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Fun thought experiment! A few reasons the "pony express blockchain" feels unworkable in practice: - There's a vanishingly narrow band of "apocalypse" where the
by JackC 9y ago
Fun thought experiment! A few reasons the "pony express blockchain" feels unworkable in practice:
- There's a vanishingly narrow band of "apocalypse" where the internet is gone, but everyone still has electricity and computers and the time and ability to agree on digital consensus protocols.
- Confirmation time on the blockchain is a high multiple of ping time. Bitcoin has 10 minute blocks based on an assumption that all miners will learn about messages within 1 minute, and it doesn't consider transactions confirmed until 6 blocks have passed.[1] If it takes a week for messages to travel through your pony express network, then transactions are final in 7106 = 420 days, which is a long time to hang out waiting for your transaction to clear in a post-apocalyptic wasteland.
- Security assumptions. Bitcoin security depends on some assumptions like lack of prolonged network segmentation, or ability of each honest user to connect to at least one other honest user,[2] and it seems ... at least non-obvious that any given participant in a pony-express network can verify that the network's security assumptions have been met.
[1] https://en.bitcoin.it/wiki/Help:FAQ#Why_do_I_have_to_wait_10_minutes_before_I_can_spend_money_I_received.3F https://en.bitcoin.it/wiki/Help:FAQ#Why_do_I_have_to_wait_10...
[2] https://en.bitcoin.it/wiki/Weaknesses https://en.bitcoin.it/wiki/Weaknesses
- ringaroundthetx 9y agoYes, and at the same time blocks can totally cease being found indefinitely, until they are found again. Bitcoin would be merely reduced to a slow settlement layer, but this can still allow a network managed supply over greater distances than someone's bottlecap or cigarette trading system.
- zaarn 9y agoExcept that the slow blocktime will eliminate any real use of Bitcoin by itself. When the time for confirmation is longer than it takes to ship a few cigs or caps over, why bother? There is no real advantage in bitcoin if you can just hand over real, physical coins which cannot be double spent once they have arrived.