Author: Lawrence Nahum 2014-06-16 16:56:56
Published on: 2014-06-16T16:56:56+00:00
The conversation between Mike Hearn and Tom talks about double-spends detected by Tom's node and relayed by Mike's. Double-spends occurring seconds, minutes, or even days apart can be detected through this page. However, such an approach has been deemed off-topic for the thread. The discussion then shifts towards high-frequency trading where every millisecond counts. In such cases, transactions propagating across the blockchain may not be reliable. This BIP would be useful for inter-exchange traffic. The consumer case, however, is quite different. Not all trades require dispute mediation, such as buying a drink at Starbucks or a burger at McDonald's. Large corporate transactions, where the threat of a lawsuit is more useful than mediation, are other examples. Bitcoin alone, without third parties, cannot be used for medium-high value purchases. Still, it wouldn't be fair to assume that it's useless. For transactions requiring third-party dispute mediation, there will likely be a handful of well-known trusted names serving the majority of such transactions. There will also be a long tail of specialists who only mediate purchases of rare Aztec artifacts or other items where a generic company might be easily fooled.
Updated on: 2023-06-08T23:59:32.222209+00:00