Author: Justus Ranvier 2015-02-12 19:34:22
Published on: 2015-02-12T19:34:22+00:00
In this message, Alan Reiner expresses his support for replace-by-fee (RBF), stating that it is good in the long-term and that the zero-confirmation (zero-conf) system had already been broken. He argues against building systems based on the assumption that zero-conf transactions are safe because they have always appeared safe, as rational miner behaviors cannot be predicted in a decentralized system. However, this analysis is challenged by two issues: firstly, that relying on zero-conf transactions is a non-binary risk analysis on the part of a merchant, and secondly, assumptions about what is profitable for miners are based on all miners having short time horizons for calculating profits. Additionally, Reiner points out that honest actors can alter their behavior in response to changing conditions. Punishing Bitcoin users for not adopting someone's pet solution to a problem is neither responsible nor ethical. Instead, Child-pays-for-parent allows for stuck transactions to be cleared from the mempool, enabling recipients of zero-conf transactions to adjust their risk exposure as much or as little as they like. This solution gives Bitcoin users more freedom, instead of trying to coerce them into pre-determined directions.
Updated on: 2023-06-09T17:01:29.481489+00:00