From: "David A. Harding" <dave@dtrt•org>
To: Peter Todd <pete@petertodd•org>,
Bitcoin Protocol Discussion
<bitcoin-dev@lists•linuxfoundation.org>
Subject: Re: [bitcoin-dev] Using Full-RBF to fix BIP-125 Rule #3 Pinning with nLockTime
Date: Thu, 10 Nov 2022 17:00:58 -1000 [thread overview]
Message-ID: <f360357e2d9655360766595d81a82e87@dtrt.org> (raw)
In-Reply-To: <Y2l1/qXHxyctU9ir@petertodd.org>
On 2022-11-07 11:17, Peter Todd via bitcoin-dev wrote:
> We can ensure with high probability that the transaction can be
> cancelled/mined
> at some point after N blocks by pre-signing a transaction, with
> nLockTime set
> sufficiently far into the future, spending one or more inputs of the
> transaction with a sufficiently high fee that it would replace
> transaction(s)
> attempting to exploit Rule #3 pinning (note how the package limits in
> Bitcoin
> Core help here).
This implies a floor on the funds involved in a contract. For example,
if the pinning transaction is 100,000 vbytes at a feerate of 1 sat/vb,
the minimum contract amount must be a bit over 100,000 sats (about $17
USD at current prices). However, participants in a contract not meant
to settle immediately probably need to assume the worst case future
pinning, for example where transactions paying even 100 sat/vb won't be
mined promptly; in which case the minimum contract amount becomes
something like $1,700 USD.
That seems sub-optimal to me.
-Dave
next prev parent reply other threads:[~2022-11-11 3:01 UTC|newest]
Thread overview: 7+ messages / expand[flat|nested] mbox.gz Atom feed top
2022-11-07 20:17 [bitcoin-dev] Removing BIP-125 Rule #5 Pinning with the Always-Replaceable Invariant Peter Todd
2022-11-07 21:17 ` [bitcoin-dev] Using Full-RBF to fix BIP-125 Rule #3 Pinning with nLockTime Peter Todd
2022-11-07 22:55 ` Antoine Riard
2022-11-09 12:41 ` Peter Todd
2022-11-11 3:00 ` David A. Harding [this message]
2022-11-07 21:21 ` [bitcoin-dev] Removing BIP-125 Rule #5 Pinning with the Always-Replaceable Invariant Suhas Daftuar
2022-11-07 21:27 ` Peter Todd
Reply instructions:
You may reply publicly to this message via plain-text email
using any one of the following methods:
* Save the following mbox file, import it into your mail client,
and reply-to-all from there: mbox
Avoid top-posting and favor interleaved quoting:
https://en.wikipedia.org/wiki/Posting_style#Interleaved_style
* Reply using the --to, --cc, and --in-reply-to
switches of git-send-email(1):
git send-email \
--in-reply-to=f360357e2d9655360766595d81a82e87@dtrt.org \
--to=dave@dtrt$(echo .)org \
--cc=bitcoin-dev@lists$(echo .)linuxfoundation.org \
--cc=pete@petertodd$(echo .)org \
/path/to/YOUR_REPLY
https://kernel.org/pub/software/scm/git/docs/git-send-email.html
Be sure your reply has a Subject: header at the top and a blank line
before the message body.
This is a public inbox, see mirroring instructions
for how to clone and mirror all data and code used for this inbox