August 18, 2019, 11:37:33 pm

Author Topic: Replace-By-Fee (RBF) Breaks Satoshi's Plan for 0-Conf Transactions  (Read 700 times)

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Offline MicroGuy

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I was reading an excellent article today on disabled opcodes and was reminded of the detrimental and damaging nature of RBF.

"We know that Satoshi believed 0-conf transactions on the Bitcoin network could be secure enough to verify a transaction within 10 seconds or less, but only in a network topology where miners sustain many simultaneous "edges" or active connections. This would ensure fast propagation through the network, putting double spend attempts with even a slight delay from the original at a severe disadvantage, and highly unlikely to be confirmed before the original. Despite this, many have over-emphasized the risk of 0-conf transactions and exacerbated the problem by introducing replace-by-fee transactions which make the possibility of double spending much higher. This effectively breaks the security of fast 0-confirmation transactions. Lucky for us, BCH does not have this impedance and we are sure to see innovation in this area."

~~

Source: https://www.yours.org/content/bitcoin-s-dead-sea-scrolls---disabled-opcodes-to-be-resurrected-by-bit-3eea068c604c/
"The heart of any cryptocurrency can be found in the spirit of its community."