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

Lawrence Nahum lawrence at greenaddress.it
Thu Feb 12 16:15:03 UTC 2015

Mike Hearn <mike <at> plan99.net> writes:

> I know you will ignore this as usual, but the entire replace-by-fee folly 
is based on your fundamental misunderstanding of miner incentives.

I disagree, I think it is inevitable (but then of course I'm probably biased 
and why wouldn't I disagree given I run a service that allows for zero 
confirmation/double spend protection with third party trust.)

Fixing it now avoids having people build on top of very weak/broken 
foundations (see Coinbase https://botbot.me/freenode/bitcoin-
wizards/msg/29818058/) which would cause bigger problems down the line.

One thing I don't understand from your position is how do you propose 
handling transactions being stuck for days or longer because of low fees?

Even with floating fees you can have a sudden inflow of high fees 
transactions taking over post broadcasting your transaction.

I also assume restricted replacement is very hard, especially from a UX point 
of view and adds undue complexity

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