@jbeardsley @jefft I just got a Cyber Monday deal email at 8 PM - looks like @FamousSmokeShop has a crappy ESP…
“The Future of Blockchain Technology” panel with @ajbeal, @shannonNullCode, and myself at @Cryptolina https://t.co/VGRQtpQ51r
An alternative perspective:
Replace By Fee is opt-in for attackers.
Replace By Fee is opt-out for victims.
Wanted: smart contracts for appointment timeliness. Penalize the counterparty for every TIME_UNIT they are late in fulfilling an obligation.
@kristovatlas Sure, but we have this “fee market” where when someone gets outbid, they are prevented from updating their bid. It’s lopsided.
@kristovatlas *shrugs* It’s a fundamental problem of not being able to predict the future. You could also argue CPFP could fix it.
@kristovatlas Yeah, when there are demand surges for block space. Core’s fee estimator lags since it uses past day or so of trailing data.
@ciscoguru @21 It’s hard to predict specifics because this is a platform for building a new type of market. https://t.co/ernwMpSdl8
@khannib Right, right. Interesting - so far it’s a fair amount higher than I expected.
@ciscoguru I forsee mass adoption of @21 chips occurring when they are embedded in devices that natively use BTC; buyers may be oblivious.
@ciscoguru @21 Devs should be buying bitcoin computers to access the micropayment network rather than for the mining aspects.
@khannib Nice, so that’s # txs with an input w/sequence != UINT_MAX? I’d phrase it as “Transactions Opting In to RBF”
@ciscoguru @21 Pretty sure large miners have to sell most of their coins to pay for operating expenses anyway.
@ciscoguru @21 Mining decentralization is more about preventing 51% attacks than about the distribution of the coins.
Visualization of the sigOps attack yesterday that caused “full” blocks that were not full: https://t.co/2uX6euD6Mx
https://t.co/ydONKLsdZY
@ciscoguru In general, anyone whose business relies upon supporting higher number of users and transaction volume has a vested interest.
@ciscoguru I’m not so sure that exchanges have /as/ much of an interest especially with the Liquid sidechain being released soon.
@ciscoguru Mining centralization is certainly a justifiable fear, which is why I hope @21 succeeds in decentralizing mining again.
Point being, anyone who deals with unconfirmed transactions at the moment needs to take action to flag RBF-capable txs and act accordingly.
As it stands, anyone sending a tx can “opt-in” to RBF by setting the sequence field on inputs to be < UINT_MAX. But receivers have to check.
“Opt-In” Replace By Fee won’t be truly opt-in (agreed upon by both parties) until wallet software & payment processors update their logic.
@khannib Would it be hard to add stats of transactions opting in to replace-by-fee (inputs with sequence != 4294967295) to your site?
@kristovatlas They both appear to be problems to me, though the former exacerbates the latter.
.@Bitstamp announces that they will support BIP101 as of December. https://t.co/O5HL2BUb0q
A new milestone: more than 10% of all bitcoins are now encumbered by P2SH! https://t.co/xm9r8QubWB https://t.co/vOQVJ8wWuL