Subject: Re: [Bitcoin-development] F2Pool has enabled full replace-by-fee

From: [email-masked]
Date: Fri, 19 Jun 2015 16:54:42 +0000

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 “prima facie”
> assumptions. Otherwise, I would recommend not relying on the existence
> of a signed transaction as proof of intent to pay…

Again, I'm not talking about any changes to the protocol. The mining 
mechanism in the Bitcoin protocol is the fallback method of resolving 
fraud that isn't prevented or resolved via other mechanisms.

There are plenty of other ways economic actors resolve their 
disagreements other than blockchain adjudication. Sometimes when both 
parties are identified and reside in the same legal jurisdiction, 
contract violations and fraud can be adjudicated in courts. In some 
situations, the parties involved may have access to private dispute 
resolution techniques.

Sometimes the stakeholders in the network act to preserve the long term 
value of their investments, even if it means passing short-term profits. 
The more of those stakeholders there are in Bitcoin, the more effective 
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 
assurance of future payment is not a question with a universal answer. 
It depends on the particular details of the situation, and the parties 
involved, and their own risk tolerances and time preferences. There's no 
right answer for everyone, which is why "let's break zeroconf because 
*I* don't think it's safe enough" is a kind of vandalism.