Re:Timelock: time-release encryption incentivised by Bitcoins
by petertodd on Thursday June 05, 2014 @09:53AM
(#7851942)
Why would I want to do that? Remember, I'm just trying to make timelock encryption practical, which means we want a good estimate on what's the fastest implementation of the underlying chain kernel that exists now and will in the future. I really don't care who collects the bounty; if it's the same small group of people over and over again, so what? I do care that the best implementation possible - probably a highly clocked custom ASIC with exotic cooling - isn't that much faster than the best implementation possible without too much capital investment - probably a high-end overclocked FPGA with exotic cooling built by some kid in university as a term project.
You have to factor in power usage as well. Unlocking a 0.1 BTC bounty while spending 0.2 BTC on electricity isn't wise.
I mean, we can easily get to the point where unlocking a secret can cost hundreds of thousands of dollars in electricity. At that point, it's not about who's fastest, but who can unlock the secret without spending too much money.