Socially Optimal Mining Pools

Mining for Bitcoins is a high-risk high-reward activity. Miners, seeking to reduce their variance and earn steadier rewards, collaborate in pooling strategies where they jointly mine for Bitcoins. Whenever some pool participant is successful, the earned rewards are appropriately split among all pool participants. Currently a dozen of different pooling strategies (i.e., methods for distributing the rewards) are in use for Bitcoin mining. We here propose a formal model of utility and social welfare for Bitcoin mining (and analogous mining systems) based on the theory of discounted expected utility, and next study pooling strategies that maximize the social welfare of miners. Our main result shows that one of the pooling strategies actually employed in practice--the so-called geometric pay pool--achieves the optimal steady-state utility for miners when its parameters are set appropriately. Our results apply not only to Bitcoin mining pools, but any other form of pooled mining or crowdsourcing computations where the participants engage in repeated random trials towards a common goal, and where "partial" solutions can be efficiently verified

Correlation-induced conductance suppression at level degeneracy in a quantum dot

The large, level-dependent g-factors in an InSb nanowire quantum dot allow for the occurrence of a variety of level crossings in the dot. While we observe the standard conductance enhancement in the Coulomb blockade region for aligned levels with different spins due to the Kondo effect, a vanishing of the conductance is found at the alignment of levels with equal spins. This conductance suppression appears as a canyon cutting through the web of direct tunneling lines and an enclosed Coulomb blockade region. In the center of the Coulomb blockade region, we observe the predicted correlation-induced resonance, which now turns out to be part of a larger scenario. Our findings are supported by numerical and analytical calculations.Comment: 5 pages, 4 figure

Testing Consumer Rationality using Perfect Graphs and Oriented Discs

Given a consumer data-set, the axioms of revealed preference proffer a binary test for rational behaviour. A natural (non-binary) measure of the degree of rationality exhibited by the consumer is the minimum number of data points whose removal induces a rationalisable data-set.We study the computational complexity of the resultant consumer rationality problem in this paper. This problem is, in the worst case, equivalent (in terms of approximation) to the directed feedback vertex set problem. Our main result is to obtain an exact threshold on the number of commodities that separates easy cases and hard cases. Specifically, for two-commodity markets the consumer rationality problem is polynomial time solvable; we prove this via a reduction to the vertex cover problem on perfect graphs. For three-commodity markets, however, the problem is NP-complete; we prove thisusing a reduction from planar 3-SAT that is based upon oriented-disc drawings

The obscured gamma-ray and UHECR universe

Auger results on clustering of > 60 EeV ultra-high energy cosmic ray (UHECR) ions and the interpretation of the gamma-ray spectra of TeV blazars are connected by effects from the extragalactic background light (EBL). The EBL acts as an obscuring medium for gamma rays and a reprocessing medium for UHECR ions and protons, causing the GZK cutoff. The study of the physics underlying the coincidence between the GZK energy and the clustering energy of UHECR ions favors a composition of > 60 EeV UHECRs in CNO group nucleons. This has interesting implications for the sources of UHECRs. We also comment on the Auger analysis.Comment: 11 pages, 10 figures, in the International Conference on Topics in Astroparticle and Underground Physics (TAUP) 2007, Sendai, Japan, September 11-15, 200

Analyzing capacitance-voltage measurements of vertical wrapped-gated nanowires

The capacitance of arrays of vertical wrapped-gate InAs nanowires are analyzed. With the help of a Poisson-Schr"odinger solver, information about the doping density can be obtained directly. Further features in the measured capacitance-voltage characteristics can be attributed to the presence of surface states as well as the coexistence of electrons and holes in the wire. For both scenarios, quantitative estimates are provided. It is furthermore shown that the difference between the actual capacitance and the geometrical limit is quite large, and depends strongly on the nanowire material.Comment: 15 pages, 6 Figures included, to appear in Nanotechnolog

A Personal Philosophy of Professionalism

This address was President Samuelson’s first public speech since the announcement on March 18, 2003, that he would become the 12th president of Brigham Young University on May 1, 2003. It was given to the Salt Lake Chapter of the J. Reuben Clark Law Society at the Joseph Smith Memorial Building in Salt Lake City on April 7, 2003

A Personal Philosophy of Professionalism

This address was President Samuelson’s first public speech since the announcement on March 18, 2003, that he would become the 12th president of Brigham Young University on May 1, 2003. It was given to the Salt Lake Chapter of the J. Reuben Clark Law Society at the Joseph Smith Memorial Building in Salt Lake City on April 7, 2003

Social welfare and profit maximization from revealed preferences

Consider the seller's problem of finding optimal prices for her $n$ (divisible) goods when faced with a set of $m$ consumers, given that she can only observe their purchased bundles at posted prices, i.e., revealed preferences. We study both social welfare and profit maximization with revealed preferences. Although social welfare maximization is a seemingly non-convex optimization problem in prices, we show that (i) it can be reduced to a dual convex optimization problem in prices, and (ii) the revealed preferences can be interpreted as supergradients of the concave conjugate of valuation, with which subgradients of the dual function can be computed. We thereby obtain a simple subgradient-based algorithm for strongly concave valuations and convex cost, with query complexity $O(m^2/\epsilon^2)$, where $\epsilon$ is the additive difference between the social welfare induced by our algorithm and the optimum social welfare. We also study social welfare maximization under the online setting, specifically the random permutation model, where consumers arrive one-by-one in a random order. For the case where consumer valuations can be arbitrary continuous functions, we propose a price posting mechanism that achieves an expected social welfare up to an additive factor of $O(\sqrt{mn})$ from the maximum social welfare. Finally, for profit maximization (which may be non-convex in simple cases), we give nearly matching upper and lower bounds on the query complexity for separable valuations and cost (i.e., each good can be treated independently)

Anchoring of proteins to lactic acid bacteria

The anchoring of proteins to the cell surface of lactic acid bacteria (LAB) using genetic techniques is an exciting and emerging research area that holds great promise for a wide variety of biotechnological applications. This paper reviews five different types of anchoring domains that have been explored for their efficiency in attaching hybrid proteins to the cell membrane or cell wall of LAB. The most exploited anchoring regions are those with the LPXTG box that bind the proteins in a covalent way to the cell wall. In recent years, two new modes of cell wall protein anchoring have been studied and these may provide new approaches in surface display. The important progress that is being made with cell surface display of chimaeric proteins in the areas of vaccine development and enzyme- or whole-cell immobilisation is highlighted.

A Survey of the Northern Sky for TeV Point Sources

A search for steady TeV point sources anywhere in the northern sky has been made with data from the Milagrito air-shower-particle detector. Over 3 x 10**9 events collected from 1997 February to 1998 May have been used in this study. No statistically significant excess above the background from the isotropic flux of cosmic rays was found for any direction of the sky with declination between -5 degrees and 71.7 degrees. Upper limits are derived for the photon flux above 1 TeV from any steady point source in the northern sky.Comment: 2 Figure