Author: Peter Todd 2015-06-30 14:53:09
Published on: 2015-06-30T14:53:09+00:00
In an email exchange between Chris Pacia and Adam Back, they discuss the impact of Invertible Bloom Lookup Tables (IBLT) on the first-seen policy in Bitcoin mining. They suggest that if a miner has to broadcast extra data with their blocks using full RBF while everyone else is using first-seen then their blocks are at a disadvantage in terms of propagation. However, this disadvantage can be compensated for by higher fees. If the disadvantage is too large, then mempool guarantees are poor, making it easy to double-spend zeroconf transactions. Bitcoin relies on fast block relaying, and if it doesn't work, there will be many issues, including profit losses for miners and upgrades that change IsStandard().
Updated on: 2023-06-10T01:39:15.558727+00:00