Controversial update of core Bitcoin 24.0 and the effects of Zero-confirmation transactions on scaling and security.
DISCUSSION
Bitcoin Core 24.0 was just released. This one comes with a lot of controversy. A new feature effecting big industry players, the networks scalability and security.

We are talking about the mempoolfullrbf configuration option. Mempoolfullrbf refers to: The Bitcoin Memory pool which is the 'waiting room' for all unconfirmed transactions on the Bitcoin network and RBF stands for Replace-by-Fee a mempool policy that allows nodes to decide between conflicting unconfirmed transactions based on feerate.

Prior to RBF, the mempool accepted whichever transaction it saw first. In 2016 with the introduction of BIP-125 Bitcoin Core has used what's referred to opt-in - RBF. Where transactions in the mempool can be replaced *if* they signalled they were replaceable i.e. they opted in.

This release introduces Full-RBF which allows full replacement of any transaction as distinct from only replacing transactions that opt-in to it. Why is this controversial? There are industry players using zero-confirmation transactions in their applications.

To put it another way - they're accepting payments which are sitting in the mempool. This is something which everyone knows is theoretically dangerous but hasn't been an issue because once the bitcoin network has fully propagated a non-replace-by-fee transaction...

You needed the collaboration of a miner to replace it, which isn't easy to get today. Even though many of the biggest miners offer off-band transaction broadcasting services, they currently won't process conflicting transactions (double spends)

With the introduction of Full RBF these zero confirmation transactions are simply too risky. The chances of facing a double spend have gone up significantly *IF* you're someone who's accepting 0-conf transactions. So why did protocol developers push forward with this change?

The point of Bitcoin blocks and proof of work is to solve double-spending. When a miner receives two conflicting transactions the highest security policy is to have them take the higher fee. An assumption that miners are rational is better than assuming miners are nice.

Unfortunately while scaling Bitcoin through zero-confirmation transactions looks tempting. The reality is it's not possible to do so without damaging security and that's why we have the lightning network.

I will try to explain lightning network in the next post.

https://nitter.net/thomas_fahrer/status/1596281388923490304

Thank you.


https://www.reddit.com/r/CryptoCurrency/comments/z59grr/controversial_update_of_core_bitcoin_240_and_the/

Coppola Comment: The entire crypto ecosystem is a ponzi https://www.coppolacomment.com/2022/11/the-entire-crypto-ecosystem-is-ponzi.html?spref=tw

Crypto-emperor has no clothes.

" BlockFi has filed for Chapter 11 bankruptcy, making the crypto lender backed by Peter Thiel’s venture capital firm the latest casualty of the fallout from the collapse of Sam Bankman-Fried’s FTX exchange".

https://www.ft.com/content/36a6ec4e-15f8-4b15-8bfa-076b87004264

Quien es el próximo?

2022-11-29_Isra Bravo.wmv


https://youtu.be/QyaUEkQvo6s

Imagina que te pones a trabajar en un trozo de tierra alejado, donde unos transeúntes te dicen que esa tierra no tiene dueño y tú no te tomas la molestia de ir al registro de la propiedad para averiguar si es correcto lo que te dijeron los transeúntes,

Entonces te pones a trabajar ese trozo de tierra como un cabron y cuando ya llevas uno o dos años poniendo todo en orden y empezando a cosechar lo sembrado, se aparece un señor con un documento de propiedad de las tierras y te dice que esas tierras que has estado trabajando no son tuyas, sino suyas y tiene un documento legal que lo demuestra.

Cómo se te queda el cuerpo?

Algo parecido preveo que sucederá en el criptocirco con muchos desarrolladores que creen que la propiedad privada y la propiedad intelectual no existe porque se lo dijeron 4 frikis o lo leyeron en un chat

Creo que en el 2023 vamos escuchar mucho sobre las patentes que ha estado desarrollando nChain desde 2015/2016 y que han sido ideadas en su mayoría por Craig

https://www.cbinsights.com/company/nchain-patents

Y con el nuevo fichaje de nChain que se encargará de hacer la reclamación pertinente


In 1999 Christen Ager-Hanssen became one of Norway's richest citizens. He was reported to be worth over $2.5 billion in 2005
https://en.wikipedia.org/wiki/Christen_Ager-Hanssen

Una vez leí una frase que no se me olvida, era algo así:

"Demasiado afortunados serían los campesinos, si conocieran su suerte"

https://twitter.com/BTC_Archive/status/1597883752935755776?t=cUKC6lZmtW9LmQwU7VNozw&s=19