Re: [bitcoin-dev] One-Shot Replace-By-Fee-Rate - Peter Todd

GitHub

GitHub - petertodd/bitcoin at libre-relay-v26.0

Bitcoin integration/staging tree. Contribute to petertodd/bitcoin development by creating an account on GitHub.

tl;dr: I have a Libre Relay prototype available for testing. It does three things: 1. Removes the OP_Return limits. 2. Connects to an additional four Libre Relay nodes, to ensure transactions propagate. 2. Implements pure replace-by-fee-rate (RBFR) and full-rbf, to solve Rule #3 transaction pinning. I'm already running it on a few mainnet and testnet nodes. The combination of #1 and #3 is interesting, because an objection to RBFR is it makes possible certain expensive DoS attacks. And #1 should piss off some people... So we'll see if the DoS attacks are serious enough that those pissed off people actually attack it. 😁 Background on RBFR:

One-Shot Replace-by-Fee-Rate

Currently Bitcoin Core implements a Replace-by-Fee (RBF) policy, wheretransactions are not replaced unless the new transaction pays at least a high...

“Edmund Burke drew a distinction between the sublime and the beautiful in the 1750s. The beautiful, such as well-watered flatlands, are conducive to human flourishing. The sublime, such as the Alps, can kill you. the sublime was only beginning to come into fashion in Romantic Age.”

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@StefanFSchubert Edmund Burke drew a distinction between the sublime and the beautiful in the 1750s. The beautiful, such as well-watered flatlands,...

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😁😁😁 LIBRE RELAY!!! (ok, so maybe I should have put something more clever in the op return...)

Full-RBF Peering Bitcoin Core v26.0 Released Available from:

GitHub

GitHub - petertodd/bitcoin at full-rbf-v26.0

Bitcoin integration/staging tree. Contribute to petertodd/bitcoin development by creating an account on GitHub.

eg: git clone -b full-rbf-v26.0

GitHub

GitHub - petertodd/bitcoin: Bitcoin integration/staging tree

Bitcoin integration/staging tree. Contribute to petertodd/bitcoin development by creating an account on GitHub.

What is this? It's Bitcoin Core v26.0, with Antoine Riard's full-rbf peering code, and some additional minor updates to it. This does two things for full-rbf nodes: 1) Advertises a FULL_RBF service bit when mempoolfullrbf=1 is set. 2) Connects to four additional FULL_RBF peers. Doing this ensures that a core group of nodes are reliably propagating full-rbf replacements. We don't need everyone to run this. But it'd be helpful if more people did. As for why you should run full-rbf, see my blog post:

Why You Should Run Full-RBF On Your Node

If you run a Bitcoin Core node or mining pool I want you to enable full-RBF.It’s very easy. Just add this line to your ~/.bitcoin/bitcoin.conf f...

I'm already running v26.0 on a few nodes with v2transport=1 enabled. You should too!

Hey, @BTC Prague, we should scrap the after-party and do this instead:

One-Shot Replace-by-Fee-Rate

Currently Bitcoin Core implements a Replace-by-Fee (RBF) policy, wheretransactions are not replaced unless the new transaction pays at least a high...

One-Shot Replace-By-Fee-Rate tl;dr: we can solve Rule #3 transaction pinning attacks by simply replacing based on fee-rate, if the old transaction wasn't going to be mined in the next block or two, and the new transaction will be. This _is_ incentive compatible, because it makes more sense to make money now with a high fee rate transaction than to favor a transaction of lower fee rate that may never even be mined. I'm thinking of releasing a simplified implementation of this in the Libre Relay fork I'm doing. I have at least one mining pool interested in running it. Will be interesting to see if people even bother attacking it.

What did the physicist say to the guy in the faraday cage? “You're in charge.”

https://blog.wasabiwallet.io/friends-and-plebs-dont-pay-w/ A neat thing about this is that “Friends Don’t Pay” is actually the a only possible way Wasabi coinjoins could work, given that they've decided to make remixing free. Why? Because Wasabi coinjoins are private, so it's impossible¹ for Wasabi to know if a UTXO came from the same user, or their friend. And yes, I've taken advantage of this inherent feature multiple times, getting paid by clients who also used Wasabi. 1) Technically they could limit free remixing to amounts equal to that of the Wasabi standardized amounts. But even if they did that you could just send your friend one of those standardized amounts.

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