Author: Jeff Garzik 2014-03-22 17:24:43
Published on: 2014-03-22T17:24:43+00:00
The context is a discussion between Jeff Garzik, a Bitcoin core developer and open source evangelist, and Mark Friedenbach about the security of BIP 70. Jeff Garzik argues that locations that lack internet are unsuitable for bitcoin transactions because the receiver cannot verify double-spending or anything else about the transaction. In response, Mark Friedenbach argues that there are plenty of places that lack local internet access for one or both participants, and it is possible to make a case where both participants lack access to the bitcoin network, although it would require a telephany-based system to connect to a centralized double-spend database, as VISA does. He expects that the case where one participant has internet access (the merchant) and the other does not to be very common. Mark Friedenbach suggests that if two participants lack net, it would require a serious revisit of BIP 70's security assumptions and some design at a minimum. He uses daily transactions as an example and states that he expects the majority of transactions to be like this, even in Silicon Valley. The email also includes a link to a free O'Reilly book called "Graph Databases," which is a guide to graph databases and their applications.
Updated on: 2023-06-08T01:10:01.324178+00:00