đź“… Original date posted:2021-06-18
đź“ť Original message:A few questions/comments:
Why is there a 10 sat fee on each tx? Where does that fee go?
I don’t think this design sufficiently protects against double spends by
the “issuer” (the person who actually has the UTXO). Your guarantee tx
mechanism only really covers the case where someone tries to double spend
part of a UTXO balance (in other words, if the penalty lost is less than
the value gained by doing a double spend, its worth it to double spend, and
in a world where you’re passing around digital IOUs, it’s easy to make it
worth it). Later in the post, you mention that there will be a p2p network
to gossip fund transfers and that will prevent an issuer from double
spending. The problem there is that network latency is non-zero, large
network partitions are both real and common, and nodes can come and go
anytime (hardware failure, power failure, network partition healing, just
because they feel like it, etc). Different nodes on the network might hear
about different, conflicting transactions. Nodes will need a way to all
come to consensus on what the right set of “sent notes” is. I think you
will end up reinventing a lot of the problems solved by bitcoin.
Why did you pick email as the RPC mechanism to transfer these notes? Email
is going to add variable amounts of latency and things like spam filters
will cause issues.
Alex
On Fri, Jun 18, 2021 at 4:23 AM Erik Aronesty via bitcoin-dev <
bitcoin-dev at lists.linuxfoundation.org> wrote:
> for very small transactions, this seems to make a hell of a lot of sense.
>
> it's like lightning, but with no limits, no routing protocols...
> everything is guaranteed by relative fees and the cost-of-theft.
>
> pretty cool.
>
> On Thu, Jun 17, 2021 at 4:14 PM raymo via bitcoin-dev
> <bitcoin-dev at lists.linuxfoundation.org> wrote:
> >
> > Hi,
> > I have a proposal for improve Bitcoin TPS and privacy, here is the post.
> >
> https://raymo-49157.medium.com/time-to-boost-bitcoin-circulation-million-transactions-per-second-and-privacy-1eef8568d180
> > https://bitcointalk.org/index.php?topic=5344020.0
> > Can you please read it and share your idea about it.
> >
> > Cheers
> > Raymo
> > _______________________________________________
> > bitcoin-dev mailing list
> > bitcoin-dev at lists.linuxfoundation.org
> > https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev at lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
--
Alex Schoof
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Alex Schoof [ARCHIVE] /
npub1l2…t6swn
2023-06-07 22:54:52
in reply to nevent1q…m4hm
Author Public Key
npub1l2nulj0wpjdkjj2t6ajqcsxjvm8u4c42qzdgnsa7x6p9hzgqan7q9t6swnPublished at
2023-06-07 22:54:52Event JSON
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"content": "📅 Original date posted:2021-06-18\n📝 Original message:A few questions/comments:\n\nWhy is there a 10 sat fee on each tx? Where does that fee go?\n\nI don’t think this design sufficiently protects against double spends by\nthe “issuer” (the person who actually has the UTXO). Your guarantee tx\nmechanism only really covers the case where someone tries to double spend\npart of a UTXO balance (in other words, if the penalty lost is less than\nthe value gained by doing a double spend, its worth it to double spend, and\nin a world where you’re passing around digital IOUs, it’s easy to make it\nworth it). Later in the post, you mention that there will be a p2p network\nto gossip fund transfers and that will prevent an issuer from double\nspending. The problem there is that network latency is non-zero, large\nnetwork partitions are both real and common, and nodes can come and go\nanytime (hardware failure, power failure, network partition healing, just\nbecause they feel like it, etc). Different nodes on the network might hear\nabout different, conflicting transactions. Nodes will need a way to all\ncome to consensus on what the right set of “sent notes” is. I think you\nwill end up reinventing a lot of the problems solved by bitcoin.\n\nWhy did you pick email as the RPC mechanism to transfer these notes? Email\nis going to add variable amounts of latency and things like spam filters\nwill cause issues.\n\nAlex\n\nOn Fri, Jun 18, 2021 at 4:23 AM Erik Aronesty via bitcoin-dev \u003c\nbitcoin-dev at lists.linuxfoundation.org\u003e wrote:\n\n\u003e for very small transactions, this seems to make a hell of a lot of sense.\n\u003e\n\u003e it's like lightning, but with no limits, no routing protocols...\n\u003e everything is guaranteed by relative fees and the cost-of-theft.\n\u003e\n\u003e pretty cool.\n\u003e\n\u003e On Thu, Jun 17, 2021 at 4:14 PM raymo via bitcoin-dev\n\u003e \u003cbitcoin-dev at lists.linuxfoundation.org\u003e wrote:\n\u003e \u003e\n\u003e \u003e Hi,\n\u003e \u003e I have a proposal for improve Bitcoin TPS and privacy, here is the post.\n\u003e \u003e\n\u003e https://raymo-49157.medium.com/time-to-boost-bitcoin-circulation-million-transactions-per-second-and-privacy-1eef8568d180\n\u003e \u003e https://bitcointalk.org/index.php?topic=5344020.0\n\u003e \u003e Can you please read it and share your idea about it.\n\u003e \u003e\n\u003e \u003e Cheers\n\u003e \u003e Raymo\n\u003e \u003e _______________________________________________\n\u003e \u003e bitcoin-dev mailing list\n\u003e \u003e bitcoin-dev at lists.linuxfoundation.org\n\u003e \u003e https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev\n\u003e _______________________________________________\n\u003e bitcoin-dev mailing list\n\u003e bitcoin-dev at lists.linuxfoundation.org\n\u003e https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev\n\u003e\n-- \n\n\nAlex Schoof\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20210618/00874202/attachment.html\u003e",
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