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He later publicly says that “if a double-spend has to wait even a second, it has a huge disadvantage.” He was proven right when companies like BitPay and Coinbase started employing the method to accept immediate bitcoin transactions, otherwise called 0-confirmed due to no mining block confirmation. Using a lot of CPU power to do the brute force attack discussed in the paper in addition to the above scam would not increase the thief’s chances very much.Īnything that grants access to something, like something that takes a while to download, access to a website, web hosting, a subscription or service, can be cancelled a few minutes later if the transaction is rejected.”
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A thief usually needs a high probability of getting an item for free to make it worthwhile. With just a minute or two delay, the chance of getting away without paying could be made much too low to scam. The merchant would only have to monitor for a minute or two until most of the network nodes have his version and it’s too late for the thief’s version to catch up and reach many nodes.
The thief would not be able to broadcast during the monitoring period or else the merchant’s node would receive a copy. What the merchant can do is broadcast his transaction and then monitor the network for any double-spend copies. The usual scam against a merchant that doesn’t wait for confirming blocks would be to send a payment to a merchant, then quickly try to propagate a double-spend to the network before the merchant’s copy. I believe the risk with 1 or even 0 confirming blocks will be much less than the rate of chargebacks on verified credit card transactions. “Currently, businesses accept a certain chargeoff rate. That is, instead of waiting 10 minutes for a block, it would be nicer if there was some method by which the merchant can be pretty sure the payment you sent can be instantly accepted with chances of double spending being minuscule. It’s something that OpenBazzar sort of implements, but for its use to be convenient, 0-confirmed transactions are important.
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It was part of writing code to explore the most technically demanding use cases and make sure Bitcoin could support everything that might be needed in the future, given the locked-in nature of the rules once the block chain started.”
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The reason, he says, is because he wanted to ensure the software can handle all sorts of uses, including widespread commerce. He was trying to create an e-bay like version, but with bitcoin, as well as other like apps. Nakamoto also suggests he was working on what could be called bitcoin apps. He then provides the code for how client-only nodes can be implemented, with Mike Hearn following on actual execution, releasing the first, what are now called, SPV wallets, light wallets, or, usually, just a bitcoin wallet. Whatever the current capacity of the software is, it automatically grows at the rate of Moore’s Law, about 60% per year.” With dev work on optimising and parallelising, it can keep scaling up. With very high transaction volume, network nodes would consolidate and there would be more pooled mining and GPU farms, and users would run client-only.
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Until then, while all users still have to download the entire block chain to start, it’s nice if we can keep it down to a reasonable size.
“A higher limit can be phased in once we have actual use closer to the limit and make sure it’s working OK.Įventually when we have client-only implementations, the block chain size won’t matter much. In further statements, Nakamoto says client only mode for nodes is key to scaling the system as then everyone can connect through a mobile wallet. There was a push for it in 2014, but it seemingly failed as exchanges and businesses did not adopt the suggestion. Despite bitcoin’s considerable price increase, that has not happened.
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