A proposal for Full RBF to not exclude Zero Conf use case

Summary:

GAP600, a service that enables merchants to accept unconfirmed Bitcoin transactions (0-conf), has provided an update on its unique trx hashes queried to its platform. The initial and follow-up numbers for the queried unique trx hashes were inaccurate but the Bitcoin addresses queried and USD values were accurate. In November 2022, there were circa 1.5 million total queried unique bitcoin addresses, circa 500k unique Bitcoin trx hashes queried, and circa 220 million USD value. In December 2022, there were circa 1.7 million total queried unique bitcoin addresses, circa 500k unique Bitcoin trx hashes queried, and circa 200 million USD value. The service provider also stated that there are other merchants and service providers who enable 0-conf on Bitcoin but are not working via their platform. GAP600 emphasizes that its service is purely the 0-conf enabling their clients to accept 0-conf. Clients access this service via API by sending them the Trx hash & output address. According to GAP600, they do not have any KYC/AML information or telephone number on who is sending their clients the bitcoin for deposit. Their service is provided through API with the only information their clients share regarding a specific Bitcoin transaction being public Bitcoin information like trx hash and output address.In response to Peter Todd's questions about full-RBF, GAP600 suggested adding a swap limitation of at least the inputs of Trx1 being in Trx2 - no flagging required as a way to mitigate risk. However, this suggestion was challenged by Todd, who pointed out that one of the most important use cases for full-rbf is multi-party transactions and adding that limitation negates that use case. There is ongoing debate on the need for full-RBF. Nonetheless, GAP600 believes that 0-conf should not be ignored as it is a significant use case, even though it may not be liked by some actors in Bitcoin.

Updated on: 2023-06-16T03:24:39.540239+00:00