Author: Mike Hearn 2015-02-12 15:15:00
Published on: 2015-02-12T15:15:00+00:00
The author of this text is in favor of researching and improving Bitcoin, but disagrees with the "replace-by-fee" patches. These patches allow nodes to select unconfirmed transactions that pay higher miner fees, which can lead to a chain of double spending. The author argues that this approach will not work because it assumes miners won't collude with senders of money, but they could distribute wallets that implement the scorched-earth protocol. Additionally, competing companies could engage in payment fraud against each other. The author believes this plan is a bad idea and difficult to explain to shopkeepers.
Updated on: 2023-06-09T16:55:27.513712+00:00