What I love about P2pool

[runeks]

- It is decentralized as it consists of multiple miners connected in a p2p fashion. Thus making it democratic as well.

I'm excited about p2pool as well. But I don't see what makes it democratic. The software is written by forrestv. We don't vote for software features. p2pool is very much controlled by forrestv. I think this is important to understand. At the same time it's important to understand that democracy is not necessary in the context of computer software. If we don't like that p2pool is run by forrestv, we quit. We are free to leave p2pool at any time, and so it becomes a non-issue that it's controlled by a single person. Our choice to leave at any time keeps the author in check, since he is well aware of this fact.

This, not democracy, is the power of open source software.

[1715062920]

1715062920

[flower1024]

- It is decentralized as it consists of multiple miners connected in a p2p fashion. Thus making it democratic as well.

I'm excited about p2pool as well. But I don't see what makes it democratic. The software is written by forrestv. We don't vote for software features. p2pool is very much controlled by forrestv. I think this is important to understand. At the same time it's important to understand that democracy is not necessary in the context of computer software. If we don't like that p2pool is run by forrestv, we quit. We are free to leave p2pool at any time, and so it becomes a non-issue that it's controlled by a single person. Our choice to leave at any time keeps the author in check, since he is well aware of this fact.

This, not democracy, is the power of open source software.

the democratic part is that you run your own bitcoind and decide yourself which transactions to mine.
example: bip16 / bip17

gavin and luke-jr where both talking to pool ops to support their bips.

with p2pool. all they can do is supply a patched bitcoind and EVERY miner decides for himself....

[ThiagoCMC]

2- O P2Pool CAN and SHOULD have more than 51% of the hashpower! That's it! If P2Pool owns, for example, 80%~100% of the hashpower, we will be much more safe!!!;

100% of the hashpower by single software solution is not a very good idea. Some bug or exploit can lead to a disaster.
Yes, it sounds good, but 100% is not healthy for ANY single entity.

I love p2p and support p2p. However tycho is very correct here. We should have many p2p pools. Tycho would you be willing to found a p2p pool as well?

Thanks.

Sure... I agree with that... In fact, was this that I mean... A lot of P2Pools, not only one...

[ThiagoCMC]

Your project will be a fork of the current P2Pool software?

[flower1024]

Your project will be a fork of the current P2Pool software?

right now I do not have a project but I would be willing to start one. It would be stronger to be totally unique however a clone I think would be better than nothing.

I am open to ideas from people smarter than myself:)

i would prefer if sombody with money could convince ck (author of cgminer) to invent a smart-mining protocol. as soon as pools starting support for this it would solve ALL problems regarding big pools.

i think this is much more needed than another p2pool.

[flower1024]

Your project will be a fork of the current P2Pool software?

right now I do not have a project but I would be willing to start one. It would be stronger to be totally unique however a clone I think would be better than nothing.

I am open to ideas from people smarter than myself:)

i would prefer if sombody with money could convince ck (author of cgminer) to invent a smart-mining protocol. as soon as pools starting support for this it would solve ALL problems regarding big pools.

i think this is much more needed than another p2pool.

Can you explain in more detail what you are talking about?

the big plus about p2pool is that all miners build the block itself. it is not decided by forrestv - its the miners.

the only problem with big pools is that they decide which block (means transactions and features like bip16/bip17) to mine.

smart mining just means: the pool does only handle the payout and share counting, but does NOT decide about the block contents. this means a pool is not able to attack bitcoin - even if it has 90% of hashing power. and the miners still have their "votes" (votes as in this bip decision thing)

if all pools would use smart mining we dont have to fear 51% attack from a hacked pool any more.
of course the risk of cheating pool ops or stolen pool wallets will remain (stolen pool wallet risk could be circumvented as well, but thats up to the pool) - but the biggest issue for bitcoin itself is the 51% attack.

i know that eligius/luke-jr is working on something like that and bitpenny has a working implementation.
BUT: it seems that the bitpenny protocol cannot be used with other pools (dont know why; just heard that in a chat) and i dont know if that what luke-jr will do fits the average joe.

if cgminer gets a smart-mining client (as an addition) i am very sure that many pools will support its protocol.

sorry my english is not that good to explain it in more detail. but if you are really interested about that ask gmaxwell, gavin or luke-jr (all three a bitcoin devs). i am sure they would love you to support that idea (smart-mining was first mentioned by gavin (afaik); i am just trying to push this idea - because i really love it)

[Gabi]

What i love about p2pool is the fact that it's decentralized and open source. There is no one behind it, no one managing it, no one that can do idiot things like eligius did, no one scamming me, no one keeping the transaction fees, it's like solo mining but with the advantages of the pool. And, since it's p2p and decentralized, no need for servers and expenses to keep them (like a normal pool require)