Author: Peter Todd 2014-04-23 15:28:18
Published on: 2014-04-23T15:28:18+00:00
In an email conversation between Alex Mizrahi and Peter Todd, the former refutes Mike Hearn's claim that zero-confirmation double-spending is a major problem and instead suggests possible solutions such as trusted third party and multi-sig addresses for small-value transactions. However, he agrees with Hearn's proposal to use replace-by-fee scorched earth. Todd adds that changing the protocol may have non-trivial game-theoretical implications as it is like changing the block interval, which is a fundamental economic parameter of the system. He notes that Bitcoin needs to work even if miners are individually rational and not necessarily honest. The academic community studying Bitcoin is focusing on the incentive compatibility of various mechanisms in the protocol. Todd raises concerns about the political landscape around blacklists if voting mechanisms are available to pools.
Updated on: 2023-06-08T20:55:03.813529+00:00