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From: Eric Lombrozo <elombrozo@gmail.com>
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Cc: Bitcoin Dev <bitcoin-development@lists.sourceforge.net>,
Justus Ranvier <justusranvier@riseup.net>
Subject: Re: [Bitcoin-development] F2Pool has enabled full replace-by-fee
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I should also add that I think many in this space believe they have =
assessed the risk as acceptable but haven=E2=80=99t really considered =
how to cap potential losses nor made contingency plans for when the =
inevitable attacks *do* come.
- Eric Lombrozo
> On Jun 20, 2015, at 4:47 PM, Eric Lombrozo <elombrozo@gmail.com> =
wrote:
>=20
>=20
>> On Jun 20, 2015, at 4:16 PM, Jorge Tim=C3=B3n <jtimon@jtimon.cc> =
wrote:
>>=20
>> On Fri, Jun 19, 2015 at 5:37 PM, Eric Lombrozo <elombrozo@gmail.com> =
wrote:
>>> The Bitcoin network was designed (or should be designed) with the =
requirement that it can withstand deliberate double-spend attacks that =
can come from anywhere at any time=E2=80=A6
>>=20
>> I disagree with this premise. Please, don't take this as an argument
>> from authority fallacy, but I will cite Satoshi to express what I
>> think the assumptions while using the system should be:
>>=20
>> "As long as a majority of CPU power is controlled by nodes that are
>> not cooperating to attack the network, they'll generate the longest
>> chain and outpace attackers."
>>=20
>> I can't say for sure what was meant by "attacking the network" in =
this
>> context but I personally mean trying to rewrite valid and
>> proof-of-work-timestamped history.
>> Unconfirmed transactions are simply not part of history yet. Ordering
>> unconfirmed transactions in a consensus compatible way without a
>> universal clock is impossible, that's why we're using proof of work =
in
>> the first place.
>>=20
>> Alternative policies are NOT attacks on the network.
>=20
> Just to be clear, Jorge, I wasn=E2=80=99t suggesting that unconfirmed =
transactions are part of any sort of global consensus. In fact, they =
very much AREN=E2=80=99T. Which is exactly why it is extremely dangerous =
to accept unconfirmed transactions as final unless you clearly have =
assessed the risks and it makes sense for the particular business use =
case.
>=20
> - Eric Lombrozo
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