Author: Jorge Timón 2014-04-24 14:20:10
Published on: 2014-04-24T14:20:10+00:00
In a discussion on replace-by-fee and child-pays-for-parent, Peter Todd writes that the success rate of double-spends would be significantly reduced with the implementation of replace-by-fee scorched-earth policy. He believes all miners will eventually implement these policies because it is the more rational way for them to prioritize transactions. However, he points out that replace-by-fee does not protect against sybil attacks, requires private keys online to sign replacements, and does not directly solve finney attacks. Enforcing hashing visibility of block contents can help detect finney attack double-spend and broadcast it. This is beneficial for decentralization. Todd suggests that high-value transactions should wait for several confirmations.
Updated on: 2023-06-08T21:11:03.685403+00:00