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Tim Swanson
@ofnumbers
, 5 tweets, 3 min read Read on Twitter
Breaking: yesterday the Stellar network went down for about 2 hours... only those who run validators noticed it.

no new transactions were added for ~2 hours.

network stats:
dashboard.stellar.org
what basically happened was that a critical mass of nodes went down causing a cascading failure and so the entire network went down but because it isn't frequently used, few noticed.

this scenario was discussed in a new paper from @yongdaek et al. sites.google.com/view/stellar-a…

#XLM
here is a site tracking validating node activity: stellarbeat.io

i guess it is time to update AreWeDecentralizedYet (which was originally created by @ummjackson):
arewedecentralizedyet.com
note: Stellar also had an accidental fork back in December 2014 and subsequently relied on just one validating node for months:
coindesk.com/stability-ques…
coda: worth highlighting the single-point-of-failure that a mono-implementation creates.

for more on this, see my recent presentation on #dFMI:
slideshare.net/mobile/MrColle…
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Tim Swanson
@ofnumbers
someone asked for me to explain the math, so here is a short thread detailing a simple model using publicly known numbers:

the current Bitcoin network hashrate is around 50 exahashes/sec
the most common mining hardware is still the S9 antminer which churns out ~13 terahashes/sec
thus the hashrate pointed at the Bitcoin network today is about 50,000,000 terashashes

this is the equivalent of 3,846,000 S9s... yes over 3 million S9s.

while there is other hardware including some newer, slightly more energy efficient gear online, the S9 is a good approximate
because the vast majority of these machines are left on 24/7, the math to estimate how much energy consumption is as follows:

in practice, the S9 draws about 1,500 watts. so 1,500 x 24 = 36kWh per machine per day.

here's a good thread explaining this:
quora.com/How-much-elect…
Read 11 tweets
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Tim Swanson
@ofnumbers
Yesterday a reporter asked me:

"Which US-based cryptocurrency-related companies had the highest legal revenue per employee."

I know there are a lot of headline numbers out there but the undisputed answer is this:
OTC service providers such as Cumberland (DRW), Jump, Circle & others

- their trading desks are typically less than a dozen people including developers, traders, back-office
- minimum ticket is >$100k (weeds out retail)
- all counterparties KYC'ed (which results in less fraud)
So while Coinbase may have generated $1b in revenue last year, they are hit with huge amounts of fraud and maintain a very large headcount (~250 employees).

In contrast, according to multiple sources, the large OTC desks probably make $30-40m per head each year.
Read 5 tweets

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