Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
oda.krell
on 10/06/2014, 13:41:47 UTC
There is none. But you know that much.

There are a select few assumptions that seem to be so well grounded in reality that it is a waste of one's productivity to constantly doubt them. If the day comes that they'd break, we'll be as well prepared as we are now to tackle the fallout from the event.
Thanks!  

I agree that the chance of those assumptions being broken is not worth worrying about; it would be like worring that three nuclear reactors may melt down and explode at the same time.  Wink

However I would dispute the assertion that the two assumptions that I listed are "well grounded in reality" -- in the same sense that, say, physical laws like gravitation, conservation of energy etc.  are.

Basically the only "proof" of those two assumptions is that many bright people have spent lots of time trying to find fast ways to solve those problems, over the last 40 years, and failed. But that is not a statistically significant result, because the space of all algorithms, even of modest size, is extremely large; so even all that work has explored only an infinitesimal fraction of it.

For the physical laws, in contrast, one can argue that all our collected experience and measurements are statistically significant  "proof" that they work, at least in the realms that we have experienced.  Doubting them (in those realms) is certainly a waste of time.

Moreover, the techniques that we scientists use to find fast algorithms are such that we can only find "obvious" ones, in a sense. So there may exist a relatively short algorithm that quickly solves the bitcoin mining problem, say; but, even if we find it somehow, and check that it works in quintillion of cases, we may be unable to understand how it does it.  (You are aware of the Collatz problem I suppose.)

(You are not referring to the P != NP conjecture I suppose?  It is just as uncertain, but it has absolutely no relevance to those two assumptions in the bitcoin protocol.)

(By the way, until the 1980s many people were quite certain that the linear programming problem could not be solved in polynomial time, because many bright people etc. etc..  Some even had started to build a theory of "LP-complete problems".  Then a Russian mathematician found a polynomial algorithm, by thinking out of the box.)

I am. And it has. At least to 'what the protocol can handle in principle being thrown at it', not 'what the protocol is and does right now'. As long as there are problems that are hard to solve but easy to check, the protocol can be adapted to the threat that a particular problem turned out to be easy to solve after all.