Author: John Dillon 2013-04-18 06:07:23
Published on: 2013-04-18T06:07:23+00:00
In this email exchange, Mike Hearn argues that rational miners typically include free transactions in blocks as they understand that Bitcoins need to be as useful as possible for them to earn value. However, the recipient of his email reminds him that Bitcoin has enemies and cites massive DoS attacks against mining pools, exchanges, information sites, stores, etc. He believes that tx replacement is another form of zero confirmation transaction and can open up a DoS attack vector. He proposes an alternative way of handling transactions involving two parties using 2-of-2 inputs, which ensures that both parties sign off on the contract together so that the funds cannot move without the consent of the other. Hearn also pledges $500USD to anyone who can implement strict replacement by fee, which should be written so it can be tested properly, and proper security practices with regard to unconfirmed transactions are used in the Bitcoin ecosystem.
Updated on: 2023-06-06T15:07:49.047284+00:00