From: Mike Hearn <mike@plan99•net>
To: Mark Friedenbach <mark@friedenbach•org>
Cc: Bitcoin Development <bitcoin-development@lists•sourceforge.net>
Subject: Re: [Bitcoin-development] Consensus-enforced transaction replacement via sequence numbers
Date: Wed, 27 May 2015 12:11:26 +0200 [thread overview]
Message-ID: <CANEZrP0QMHp9PwBr=ekkujtA+=LXbgiL4xkXRSmcOGqaLJEp0g@mail.gmail.com> (raw)
In-Reply-To: <CAOG=w-sfiUQQGUh=RR55NU-TkAi1+2g3_Z+YP3dGDjp8zXYBGQ@mail.gmail.com>
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>
> Sequence numbers appear to have been originally intended as a mechanism
> for transaction replacement within the context of multi-party transaction
> construction, e.g. a micropayment channel.
>
Yes indeed they were. Satoshis mechanism was more general than micropayment
channels and could do HFT between any set of parties.
> As it happens, this cannot be made safe in the bitcoin protocol as
> deployed today, as there is no enforcement of the rule that miners include
> the most recent transaction in their blocks.
>
Safe is relative - this is the same logic the original replace-by-fee
argument uses. There's no enforcement that miners use any particular
ordering of transactions.
As I believe out of all proposed protocols Satoshi's is still the most
powerful, I would suggest that any change to the semantics on nSequence be
gated by a high bit or something, so the original meaning remains available
if/when resource scheduling and update flood damping are implemented. That
way people can try it out and if miners are breaking things too frequently
by ignoring the chronological ordering people can abandon protocols that
rely on it, and if they aren't they can proceed and benefit from the
greater flexibility.
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next prev parent reply other threads:[~2015-05-27 10:11 UTC|newest]
Thread overview: 22+ messages / expand[flat|nested] mbox.gz Atom feed top
2015-05-27 1:50 Mark Friedenbach
2015-05-27 7:47 ` Peter Todd
2015-05-27 8:18 ` Gregory Maxwell
2015-05-27 10:00 ` Tier Nolan
2015-05-27 10:58 ` Peter Todd
2015-05-27 17:07 ` Jorge Timón
2015-05-27 8:04 ` Telephone Lemien
2015-05-27 10:11 ` Mike Hearn [this message]
2015-05-27 15:26 ` Mark Friedenbach
2015-05-27 17:39 ` Mike Hearn
2015-05-28 9:56 ` Mark Friedenbach
2015-05-28 10:23 ` Mike Hearn
2015-05-28 10:30 ` Tier Nolan
2015-05-28 12:04 ` Peter Todd
2015-05-28 13:35 ` Tier Nolan
2015-05-28 16:22 ` s7r
2015-05-28 17:21 ` Tier Nolan
2015-05-28 14:59 ` Mark Friedenbach
2015-05-28 15:18 ` Tier Nolan
2015-05-28 15:38 ` Mark Friedenbach
2015-05-28 15:57 ` Tier Nolan
2015-06-10 2:40 ` Rusty Russell
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