Author: Mike Hearn 2014-04-23 20:37:20
Published on: 2014-04-23T20:37:20+00:00
In an email exchange between Gregory Maxwell and another individual, the issue of double spend alerts is discussed in relation to Bitcoin mining. Maxwell suggests that if a miner were to collude with someone attempting to double spend, they could easily do so. However, the issue could be fixed with double spend alerts. The conversation then shifts to the idea of trust in preventing double spends. The receiver must also trust the mediator chosen by the spender. If people have to evaluate brands to find a trusted mediator, it could lead to a small number of parties and be difficult to remove those with momentum. Additionally, censorship resistance doesn't matter if double spending partners refuse to help due to coercion. To stop GHash.io from double spending, their hardware could be taken away or the Bitcoin protocol could be changed. Alternatively, a majority could decide to zero out their coinbase rewards for blocks that double spent against dice sites.
Updated on: 2023-06-08T20:59:00.031761+00:00