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Date: Fri, 19 Jun 2015 16:54:42 +0000
From: justusranvier@riseup.net
To: Eric Lombrozo <elombrozo@gmail.com>
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Cc: Bitcoin Dev <bitcoin-development@lists.sourceforge.net>
Subject: Re: [Bitcoin-development] F2Pool has enabled full replace-by-fee
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-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA512
On 2015-06-19 16:42, Eric Lombrozo wrote:
> If we want a non-repudiation mechanism in the protocol, we should
> explicitly define one rather than relying on =E2=80=9Cprima facie=E2=80=
=9D
> assumptions. Otherwise, I would recommend not relying on the existence
> of a signed transaction as proof of intent to pay=E2=80=A6
Again, I'm not talking about any changes to the protocol. The mining=20
mechanism in the Bitcoin protocol is the fallback method of resolving=20
fraud that isn't prevented or resolved via other mechanisms.
There are plenty of other ways economic actors resolve their=20
disagreements other than blockchain adjudication. Sometimes when both=20
parties are identified and reside in the same legal jurisdiction,=20
contract violations and fraud can be adjudicated in courts. In some=20
situations, the parties involved may have access to private dispute=20
resolution techniques.
Sometimes the stakeholders in the network act to preserve the long term=20
value of their investments, even if it means passing short-term profits.=20
The more of those stakeholders there are in Bitcoin, the more effective=20
it is to make the case for choices that are long-term beneficial.
The degree to which anyone should rely on a signed transaction as=20
assurance of future payment is not a question with a universal answer.=20
It depends on the particular details of the situation, and the parties=20
involved, and their own risk tolerances and time preferences. There's no=20
right answer for everyone, which is why "let's break zeroconf because=20
*I* don't think it's safe enough" is a kind of vandalism.
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