Author: Mike Hearn 2015-02-12 13:52:30
Published on: 2015-02-12T13:52:30+00:00
The context discusses the potential vulnerabilities of Bitcoin, stating that attackers may target merchants who accept payments with zero confirmations. This would affect most merchants other than exchanges, including those who use BitPay or Coinbase, and physical shops. The argument suggests that redefining "Bitcoin" to be something other than what people are actually using is not a viable solution, as it would lead to merchants refusing to accept ordinary Bitcoin transactions. Instead, some merchants might set up a network of PKI-like trusted third parties that interact with the block chain in some way. However, cunning merchants could keep transactions counter-signed by TTPs in their wallets and pass them along to the next person without paying miner fees until someone needs to pay all the fees at once.
Updated on: 2023-06-09T16:53:54.457581+00:00