@bascule With small payments propagation to POS client is enough. Confirmations are equivalent to *clearance* (30-60 days with credit cards)
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@bascule BitPay do not wait for confirmations and seem to be fine with it. More info: http://www.reddit.com/r/Bitcoin/comments/1zoiwa/there_seems_to_be_a_lot_of_major/ … -
@bodskibod and what if a transaction winds up in an orphan block and needs to be replayed? -
@bascule as long as tx inputs are unspent nodes will relay it, propagation to random nodes is adequate assurance to PoS for 'small' values -
@bodskibod what if your app isn’t talking to any node that’s seen the transaction? Trust the customer’s app? -
@bascule that's important point, merchant needs connections to adequately random selection of nodes. Network attack needs to be uneconomical -
@bascule hence I say 'small' payments, i.e. for large payments such attacks may become economical and so we should wait for confirmations -
@bodskibod tl;dr: preventing Bitcoin fraud is hard, let’s go shopping? - 2 more replies
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@bascule@etrepum No need to wait at all unless you are moving more money than the cost of a 51% attack https://bitcoin.org/en/faq#why-do-i-have-to-wait-10-minutes …#Bitcoin -
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@bascule Exchanges did take to charging fees... but that's an example of double-dipping. Miners were supposed to carry the cost of exchange. -
@eachus and when all the Bitcoins have been mined? -
@bascule But I think your Bitcoin software was still supposed to handle exchanges. Central exchanges really don't have much purpose... -
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@bodskibod@bascule Currency exchanges have tried to affix a floating "fiat money" price on a commodity currency. It's economic lunacy. -
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@bodskibod@bascule No. I was referring to Bitcoin "exchanges", not currency exchanges. Transfer of Bitcoin to other people. -
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