Subject: Re: [bitcoin-dev] BIP proposal: No chaining off replaceable transactions

From: Andreas Schildbach <[email-masked]>
Date: Tue, 4 Jul 2017 13:50:30 +0200

Your BIP would take away the only way the *receiver* has to raise the
fee: CPFP. And the receiver is arguably the more important party in this
question. After all the sender has no real incentive for his payment to
be confirmed; it's receiver who has.

On 07/02/2017 10:35 PM, Rhavar via bitcoin-dev wrote:
> ==Abstract==
> 
> BIP125 allows transactions to opt into replaceability with a primary use
> case
> of allowing users to increase the fees of unconfirming transactions,
> helping create
> a more efficient fee market place.
> 
> However this goal is hindered when the receiver of a transaction spends
> from the
> unconfirmed output, which exposes the sender to the awkward position of
> needing
> to pick between needing to pay an effectively unbounded amount of money
> as per the BIP125 rules, or not fee bump at all.
> 
> This is especially problematic in the case of batched sends in which
> there are
> multiple independent receivers. In practice this means wallets and
> services can not effectively low ball the fee of transactions, with the
> intention of fee bumping due to the risk of the receiver spending or
> sweeping it before it confirms.
> 
> In order to support a healthy fee marketplace, this proposal aims to
> increase
> the utility of bip125 by making transactions that spend an unconfirmed
> BIP125
> output non-standard.
> 
> 
> ==Summary==
> 
> This policy specifies a max chain depth of 1 for any BIP125 transactions.
> 
> ==Impact==
> 
> Receivers of BIP125 transactions will need to wait until the transaction
> has confirmed before spending from it. This will not be significantly
> different
> than it is currently as they receivers need to be monitoring for
> replacements.
> 
> If senders want to make further transactions before the BIP125
> transaction confirms,
> and need to utilize the change of the transaction: they will need to
> replace the
> transaction with a one that makes the other send in "pass through" style
> or first
> finalize the BIP125 transaction and then chain from the spend normally.
> 
> 
> -Ryan
> 
> 
> 
> 
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