Author: Jeff Garzik 2014-04-23 04:22:35
Published on: 2014-04-23T04:22:35+00:00
The discussion surrounds the possibility of double spending and how it can be prevented, with a focus on business models and incentives. The author also presents two possible solutions to move towards a more secure network. In addition, a real-world double-spend experiment is described using an attack on gambling site Lucky Bit. The attacker used replace-by-fee patch and submitted the double-spend transaction directly to Eligius pool. The author notes that this type of attack is profitable when automated, hence the need for effective countermeasures such as blacklisting and off-chain transactions. Finally, the email signature provides information about Jeff Garzik, a Bitcoin core developer and open source evangelist at BitPay Inc.
Updated on: 2023-06-08T20:41:19.311790+00:00