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Cc: Bitcoin Development <bitcoin-development@lists.sourceforge.net>
Subject: Re: [Bitcoin-development] replace-by-fee v0.10.0rc4
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On 2/11/2015 10:47 PM, Peter Todd wrote:
> ... replace-by-fee ...
Replace-by-fee creates the power to repudiate an entire tree of
payments, and hands this power individually to the owner of each input
to the top transaction. Presumably this is why the original replacement
code at least required that all of the same inputs be spent, even if the
original outputs got jilted.
Replace-by-fee strengthens the existing *incentive discontinuity* at
1-conf, and shouts it from the rooftops. There is diffraction around
hard edges. Expect more Finney attacks, even paid ones, if
replace-by-fee becomes common. Regardless of how reliable 0-conf can
ever be (much more reliable than today imho), discontinuities are very
undesirable.
There is no money in mining other people's double-spends. Miners of all
sizes would welcome a fair way to reduce them to improve the quality of
the currency, whether or not that way is DSDW. You mischaracterize DSDW
as being in any way trust- or vote-based. It is based on statistics,
which is bitcoin-esque to the core.
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