From: Peter Todd <pete@petertodd•org>
To: Matt Whitlock <bip@mattwhitlock•name>, Natanael <natanael.l@gmail•com>
Cc: bitcoin-development@lists•sourceforge.net
Subject: Re: [Bitcoin-development] alternate proposal opt-in miner takes double-spend (Re: replace-by-fee v0.10.0rc4)
Date: Sun, 22 Feb 2015 14:07:11 +0000 [thread overview]
Message-ID: <871A4914-B4DA-4D44-89AF-49DE936A8237@petertodd.org> (raw)
In-Reply-To: <2953246.T2DHreG0Tu@crushinator>
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On 22 February 2015 08:50:30 GMT-05:00, Matt Whitlock <bip@mattwhitlock•name> wrote:
>On Sunday, 22 February 2015, at 2:29 pm, Natanael wrote:
>> In other words, you are unprotected and potentially at greater risk
>if you
>> create a transaction depending on another zero-confirmation
>transaction.
>
>This happened to one of the merchants at the Bitcoin 2013 conference in
>San Jose. They sold some T-shirts and accepted zero-confirmation
>transactions. The transactions depended on other unconfirmed
>transactions, which never confirmed, so this merchant never got their
>money.
Great example! Systems that appear more secure than they really are to uninformed users are dangerous. Same reason why brain wallets are such scary technology, and equally, why I like to give a few dollars away every so often to the guys brute forcing weak ones.
>I keep telling people not to accept transactions with zero
>confirmations, but no one listens.
In my experience there's a pattern of "accept unconfirmed; get burned badly/see someone else get burned; stop relying on them" Although of course, there's some bias in that people contact me asking what to do after they get burned. :)
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next prev parent reply other threads:[~2015-02-22 14:07 UTC|newest]
Thread overview: 16+ messages / expand[flat|nested] mbox.gz Atom feed top
2015-02-22 8:02 Adam Back
2015-02-22 12:34 ` Peter Todd
2015-02-22 13:29 ` Natanael
2015-02-22 13:50 ` Matt Whitlock
2015-02-22 14:07 ` Peter Todd [this message]
2015-02-22 16:00 ` Justus Ranvier
2015-02-22 16:17 ` Natanael
2015-02-22 16:25 ` Justus Ranvier
2015-02-22 16:36 ` Natanael
2015-02-23 11:03 ` Mike Hearn
2015-02-22 14:44 ` Natanael
2015-02-22 14:11 ` Adam Back
2015-02-22 14:25 ` Bryan Bishop
2015-02-22 14:33 ` Peter Todd
2015-02-22 15:18 ` joliver
2015-02-22 15:41 ` Peter Todd
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