Author: Mike Hearn 2014-04-23 19:59:14
Published on: 2014-04-23T19:59:14+00:00
The discussion revolves around the concept of double spending in Bitcoin transactions, where a double spend transaction is initially added to the memory pool but not broadcasted until the miner finds a block and overrides everyone else’s mempool. BitUndo offers this service for purchase and broadcasts the transaction after finding the block. However, it opens up the possibility of corruption among the parties involved. Implementing Oscar as a majority M parties could increase confidence, but the question remains about who these parties are and whether they can be corrupted. The value of retail transactions lies in the fact that cheating by Oscar is cryptographically provable through double signatures, but dishonest miners like GHash.io have not faced any significant negative consequences despite their sole task being preventing double spending. Ultimately, finding trustworthy third parties at scale is a challenge to solve.
Updated on: 2023-06-08T20:58:45.711221+00:00