Author: Peter Todd 2014-11-06 23:19:50
Published on: 2014-11-06T23:19:50+00:00
In a discussion on Bitcoin development, Jeff Garzik suggested that CHECKLOCKTIMEVERIFY should be added to the list. He also commented on the debate between soft forks and hard forks, noting that the latter are cleaner and allow for solutions not possible with a soft fork, but they come with risks, similar to those of a US Constitutional Convention where any rule can be changed. Peter Todd added that hard forks give control over the system, which regulators may seek to regulate and license, citing examples such as the European Banking Association proposals and the initial Bitlicense proposals. He also noted that soft forks have their own risks, but it is a misconception that they reduce security to SPV levels, as this is always present due to the possibility of soft forks. Finally, he cautioned against putting too much trust in small numbers of confirmations.
Updated on: 2023-06-09T03:52:29.990991+00:00