Author: Mike Hearn 2014-03-22 17:30:03
Published on: 2014-03-22T17:30:03+00:00
The discussion in the given context revolves around the suitability of BIP70 for bitcoin transactions in locations with limited or no internet access. While one participant lacking internet access may still be able to conduct a transaction, two participants without net would require a serious revisit of BIP 70's security assumptions and some design. Mark Friedenbach argues that there are plenty of places where both participants lack local internet access and suggests the use of a telephonic-based system connected to a centralized double-spend database. Jeff Garzik disagrees and believes that such locations are completely unsuitable for bitcoin transactions since the receiver cannot verify double-spending or anything else about the transaction. The issue, according to another participant, is mostly a UI issue and BIP70 would work as before if the recipient understands that they have received nothing more than an IOU that can be revoked at any time.
Updated on: 2023-06-08T01:05:53.285809+00:00