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authorTom Harding <tomh@thinlink.com>2014-04-23 15:29:33 -0700
committerbitcoindev <bitcoindev@gnusha.org>2014-04-23 22:30:06 +0000
commit83ae7abcc5cd2ed5741fedfbbadba9b9a649d25e (patch)
treec98de65a0967a158e97c3d5ffc4e5234db614ee5
parentc22ce1d377f9c7dfd77bcce5918c8ccc01d44f8c (diff)
downloadpi-bitcoindev-83ae7abcc5cd2ed5741fedfbbadba9b9a649d25e.tar.gz
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Re: [Bitcoin-development] Double-spending unconfirmed transactions is a lot easier than most people realise
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+Date: Wed, 23 Apr 2014 15:29:33 -0700
+From: Tom Harding <tomh@thinlink.com>
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+Subject: Re: [Bitcoin-development] Double-spending unconfirmed transactions
+ is a lot easier than most people realise
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+
+On 4/22/2014 9:03 PM, Matt Whitlock wrote:
+> On Tuesday, 22 April 2014, at 8:45 pm, Tom Harding wrote:
+>> A network where transaction submitters consider their (final)
+>> transactions to be unchangeable the moment they are transmitted, and
+>> where the network's goal is to confirm only transactions all of whose
+>> UTXO's have not yet been seen in a final transaction's input, has a
+>> chance to be such a network.
+> Respectfully, this is not the goal of miners. The goal of miners is to maximize profits. Always will be. If they can do that by enabling replace-by-fee (and they can), then they will. Altruism does not factor into business.
+
+The rational miner works hard digging hashes out of the ether, and wants
+the reward to be great. How much more valuable would his reward be if
+he were paid in something that is spendable like cash on a 1-minute
+network for coffee and other innumerable real-time transactions, versus
+something that is only spendable on a 15-minute network?
+
+There is a prisoner's dilemma, to be sure, but do the fees from helping
+people successfully double-spend their coffee supplier really outweigh
+the increased value to the entire network - including himself - of
+ensuring that digital cash actually works like cash?
+
+
+
+