From: Kevin Greene <kgreenek@gmail•com>
To: Peter Todd <pete@petertodd•org>
Cc: Bitcoin Dev <bitcoin-development@lists•sourceforge.net>
Subject: Re: [Bitcoin-development] New release of replace-by-fee for Bitcoin Core v0.10.1
Date: Mon, 4 May 2015 19:23:09 -0700 [thread overview]
Message-ID: <CAEY8wq50ETVXX5V22KybiEMXiXVVhsB7OJdvgF_zFjn=KQ-hCg@mail.gmail.com> (raw)
In-Reply-To: <20150504043601.GA14728@savin.petertodd.org>
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I feel compelled to re-share Mike Hearn's counter-argument *against *
replace-by-fee:
https://medium.com/@octskyward/replace-by-fee-43edd9a1dd6d
Please carefully consider the effects of replace-by-fee before applying
Peter's patch.
On Sun, May 3, 2015 at 9:36 PM, Peter Todd <pete@petertodd•org> wrote:
> My replace-by-fee patch is now available for the v0.10.1 release:
>
> https://github.com/petertodd/bitcoin/tree/replace-by-fee-v0.10.1
>
> No new features in this version; this is simply a rebase for the Bitcoin
> Core v0.10.1 release. (there weren't even any merge conflicts) As with
> the Bitcoin Core v0.10.1, it's recommended to upgrade.
>
>
> The following text is the copied verbatim from the previous release:
>
> What's replace-by-fee?
> ----------------------
>
> Currently most Bitcoin nodes accept the first transaction they see
> spending an output to the mempool; all later transactions are rejected.
> Replace-by-fee changes this behavior to accept the transaction paying
> the highest fee, both absolutely, and in terms of fee-per-KB. Replaced
> children are also considered - a chain of transactions is only replaced
> if the replacement has a higher fee than the sum of all replaced
> transactions.
>
> Doing this aligns standard node behavior with miner incentives: earn the
> most amount of money per block. It also makes for a more efficient
> transaction fee marketplace, as transactions that are "stuck" due to bad
> fee estimates can be "unstuck" by double-spending them with higher
> paying versions of themselves. With scorched-earth techniques⁵ it gives
> a path to making zeroconf transactions economically secure by relying on
> economic incentives, rather than "honesty" and alturism, in the same way
> Bitcoin mining itself relies on incentives rather than "honesty" and
> alturism.
>
> Finally for miners adopting replace-by-fee avoids the development of an
> ecosystem that relies heavily on large miners punishing smaller ones for
> misbehavior, as seen in Harding's proposal⁶ that miners collectively 51%
> attack miners who include doublespends in their blocks - an unavoidable
> consequence of imperfect p2p networking in a decentralized system - or
> even Hearn's proposal⁷ that a majority of miners be able to vote to
> confiscate the earnings of the minority and redistribute them at will.
>
>
> Installation
> ------------
>
> Once you've compiled the replace-by-fee-v0.10.1 branch just run your
> node normally. With -debug logging enabled, you'll see messages like the
> following in your ~/.bitcoin/debug.log indicating your node is replacing
> transactions with higher-fee paying double-spends:
>
> 2015-02-12 05:45:20 replacing tx
> ca07cc2a5eaf55ab13be7ed7d7526cb9d303086f116127608e455122263f93ea with
> c23973c08d71cdadf3a47bae45566053d364e77d21747ae7a1b66bf1dffe80ea for
> 0.00798 BTC additional fees, -1033 delta bytes
>
> Additionally you can tell if you are connected to other replace-by-fee
> nodes, or Bitcoin XT nodes, by examining the service bits advertised by
> your peers:
>
> $ bitcoin-cli getpeerinfo | grep services | egrep
> '((0000000000000003)|(0000000004000001))'
> "services" : "0000000000000003",
> "services" : "0000000004000001",
> "services" : "0000000004000001",
> "services" : "0000000000000003",
> "services" : "0000000004000001",
> "services" : "0000000004000001",
> "services" : "0000000000000003",
> "services" : "0000000000000003",
>
> Replace-by-fee nodes advertise service bit 26 from the experimental use
> range; Bitcoin XT nodes advertise service bit 1 for their getutxos
> support. The code sets aside a certain number of outgoing and incoming
> slots just for double-spend relaying nodes, so as long as everything is
> working you're node should be connected to like-minded nodes a within 30
> minutes or so of starting up.
>
> If you *don't* want to advertise the fact that you are running a
> replace-by-fee node, just checkout a slightly earlier commit in git; the
> actual mempool changes are separate from the preferential peering
> commits. You can then connect directly to a replace-by-fee node using
> the -addnode command line flag.
>
> 1) https://github.com/bitcoinxt/bitcoinxt
> 2) https://github.com/bitcoin/bitcoin/pull/3883
> 3) https://github.com/bitcoin/bitcoin/pull/3883#issuecomment-45543370
> 4) https://github.com/luke-jr/bitcoin/tree/0.10.x-ljrP
> 5)
> http://www.mail-archive.com/bitcoin-development%40lists.sourceforge.net/msg05211.html
> 6)
> http://www.mail-archive.com/bitcoin-development@lists.sourceforge.net/msg06970.html
> 7)
> http://www.mail-archive.com/bitcoin-development%40lists.sourceforge.net/msg04972.html
>
> --
> 'peter'[:-1]@petertodd.org
> 0000000000000000059a3dd65f0e5ffb8fdf316d6f31921fefcf0ef726120be9
>
>
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next prev parent reply other threads:[~2015-05-05 2:23 UTC|newest]
Thread overview: 79+ messages / expand[flat|nested] mbox.gz Atom feed top
2015-02-12 6:47 [Bitcoin-development] replace-by-fee v0.10.0rc4 Peter Todd
2015-02-12 7:23 ` Tamas Blummer
2015-02-12 7:45 ` Peter Todd
2015-02-12 8:27 ` Tamas Blummer
2015-02-12 8:49 ` Peter Todd
2015-02-12 9:01 ` Tamas Blummer
2015-02-15 20:51 ` Troy Benjegerdes
2015-02-12 8:16 ` Alex Mizrahi
2015-02-12 11:58 ` Mike Hearn
2015-02-12 12:23 ` Natanael
2015-02-12 12:49 ` Mike Hearn
2015-02-12 13:02 ` Natanael
2015-02-12 13:44 ` Mike Hearn
2015-02-12 14:36 ` Natanael
2015-02-12 14:53 ` Mike Hearn
2015-02-12 15:20 ` Natanael
2015-02-12 15:30 ` Justus Ranvier
2015-02-12 13:36 ` Oleg Andreev
2015-02-12 12:52 ` Alex Mizrahi
2015-02-12 13:18 ` Mike Hearn
2015-02-12 13:45 ` Alex Mizrahi
2015-02-12 13:52 ` Mike Hearn
2015-02-12 14:04 ` Tamas Blummer
2015-02-12 14:16 ` Mike Hearn
2015-02-12 14:25 ` Tamas Blummer
2015-02-12 23:08 ` Tom Harding
2015-02-12 14:32 ` Alex Mizrahi
2015-02-12 15:15 ` Mike Hearn
2015-02-12 15:32 ` Natanael
2015-02-12 15:42 ` Mike Hearn
2015-02-12 15:54 ` Natanael
2015-02-12 16:57 ` Btc Drak
2015-02-12 17:24 ` Oleg Andreev
2015-02-12 18:11 ` Justus Ranvier
2015-02-12 18:37 ` Allen Piscitello
2015-02-12 19:15 ` Alan Reiner
2015-02-12 19:34 ` Justus Ranvier
2015-02-12 19:45 ` Peter Todd
2015-02-12 19:49 ` Justus Ranvier
2015-02-12 19:47 ` Allen Piscitello
2015-02-12 19:52 ` Justus Ranvier
2015-02-12 20:02 ` Natanael
2015-02-12 20:36 ` Allen Piscitello
2015-02-14 14:47 ` Ross Nicoll
2015-02-12 20:06 ` Peter Todd
2015-02-12 19:49 ` Gregory Maxwell
2015-02-12 20:18 ` Peter Todd
2015-02-13 11:34 ` Mike Hearn
2015-02-12 12:54 ` Tamas Blummer
2015-02-12 14:42 ` Alex Mizrahi
2015-02-12 15:27 ` Jeff Garzik
2015-02-15 21:25 ` Troy Benjegerdes
2015-02-15 21:40 ` Adam Gibson
2015-02-19 8:56 ` Troy Benjegerdes
2015-02-21 19:09 ` Jorge Timón
2015-02-21 20:30 ` Mark Friedenbach
2015-02-21 22:47 ` Jeff Garzik
2015-02-22 1:15 ` Peter Todd
2015-02-22 3:25 ` Jorge Timón
2015-02-22 4:06 ` Jeff Garzik
2015-02-22 11:41 ` Eric Lombrozo
2015-02-22 12:06 ` Eric Lombrozo
2015-02-22 13:41 ` Eric Lombrozo
2015-02-22 13:53 ` Peter Todd
2015-02-22 23:29 ` Eric Lombrozo
2015-02-24 1:11 ` Jeff Garzik
2015-03-01 17:59 ` Troy Benjegerdes
2015-03-01 19:05 ` Neil Fincham
2015-03-01 17:44 ` Troy Benjegerdes
2015-02-12 16:15 ` Lawrence Nahum
2015-02-12 18:14 ` Tom Harding
2015-02-12 21:40 ` Josh Lehan
2015-02-22 16:36 ` Tom Harding
2015-02-22 17:12 ` Peter Todd
2015-02-22 19:25 ` Tom Harding
2015-02-22 21:50 ` Peter Todd
2015-05-04 4:36 ` [Bitcoin-development] New release of replace-by-fee for Bitcoin Core v0.10.1 Peter Todd
2015-05-05 2:23 ` Kevin Greene [this message]
2015-05-23 18:26 ` [Bitcoin-development] Replace-by-fee v0.10.2 - Serious DoS attack fixed! - Also novel variants of existing attacks w/ Bitcoin XT and Android Bitcoin Wallet Peter Todd
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