Subject: Re: [Bitcoin-development] 0 confirmation txs using replace-by-fee and game theory

From: Mike Hearn <[email-masked]>
Date: Thu, 24 Apr 2014 17:45:36 +0200

>
> Of course if we're not comparing this with Bitcoin today and we're
> comparing it to some theoretical mechanism for instant p2p
> serialization without requiring proof of work then, yes, this concept
> is not very interesting.
>

Bitcoin's competition is not some theoretical perfect p2p system but
rather, bank notes and credit cards.