Author: Gareth Williams 2014-04-25 04:51:23
Published on: 2014-04-25T04:51:23+00:00
In an email conversation, Chris Pacia suggested an idea for Bitcoin transactions to prevent double spending. He mentioned that the current method of requiring extra collateral was a "hack" and suggested that it could work with just the amount being spent. The proposed method involves the customer signing a 200mBTC transaction and walking out of the shop with their purchase. Then, they would immediately sign and broadcast a double-spend transaction with a higher fee. The POS computer would detect the double spend and spend the initial transaction to fees while sounding the shoplifting alarm. The customer does not get any money back but is faced with an angry shopkeeper chasing them down the street or calling the police. The writer believes that the number of people who would try this irrational method is lower than those who would shoplift traditionally, so they are comfortable without the extra collateral.
Updated on: 2023-06-08T21:12:11.369851+00:00