Process feedback from the bitcoinresearch thread

[zander]

In that thread some time ago we concluded two things are in need of being processed in the proposal, as this has not happened yet I'm writing a reminder. (link).

1. Provide a business case explaining from the current state of mainnet which has zero-conf security.
2. update (and likely remove) the long term security chapter.

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re; 1

There were hints made about usecases which would become possible which are currently not possible. This seems to be based on a misunderstanding of the current state of 'mainchain'. Mainchain today; https://read.cash/@TomZ/how-well-does-zero-conf-work-203e92c2

One example; A vending machine can, today, be implemented risk-free. All it needs to do is listen for double spend proofs and when one appears for the transaction (or a parent) it cancels the order. This happens FASTER than a credit-card transaction and is more secure than a card transaction (can’t be reversed).

re; 2

Your “long term security” concern is based on a misunderstanding of how the p2p network operates and who secures the first seen rule. The result is that your point is not applicable to Bitcoin Cash and that section and that reason should be removed from the CHIP.

The first-seen rule is secured by the nodes on the edge, the ones that the SPV wallets actually talk to. Miners hide their nodes behind firewalls (because duh) and they are never going to even see double spend transactions. Should a miner implement replace-by-fee, it would have no effect.

First-seen is secured by the companies that depend on it working, not the miners.