Author: Matt Corallo 2011-08-04 22:16:13
Published on: 2011-08-04T22:16:13+00:00
In a discussion about the issue of vending machines detecting double spends, Satoshi mentioned payment processors that could alert the transaction is bad in July 2010. In response to this, Mike Hearn agreed with Satoshi's stance and believed a well-connected node could easily monitor the miners/network for double-spends and alert whoever needs to know that the transaction should not be accepted. Although not everyone has the resources to implement this solution, those who have the resources to implement a Bitcoin storefront are likely to use a payment processor that handles such alerts. Additionally, many storefronts may not need to care if a transaction confirms in 10 seconds or 1 hour, since only digital goods and physical purchases could benefit from such speed increases. Stefan Thomas also provided another practical way to detect double spends which involves connecting to lots of clients and checking if they all send the same transaction. If some don't send the transaction or send a conflicting one, then a double spend is in progress. This method aligns with what Mike Hearn was suggesting.
Updated on: 2023-05-18T22:05:03.757648+00:00