Author: justusranvier at riseup.net 2015-06-19 16:54:42
Published on: 2015-06-19T16:54:42+00:00
Eric Lombrozo, a bitcoin developer, recommended the explicit definition of non-repudiation mechanisms in the protocol instead of relying on "prima facie" assumptions. He advised against reliance on signed transactions as proof of intent to pay. He explained that the mining mechanism in the Bitcoin protocol is the fallback method of resolving fraud that cannot be prevented or resolved via other mechanisms. There are many ways economic actors resolve their disagreements other than blockchain adjudication. In some situations, the parties involved may have access to private dispute resolution techniques, while in others, contract violations and fraud can be adjudicated in courts if both parties are identified and reside in the same legal jurisdiction. Stakeholders in the network may act to preserve the long-term value of their investments, even if it means passing short-term profits. Eric emphasized that the degree to which anyone should rely on a signed transaction as assurance of future payment depends on the particular details of the situation, the parties involved, and their own risk tolerances and time preferences. Finally, he stated that there is no universal answer for everyone, and "let's break zeroconf because *I* don't think it's safe enough" is a kind of vandalism.
Updated on: 2023-06-09T23:44:24.105208+00:00