Author: Peter Todd 2022-10-21 00:26:14
Published on: 2022-10-21T00:26:14+00:00
In an email thread, Jeremy Rubin discussed the differences between honest majority and longest chain in Bitcoin. He pointed out that while the longest chain bug was acknowledged by Satoshi and patched, Satoshi also got a lot of fundamental stuff wrong. Rubin argued that bringing up what Satoshi wrote almost 14 years later can mislead less-technical readers into thinking that our understanding of Bitcoin is still based on that early, incorrect understanding. Regarding full RBF, Rubin believed that while the case could be made for it, people who built a business around particular aspects of the Bitcoin network have every right to be mad about changes and to argue for preserving those properties. However, relying on zeroconf is harmful to Bitcoin, and people trying to do that have repeatedly taken big losses when their risk mitigations turned out not to work. Peter Todd added that the easiest way to avoid Bitcoin being a system that doesn't arbitrarily change rules is to rely on economically rational rules that aren't likely to change.
Updated on: 2023-06-16T01:53:48.263465+00:00