Author: Mike Hearn 2014-04-23 19:19:24
Published on: 2014-04-23T19:19:24+00:00
In this conversation, Gregory Maxwell discusses the issue of miners prioritizing transactions in their mempool for profit, which can lead to a Finney attack and double-spending. He references a case where GHash.IO was used to rip off Betcoin dice via double-spends, highlighting the lack of attention paid by miners to anything other than hardware builds. Maxwell suggests that technological approaches, such as performing multi-sig with an anti-double-spending system, can improve Bitcoin's security against reversal. However, he also acknowledges that such proposals may make Bitcoin appear more centralized and less decentralized. Additionally, Maxwell notes that if a miner is vertically integrated and defrauding merchants themselves, people would eventually notice and stop trading with them, making their coins worthless.
Updated on: 2023-06-08T20:50:59.247308+00:00