Author: Peter Todd 2014-04-24 12:59:53
Published on: 2014-04-24T12:59:53+00:00
Jorge Timón proposed a solution to the problem of having 0 confirmation transactions. However, Peter Todd is conducting an experiment to detect how easy it is to doublespend 0-conf transactions. Initial results indicate that transaction propagation is sufficiently unreliable that double-spending frequently works without miners using replace-by-fee. Jorge Timón believes that most miners will eventually implement replace-by-fee and child-pays-for-parent because it is the more rational way for them to prioritize transactions which would make 0-confirmation transactions possible. Peter Todd argues that replace-by-fee doesn't protect against sybil attacks and only confirmations are solid evidence that a transaction has actually reached the mining power. He also highlights that replace-by-fee scorched earth requires private keys online to sign the replacements and doesn't directly solve finney attacks. However, enforcing hasher visibility of the blocks they are mining lets any hasher detect a finney attack double-spend and broadcast it. Enforcing visibility of block contents to hashers is definitely a good thing for decentralization.
Updated on: 2023-06-08T21:10:52.255258+00:00