I feel compelled to re-share Mike Hearn's counter-argument *against *
replace-by-fee:
https://medium.com/@octskyward/replace-by-fee-43edd9a1dd6d
Please carefully consider the effects of replace-by-fee before applying
Peter's patch.
On Sun, May 3, 2015 at 9:36 PM, Peter Todd p...@petertodd.org wrote:
My replace-by-fee patch is now available for the v0.10.1 release:
https://github.com/petertodd/bitcoin/tree/replace-by-fee-v0.10.1
No new features in this version; this is simply a rebase for the Bitcoin
Core v0.10.1 release. (there weren't even any merge conflicts) As with
the Bitcoin Core v0.10.1, it's recommended to upgrade.
The following text is the copied verbatim from the previous release:
What's replace-by-fee?
--
Currently most Bitcoin nodes accept the first transaction they see
spending an output to the mempool; all later transactions are rejected.
Replace-by-fee changes this behavior to accept the transaction paying
the highest fee, both absolutely, and in terms of fee-per-KB. Replaced
children are also considered - a chain of transactions is only replaced
if the replacement has a higher fee than the sum of all replaced
transactions.
Doing this aligns standard node behavior with miner incentives: earn the
most amount of money per block. It also makes for a more efficient
transaction fee marketplace, as transactions that are stuck due to bad
fee estimates can be unstuck by double-spending them with higher
paying versions of themselves. With scorched-earth techniques⁵ it gives
a path to making zeroconf transactions economically secure by relying on
economic incentives, rather than honesty and alturism, in the same way
Bitcoin mining itself relies on incentives rather than honesty and
alturism.
Finally for miners adopting replace-by-fee avoids the development of an
ecosystem that relies heavily on large miners punishing smaller ones for
misbehavior, as seen in Harding's proposal⁶ that miners collectively 51%
attack miners who include doublespends in their blocks - an unavoidable
consequence of imperfect p2p networking in a decentralized system - or
even Hearn's proposal⁷ that a majority of miners be able to vote to
confiscate the earnings of the minority and redistribute them at will.
Installation
Once you've compiled the replace-by-fee-v0.10.1 branch just run your
node normally. With -debug logging enabled, you'll see messages like the
following in your ~/.bitcoin/debug.log indicating your node is replacing
transactions with higher-fee paying double-spends:
2015-02-12 05:45:20 replacing tx
ca07cc2a5eaf55ab13be7ed7d7526cb9d303086f116127608e455122263f93ea with
c23973c08d71cdadf3a47bae45566053d364e77d21747ae7a1b66bf1dffe80ea for
0.00798 BTC additional fees, -1033 delta bytes
Additionally you can tell if you are connected to other replace-by-fee
nodes, or Bitcoin XT nodes, by examining the service bits advertised by
your peers:
$ bitcoin-cli getpeerinfo | grep services | egrep
'((0003)|(0401))'
services : 0003,
services : 0401,
services : 0401,
services : 0003,
services : 0401,
services : 0401,
services : 0003,
services : 0003,
Replace-by-fee nodes advertise service bit 26 from the experimental use
range; Bitcoin XT nodes advertise service bit 1 for their getutxos
support. The code sets aside a certain number of outgoing and incoming
slots just for double-spend relaying nodes, so as long as everything is
working you're node should be connected to like-minded nodes a within 30
minutes or so of starting up.
If you *don't* want to advertise the fact that you are running a
replace-by-fee node, just checkout a slightly earlier commit in git; the
actual mempool changes are separate from the preferential peering
commits. You can then connect directly to a replace-by-fee node using
the -addnode command line flag.
1) https://github.com/bitcoinxt/bitcoinxt
2) https://github.com/bitcoin/bitcoin/pull/3883
3) https://github.com/bitcoin/bitcoin/pull/3883#issuecomment-45543370
4) https://github.com/luke-jr/bitcoin/tree/0.10.x-ljrP
5)
http://www.mail-archive.com/bitcoin-development%40lists.sourceforge.net/msg05211.html
6)
http://www.mail-archive.com/bitcoin-development@lists.sourceforge.net/msg06970.html
7)
http://www.mail-archive.com/bitcoin-development%40lists.sourceforge.net/msg04972.html
--
'peter'[:-1]@petertodd.org
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