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

Justus Ranvier justusranvier at riseup.net
Thu Feb 12 15:30:47 UTC 2015


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On 02/12/2015 03:20 PM, Natanael wrote:
> Multisignature notaries need to convince people to select them.
> They want to know that even with collateral, their funds won't be
> temporarily locked up and unspendable for days at a time.
> 
> What services would miners provide here, do you think?
> 
>> Well, sure. It's the same model governments use and is why being
>> a money
> transmitter in the USA is so difficult: you need to put up large
> sums of money as collateral and have your fingerprints taken 48
> times. Then you can start advertising to get customers!
> 
> Obviously you need to have collateral to provide collateral. Can't
> make cryptographic verifiable guarantees if you don't have the
> resources to back them.

tl;dr: Bitcoin users aren't getting very excited about somebody's pet
hub-and-spoke project, so they decide to distribute a patch that will
change Bitcoin's behavior such that people are forced to adopt them.

Scorched earth, indeed.

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