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January 22, 2018, 07:42:10 PM |
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I do not see how Raiblocks successfully solves the double spend problem. If it does, please correct me.
With Raiblocks, it saves a lot of resources by only involving representatives in conflicting transactions (double spend). But when this happens, it goes to a voting mechanism, and the representatives are selected by each user. So a bad actor could get a bunch of malicious representatives and then do a lot of double spends, perhaps cheating a lot of merchants before they realize that they did not receive the payment.
Contrariwise, with bitcoin one cannot choose any representatives. If someone simultaneously double spends, then it is up the network to decide which transaction is valid, and thus one cannot stack the deck in their favor.
Now it is true that the consensus is determined in raiblocks in 1 minute. But the main purpose of raiblocks is for microtransactions and retail transactions. So these are the situations in which one is not going to wait 1 minute to find out?
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