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Date: Sun, 22 Feb 2015 08:36:01 -0800
From: Tom Harding <tomh@thinlink.com>
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Cc: 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:
> My replace-by-fee patch is now available for the v0.10.0rc4 release:
>
> https://github.com/petertodd/bitcoin/tree/replace-by-fee-v0.10.0rc4
>
This patch immediately simplifies successful double-spends of
unconfirmed transactions. But the idea that it "gives a path to making
zeroconf transactions economically secure" is quite dubious.
* You don't provide sufficient means to detect and relay double-spends,
which is necessary to trigger a scorched-earth reaction. Not all
double-spends will conform to your replacement rules.
* Maybe XT nodes would help to overcome this. But meanwhile, in the
ANYONECANPAY design, Bob's replacement is a triple-spend. Even XT nodes
won't relay it.
* It's unclear when, if ever, any senders/receivers will actually try to
use scorched-earth as a double-spend deterrent.
Also, this patch significantly weakens DoS protections:
* It removes the early conflict check, making all conflict processing
more expensive
* There is no attempt to protect against the same transaction being
continually replaced with the fee bumped by a minimal amount.
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