Author: Peter Todd 2013-03-07 11:34:55
Published on: 2013-03-07T11:34:55+00:00
Peter Todd, a Bitcoin core developer, notes that auditable off-chain transaction systems are vulnerable. He argues that trustworthy ones require some on-chain transactions to be publicly known so that the total amount of reserves held by off-chain transaction providers can be audited. Even with Gregory Maxwell's suggestion of maintaining a "reserve" account backed by funds that rarely move, the spendability of those funds is in question and miners can easily block fidelity bond sacrifice transactions. Additionally, merge-mining is also vulnerable to censorship forces, making alt-chains competition censored with large blocks.
Updated on: 2023-06-06T10:23:55.197107+00:00