Received: from sog-mx-3.v43.ch3.sourceforge.com ([172.29.43.193] helo=mx.sourceforge.net) by sfs-ml-3.v29.ch3.sourceforge.com with esmtp (Exim 4.76) (envelope-from <kgreenek@gmail.com>) id 1YpSWH-0000NU-Nk for bitcoin-development@lists.sourceforge.net; Tue, 05 May 2015 02:23:37 +0000 Received-SPF: pass (sog-mx-3.v43.ch3.sourceforge.com: domain of gmail.com designates 209.85.212.169 as permitted sender) client-ip=209.85.212.169; envelope-from=kgreenek@gmail.com; helo=mail-wi0-f169.google.com; Received: from mail-wi0-f169.google.com ([209.85.212.169]) by sog-mx-3.v43.ch3.sourceforge.com with esmtps (TLSv1:RC4-SHA:128) (Exim 4.76) id 1YpSWG-00022c-1U for bitcoin-development@lists.sourceforge.net; Tue, 05 May 2015 02:23:37 +0000 Received: by widdi4 with SMTP id di4so129311716wid.0 for <bitcoin-development@lists.sourceforge.net>; Mon, 04 May 2015 19:23:30 -0700 (PDT) X-Received: by 10.194.90.15 with SMTP id bs15mr47009086wjb.22.1430792609997; Mon, 04 May 2015 19:23:29 -0700 (PDT) MIME-Version: 1.0 Received: by 10.27.50.65 with HTTP; Mon, 4 May 2015 19:23:09 -0700 (PDT) In-Reply-To: <20150504043601.GA14728@savin.petertodd.org> References: <20150212064719.GA6563@savin.petertodd.org> <20150504043601.GA14728@savin.petertodd.org> From: Kevin Greene <kgreenek@gmail.com> Date: Mon, 4 May 2015 19:23:09 -0700 Message-ID: <CAEY8wq50ETVXX5V22KybiEMXiXVVhsB7OJdvgF_zFjn=KQ-hCg@mail.gmail.com> To: Peter Todd <pete@petertodd.org> Content-Type: multipart/alternative; boundary=047d7bfd027044292605154c5d8a X-Spam-Score: -0.6 (/) X-Spam-Report: Spam Filtering performed by mx.sourceforge.net. See http://spamassassin.org/tag/ for more details. -1.5 SPF_CHECK_PASS SPF reports sender host as permitted sender for sender-domain 0.0 FREEMAIL_FROM Sender email is commonly abused enduser mail provider (kgreenek[at]gmail.com) -0.0 SPF_PASS SPF: sender matches SPF record 1.0 HTML_MESSAGE BODY: HTML included in message -0.1 DKIM_VALID_AU Message has a valid DKIM or DK signature from author's domain 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature X-Headers-End: 1YpSWG-00022c-1U Cc: Bitcoin Dev <bitcoin-development@lists.sourceforge.net> Subject: Re: [Bitcoin-development] New release of replace-by-fee for Bitcoin Core v0.10.1 X-BeenThere: bitcoin-development@lists.sourceforge.net X-Mailman-Version: 2.1.9 Precedence: list List-Id: <bitcoin-development.lists.sourceforge.net> List-Unsubscribe: <https://lists.sourceforge.net/lists/listinfo/bitcoin-development>, <mailto:bitcoin-development-request@lists.sourceforge.net?subject=unsubscribe> List-Archive: <http://sourceforge.net/mailarchive/forum.php?forum_name=bitcoin-development> List-Post: <mailto:bitcoin-development@lists.sourceforge.net> List-Help: <mailto:bitcoin-development-request@lists.sourceforge.net?subject=help> List-Subscribe: <https://lists.sourceforge.net/lists/listinfo/bitcoin-development>, <mailto:bitcoin-development-request@lists.sourceforge.net?subject=subscribe> X-List-Received-Date: Tue, 05 May 2015 02:23:37 -0000 --047d7bfd027044292605154c5d8a Content-Type: text/plain; charset=UTF-8 Content-Transfer-Encoding: quoted-printable I feel compelled to re-share Mike Hearn's counter-argument *against * replace-by-fee: https://medium.com/@octskyward/replace-by-fee-43edd9a1dd6d Please carefully consider the effects of replace-by-fee before applying Peter's patch. On Sun, May 3, 2015 at 9:36 PM, Peter Todd <pete@petertodd.org> wrote: > My replace-by-fee patch is now available for the v0.10.1 release: > > https://github.com/petertodd/bitcoin/tree/replace-by-fee-v0.10.1 > > No new features in this version; this is simply a rebase for the Bitcoin > Core v0.10.1 release. (there weren't even any merge conflicts) As with > the Bitcoin Core v0.10.1, it's recommended to upgrade. > > > The following text is the copied verbatim from the previous release: > > What's replace-by-fee? > ---------------------- > > Currently most Bitcoin nodes accept the first transaction they see > spending an output to the mempool; all later transactions are rejected. > Replace-by-fee changes this behavior to accept the transaction paying > the highest fee, both absolutely, and in terms of fee-per-KB. Replaced > children are also considered - a chain of transactions is only replaced > if the replacement has a higher fee than the sum of all replaced > transactions. > > Doing this aligns standard node behavior with miner incentives: earn the > most amount of money per block. It also makes for a more efficient > transaction fee marketplace, as transactions that are "stuck" due to bad > fee estimates can be "unstuck" by double-spending them with higher > paying versions of themselves. With scorched-earth techniques=E2=81=B5 it= gives > a path to making zeroconf transactions economically secure by relying on > economic incentives, rather than "honesty" and alturism, in the same way > Bitcoin mining itself relies on incentives rather than "honesty" and > alturism. > > Finally for miners adopting replace-by-fee avoids the development of an > ecosystem that relies heavily on large miners punishing smaller ones for > misbehavior, as seen in Harding's proposal=E2=81=B6 that miners collectiv= ely 51% > attack miners who include doublespends in their blocks - an unavoidable > consequence of imperfect p2p networking in a decentralized system - or > even Hearn's proposal=E2=81=B7 that a majority of miners be able to vote = to > confiscate the earnings of the minority and redistribute them at will. > > > Installation > ------------ > > Once you've compiled the replace-by-fee-v0.10.1 branch just run your > node normally. With -debug logging enabled, you'll see messages like the > following in your ~/.bitcoin/debug.log indicating your node is replacing > transactions with higher-fee paying double-spends: > > 2015-02-12 05:45:20 replacing tx > ca07cc2a5eaf55ab13be7ed7d7526cb9d303086f116127608e455122263f93ea with > c23973c08d71cdadf3a47bae45566053d364e77d21747ae7a1b66bf1dffe80ea for > 0.00798 BTC additional fees, -1033 delta bytes > > Additionally you can tell if you are connected to other replace-by-fee > nodes, or Bitcoin XT nodes, by examining the service bits advertised by > your peers: > > $ bitcoin-cli getpeerinfo | grep services | egrep > '((0000000000000003)|(0000000004000001))' > "services" : "0000000000000003", > "services" : "0000000004000001", > "services" : "0000000004000001", > "services" : "0000000000000003", > "services" : "0000000004000001", > "services" : "0000000004000001", > "services" : "0000000000000003", > "services" : "0000000000000003", > > Replace-by-fee nodes advertise service bit 26 from the experimental use > range; Bitcoin XT nodes advertise service bit 1 for their getutxos > support. The code sets aside a certain number of outgoing and incoming > slots just for double-spend relaying nodes, so as long as everything is > working you're node should be connected to like-minded nodes a within 30 > minutes or so of starting up. > > If you *don't* want to advertise the fact that you are running a > replace-by-fee node, just checkout a slightly earlier commit in git; the > actual mempool changes are separate from the preferential peering > commits. You can then connect directly to a replace-by-fee node using > the -addnode command line flag. > > 1) https://github.com/bitcoinxt/bitcoinxt > 2) https://github.com/bitcoin/bitcoin/pull/3883 > 3) https://github.com/bitcoin/bitcoin/pull/3883#issuecomment-45543370 > 4) https://github.com/luke-jr/bitcoin/tree/0.10.x-ljrP > 5) > http://www.mail-archive.com/bitcoin-development%40lists.sourceforge.net/m= sg05211.html > 6) > http://www.mail-archive.com/bitcoin-development@lists.sourceforge.net/msg= 06970.html > 7) > http://www.mail-archive.com/bitcoin-development%40lists.sourceforge.net/m= sg04972.html > > -- > 'peter'[:-1]@petertodd.org > 0000000000000000059a3dd65f0e5ffb8fdf316d6f31921fefcf0ef726120be9 > > > -------------------------------------------------------------------------= ----- > One dashboard for servers and applications across Physical-Virtual-Cloud > Widest out-of-the-box monitoring support with 50+ applications > Performance metrics, stats and reports that give you Actionable Insights > Deep dive visibility with transaction tracing using APM Insight. > http://ad.doubleclick.net/ddm/clk/290420510;117567292;y > _______________________________________________ > Bitcoin-development mailing list > Bitcoin-development@lists.sourceforge.net > https://lists.sourceforge.net/lists/listinfo/bitcoin-development > > --047d7bfd027044292605154c5d8a Content-Type: text/html; charset=UTF-8 Content-Transfer-Encoding: quoted-printable <div dir=3D"ltr"><div class=3D"gmail_default" style=3D"color:rgb(51,102,102= )">I feel compelled to re-share Mike Hearn's counter-argument <i>agains= t </i>replace-by-fee:</div><div class=3D"gmail_default"><font color=3D"#336= 666"><a href=3D"https://medium.com/@octskyward/replace-by-fee-43edd9a1dd6d"= target=3D"_blank">https://medium.com/@octskyward/replace-by-fee-43edd9a1dd= 6d</a></font><br></div><div class=3D"gmail_default"><font color=3D"#336666"= ><br></font></div><div class=3D"gmail_default"><font color=3D"#336666">Plea= se carefully consider the effects of replace-by-fee before applying Peter&#= 39;s patch.</font></div><div class=3D"gmail_extra"><br><div class=3D"gmail_= quote">On Sun, May 3, 2015 at 9:36 PM, Peter Todd <span dir=3D"ltr"><<a = href=3D"mailto:pete@petertodd.org" target=3D"_blank">pete@petertodd.org</a>= ></span> wrote:<br><blockquote class=3D"gmail_quote" style=3D"margin:0 0= 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">My replace-by-fee patc= h is now available for the v0.10.1 release:<br> <br> =C2=A0 =C2=A0 <a href=3D"https://github.com/petertodd/bitcoin/tree/replace-= by-fee-v0.10.1" target=3D"_blank">https://github.com/petertodd/bitcoin/tree= /replace-by-fee-v0.10.1</a><br> <br> No new features in this version; this is simply a rebase for the Bitcoin<br= > Core v0.10.1 release. (there weren't even any merge conflicts) As with<= br> the Bitcoin Core v0.10.1, it's recommended to upgrade.<br> <br> <br> The following text is the copied verbatim from the previous release:<br> <br> What's replace-by-fee?<br> ----------------------<br> <br> Currently most Bitcoin nodes accept the first transaction they see<br> spending an output to the mempool; all later transactions are rejected.<br> Replace-by-fee changes this behavior to accept the transaction paying<br> the highest fee, both absolutely, and in terms of fee-per-KB. Replaced<br> children are also considered - a chain of transactions is only replaced<br> if the replacement has a higher fee than the sum of all replaced<br> transactions.<br> <br> Doing this aligns standard node behavior with miner incentives: earn the<br= > most amount of money per block. It also makes for a more efficient<br> transaction fee marketplace, as transactions that are "stuck" due= to bad<br> fee estimates can be "unstuck" by double-spending them with highe= r<br> paying versions of themselves. With scorched-earth techniques=E2=81=B5 it g= ives<br> a path to making zeroconf transactions economically secure by relying on<br= > economic incentives, rather than "honesty" and alturism, in the s= ame way<br> Bitcoin mining itself relies on incentives rather than "honesty" = and<br> alturism.<br> <br> Finally for miners adopting replace-by-fee avoids the development of an<br> ecosystem that relies heavily on large miners punishing smaller ones for<br= > misbehavior, as seen in Harding's proposal=E2=81=B6 that miners collect= ively 51%<br> attack miners who include doublespends in their blocks - an unavoidable<br> consequence of imperfect p2p networking in a decentralized system - or<br> even Hearn's proposal=E2=81=B7 that a majority of miners be able to vot= e to<br> confiscate the earnings of the minority and redistribute them at will.<br> <br> <br> Installation<br> ------------<br> <br> Once you've compiled the replace-by-fee-v0.10.1 branch just run your<br= > node normally. With -debug logging enabled, you'll see messages like th= e<br> following in your ~/.bitcoin/debug.log indicating your node is replacing<br= > transactions with higher-fee paying double-spends:<br> <br> =C2=A0 =C2=A0 2015-02-12 05:45:20 replacing tx ca07cc2a5eaf55ab13be7ed7d752= 6cb9d303086f116127608e455122263f93ea with c23973c08d71cdadf3a47bae45566053d= 364e77d21747ae7a1b66bf1dffe80ea for 0.00798 BTC additional fees, -1033 delt= a bytes<br> <br> Additionally you can tell if you are connected to other replace-by-fee<br> nodes, or Bitcoin XT nodes, by examining the service bits advertised by<br> your peers:<br> <br> =C2=A0 =C2=A0 $ bitcoin-cli getpeerinfo | grep services | egrep '((0000= 000000000003)|(0000000004000001))'<br> =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 "services" : "0000= 000000000003",<br> =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 "services" : "0000= 000004000001",<br> =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 "services" : "0000= 000004000001",<br> =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 "services" : "0000= 000000000003",<br> =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 "services" : "0000= 000004000001",<br> =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 "services" : "0000= 000004000001",<br> =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 "services" : "0000= 000000000003",<br> =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 =C2=A0 "services" : "0000= 000000000003",<br> <br> Replace-by-fee nodes advertise service bit 26 from the experimental use<br> range; Bitcoin XT nodes advertise service bit 1 for their getutxos<br> support. The code sets aside a certain number of outgoing and incoming<br> slots just for double-spend relaying nodes, so as long as everything is<br> working you're node should be connected to like-minded nodes a within 3= 0<br> minutes or so of starting up.<br> <br> If you *don't* want to advertise the fact that you are running a<br> replace-by-fee node, just checkout a slightly earlier commit in git; the<br= > actual mempool changes are separate from the preferential peering<br> commits. You can then connect directly to a replace-by-fee node using<br> the -addnode command line flag.<br> <br> 1) <a href=3D"https://github.com/bitcoinxt/bitcoinxt" target=3D"_blank">htt= ps://github.com/bitcoinxt/bitcoinxt</a><br> 2) <a href=3D"https://github.com/bitcoin/bitcoin/pull/3883" target=3D"_blan= k">https://github.com/bitcoin/bitcoin/pull/3883</a><br> 3) <a href=3D"https://github.com/bitcoin/bitcoin/pull/3883#issuecomment-455= 43370" target=3D"_blank">https://github.com/bitcoin/bitcoin/pull/3883#issue= comment-45543370</a><br> 4) <a href=3D"https://github.com/luke-jr/bitcoin/tree/0.10.x-ljrP" target= =3D"_blank">https://github.com/luke-jr/bitcoin/tree/0.10.x-ljrP</a><br> 5) <a href=3D"http://www.mail-archive.com/bitcoin-development%40lists.sourc= eforge.net/msg05211.html" target=3D"_blank">http://www.mail-archive.com/bit= coin-development%40lists.sourceforge.net/msg05211.html</a><br> 6) <a href=3D"http://www.mail-archive.com/bitcoin-development@lists.sourcef= orge.net/msg06970.html" target=3D"_blank">http://www.mail-archive.com/bitco= in-development@lists.sourceforge.net/msg06970.html</a><br> 7) <a href=3D"http://www.mail-archive.com/bitcoin-development%40lists.sourc= eforge.net/msg04972.html" target=3D"_blank">http://www.mail-archive.com/bit= coin-development%40lists.sourceforge.net/msg04972.html</a><br> <span><font color=3D"#888888"><br> --<br> 'peter'[:-1]@<a href=3D"http://petertodd.org" target=3D"_blank">pet= ertodd.org</a><br> 0000000000000000059a3dd65f0e5ffb8fdf316d6f31921fefcf0ef726120be9<br> </font></span><br>---------------------------------------------------------= ---------------------<br> One dashboard for servers and applications across Physical-Virtual-Cloud<br= > Widest out-of-the-box monitoring support with 50+ applications<br> Performance metrics, stats and reports that give you Actionable Insights<br= > Deep dive visibility with transaction tracing using APM Insight.<br> <a href=3D"http://ad.doubleclick.net/ddm/clk/290420510;117567292;y" target= =3D"_blank">http://ad.doubleclick.net/ddm/clk/290420510;117567292;y</a><br>= _______________________________________________<br> Bitcoin-development mailing list<br> <a href=3D"mailto:Bitcoin-development@lists.sourceforge.net" target=3D"_bla= nk">Bitcoin-development@lists.sourceforge.net</a><br> <a href=3D"https://lists.sourceforge.net/lists/listinfo/bitcoin-development= " target=3D"_blank">https://lists.sourceforge.net/lists/listinfo/bitcoin-de= velopment</a><br> <br></blockquote></div><br></div></div> --047d7bfd027044292605154c5d8a--