Author: Tom Harding 2014-05-12 04:41:04
Published on: 2014-05-12T04:41:04+00:00
In a discussion about Bitcoin's double-spend problem, Christophe Biocca commented that the current rule is unenforceable. He explained that no miner would wait before mining on the longest chain, which would be a rational move. Biocca then went on to discuss a scenario where a miner decided to include a "seasoned" double-spend in his block, despite the rule. In this case, the expected cost of including the respend would be any revenue loss from doing so. If only 1% of hashpower follows the rule, the miner would still lose at least .25 BTC. This amount is about 1000x the typical "double-spend premium." Biocca questioned whether the greedy-rational miner would decide to include the earlier spend instead.
Updated on: 2023-06-08T22:18:30.296514+00:00