[Bitcoin-development] replace-by-fee v0.10.0rc4

Mike Hearn mike at plan99.net
Thu Feb 12 12:49:01 UTC 2015


>
> Are you not counting collateralized multisignature notaries? Its an
> extended version of the Greenaddress.it model.
>
It makes unconfirmed transactions useless in the classical Bitcoin model.
Obviously if you introduce a trusted third party you can fix things, but
then you're back to having the disadvantages of centralised trust.

If unconfirmed payments become flaky enough that people stop using them,
then a portion of the Bitcoin community will find workarounds like trusted
third parties, trusted hardware, whatever and will just struggle one. Other
people will look at the new tradeoffs/complexity, and decide that Bitcoin
is no longer better for them than banks.
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