Author: Troy Benjegerdes 2014-02-10 16:14:02
Published on: 2014-02-10T16:14:02+00:00
The writer expresses concern over off-list discussions regarding scalability and usability problems in Bitcoin. They argue that such private discussions give insiders access to insider information and market manipulation power, which goes against the transparency that is supposed to make Bitcoin a powerful tool. The writer notes that many developers are employed by for-profit companies funded by venture capital, and VC lawyers are skilled at writing contracts that provide plausible deniability of insider trading. The writer calls for technical details about MtGox's situation to be broadcast to the mailing list so that everyone can work together on finding a solution. In response, Pieter Wuille acknowledges that transaction malleability has been a known issue for years. He does not consider it a significant problem, but he notes that it makes it harder for infrastructure to interact with Bitcoin. Wuille believes that defining a standard way to identify transactions unambiguously could help make people more aware of the issue. He proposes the use of SHA256^2(normalized_tx + 0x01000000) as the normalized transaction id. This is not a solution for all problems related to malleability, but it could be a tangible way to make people more aware of the issue.
Updated on: 2023-06-08T02:54:48.482182+00:00