should be possible. But lightning isn’t really the problem here, it’s the solution! First set your coins free into a lightning channel like in step 1, but manage risk and wait for sufficient confirmations. Then you can transact freely and not concern yourself with reorgs!
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So you think Bitcoin nodes would accept a reorg more than a couple days deep? The recent Binance incident implies otherwise. There was immediate support, incl. from core devs, to reject that reorg which wasn't even a day deep and not coming from a hostile entity.
At this point one is relying on trusted third parties rather than the protocol. A dangerous thing to do, it cuts into Bitcoin's value prop. Frequent de-reorgs provide another, even easier vector of attack.
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Nick, I know you've been away from Twitter for a few months but did you hear about the Binance hack and their idea to bribe miners to take these funds instead (a "scorched earth policy" to reject future theft)? What are your thoughts on that?
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It wasn’t “their idea” and it was knocked down because it was irresponsible to encourage a stressed out CEO to run a $100B experiment with no research
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I agree that it was bad advice, but that's beside the point. You can either think that Bitcoin can (and should) manually reject reorgs of a certain depth, or you can think that reorgs shouldn't be rejected, in which case the good guys can also use them - but probably not both.
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In case it's not clear I support rejecting deep reorgs and allowing more shallow reorgs (and re-reorgs). What's allowed and what isn't is for the social layer to decide (because *technically*, all reorgs of all colors are allowed.)
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I’m not sure if a theoretical reorg would’ve worked but I’m sure that this one wouldn’t have happened. It was proposed many hours into the theft, with zero infrastructure in place for miners to detect the proposed rewards from Binance. It was impractical, yet messy
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In the same way it would be impractical to counter a sudden attack reorg. The exact same infrastructure would be missing.
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Yeah, for a 6-hour reorg. A 2-weeks reorg though?
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Currently I am talking about 24h
End of conversation
New conversation -
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This brings up an interesting point Large txns make the entire network unstable for some point of time I like http://crypto51.app - on a similar line it would be useful for a recipient to know what are the chances that their txn will get reversed (given current ntwrk conds)
Thanks. Twitter will use this to make your timeline better. UndoUndo
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