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Wednesday, 30 November 2022

RBF?

RBF (replace by fee) has been put into Core v24 release. It's a non-committing change, but it does have some pretty major consequences on large parts of the bitcoin circular economy and UI. It allows people to change their transactions to make sure that they are confirmed on the blockchain, to adjust their fee proportion after you have set and submitted it. This is useful given the fee market is constantly changing and might go up and stay up for longer periods of time when you need an important large transaction to go through. 

I think it is more controversial than it seems. I don't think that the occasional bounced transaction is such a problem for anyone and I am concerned that it moves trust from miners to the providers/sellers with account models which, as is very current lately, we obviously don't like. Zero-confirmation transfers do work on the bitcoin mainchain and do allow for near-instant transactions with a high level of certainty. They are very practical for vendors of real products and provide a good simple, private, honey pot-free user experience. People have said that they are insecure (you don't know you have the money for sure until it is "confirmed" in the blockchain), but they don't understand that there are no absolutes in this world and that they are better than many alternatives. We could ask how many confirmations it takes before you are sure?

Listen to this podcast for the details https://www.podpage.com/citadeldispatch/cd80-building-a-bitcoin-circular-economy-with-ziggamon/. The controversy is ongoing and the subject needs much more discussion. I don't want to lose Muun and Bitrefil. This is something that shadowy super coders could always do, but should there be a toggle? should it be on by default?




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