Author: Frank Flores 2015-06-19 21:05:56
Published on: 2015-06-19T21:05:56+00:00
The email thread discusses the potential harm of full-RBF, or Replace-By-Fee, adoption by miners on Bitcoin's adoption. One concern is that it may reduce or remove the ability for online or POS merchants to accept Bitcoin payments at all. Matt Whitlock argues that retail POS merchants should not be accepting vanilla Bitcoin payments because Bitcoin alone cannot guarantee the irreversibility of a transaction until it has been buried several blocks deep in the chain. He suggests that retail merchants should require a co-signature from a mutually trusted co-signer that vows never to sign a double-spend. The reason why such technology is not yet prevalent in the ecosystem is that zero-conf transactions have been irreversible "enough," but this has only been a happy accident and should not be relied upon. There is also a question about whether Mycelium's doublespend attack detection is broken with this kind of behavior. The email ends with a quote from Serj Tankian stating that the tyranny of money has caused servitude.
Updated on: 2023-06-09T23:44:54.234906+00:00