Subject: Re: [Bitcoin-development] instant confirmation via payment protocol backwards compatible proto buffer extension

From: Daniel Rice <[email-masked]>
Date: Mon, 16 Jun 2014 09:00:45 -0700

> Any reason you think people will spread trust instead of consolidating of
a
bunch of instant transaction providers when time is critical?

Maybe you're right, but if you are, that's a huge reason not to implement
this. We should encourage proliferation of instant providers otherwise we
start becoming VISA all over again. That's a future for Bitcoin I'm not
excited about: "Use one of these 4 companies, or you need to wait an
impractical amount of time before your transaction will go through."

Come to think of it, is the payment protocol really the place to put this
instant provider signature or should it be in the actual Bitcoin
transaction? If we don't believe there is a valid practical solution to
doublespends (some people have already emailed me critical feedback on my
proposal) then we absolutely need a trust network, but we would also want
it to be part of the public ledger for everyone to see.

On Mon, Jun 16, 2014 at 8:26 AM, Lawrence Nahum <[email-masked]>
wrote:

> Daniel Rice <drice <at> greenmangosystems.com> writes:
>
> >  If double spends are not resolved, there will be a million instant
> providers in the long run and if double spends are resolved then this BIP
> extension is completely unnecessary.
>
> I am not sure if double spends can be resolved, at the moment they are not
> and I highly doubt you will see millions instant providers just like I
> don't
> see millions Certificate Authorities and I don't see Million Credit Card
> networks.
>
> Any reason you think people will spread trust instead of consolidating of a
> bunch of instant transaction providers when time is critical?
>
>
>
>
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