Alex Mizrahi [ARCHIVE] on Nostr: 📅 Original date posted:2014-04-23 📝 Original message:This is outright ...
📅 Original date posted:2014-04-23
📝 Original message:This is outright ridiculous.
Zero-confirmation double-spending is a small problem, and possible
solutions are known. (E.g. trusted third party + multi-sig addresses for
small-value transactions.)
On the other hand, protocol changes like described above might have
game-theoretical implications which are non-trivial and hard to understand.
The above approach works as long as the majority of hashpower is honest,
> defined to mean, working to stop double spending. This is the same security
> property as described in the white paper, thus this introduces no new
> security assumptions.
>
No. Bitcoin should work if miners are merely individually rational, i.e.
they try to maximize their pay-offs without colluding with others.
I guess word "honest" might have different meanings, that can be a source
of confusing.
1. Honest -- not trying to destroy bitcoin
2. Honest -- following rules which are not required by the protocol
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📝 Original message:This is outright ridiculous.
Zero-confirmation double-spending is a small problem, and possible
solutions are known. (E.g. trusted third party + multi-sig addresses for
small-value transactions.)
On the other hand, protocol changes like described above might have
game-theoretical implications which are non-trivial and hard to understand.
The above approach works as long as the majority of hashpower is honest,
> defined to mean, working to stop double spending. This is the same security
> property as described in the white paper, thus this introduces no new
> security assumptions.
>
No. Bitcoin should work if miners are merely individually rational, i.e.
they try to maximize their pay-offs without colluding with others.
I guess word "honest" might have different meanings, that can be a source
of confusing.
1. Honest -- not trying to destroy bitcoin
2. Honest -- following rules which are not required by the protocol
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