
on 04/11/2013, 16:25:56 UTC
Currently the first block that arrives is picked by miners so the "secretives" have incencitive to "delay public blocks", an incentive to listen in on other mining pools "detect early public block announcement to quick react to it" and to try and inject/publish their secretive block as fast as possible towards other miners that have not yet received a new block.
Your analysis is pretty incomplete. Their success at winning that "fast as possible" race, along with their total hashrate, is essential. Otherwise a delay is a pure loss.