Author: Justus Ranvier 2015-02-22 16:25:11
Published on: 2015-02-22T16:25:11+00:00
In a discussion on 22nd February 2015, it was noted that multisignature notary approach is the most practical way to achieve actual security for unconfirmed transactions. Anything which does not invalidate blocks carrying double spends will allow malicious miners and pools to conspire with thieves to steal money. The probability of being hit in such a situation will then be (their proliferation in your business area) * (their fraction of the mining power). This can place hundreds of merchants in red numbers and force them to shut down. It is also dangerous to expose oneself to attacks that cannot be defended against and could be fatal, especially if there's nothing in the environment capable of limiting the size or numbers of any attacks. In particular, not relying on zero-confirmation transactions was advised. Some Bitcoin users who can afford the risk can use zero conf if they like, and those who can't can use multisig notaries.
Updated on: 2023-06-09T17:40:37.989590+00:00