Re: [Bitcoin-development] Multisign payment protocol?

[Peter Todd <pete@petertodd.org>]

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On Wed, Mar 12, 2014 at 05:41:33PM +0100, Mike Hearn wrote:
> >
> > Partially signed and multisig transactions within bitcoind go through
> > the raw transaction API, which does absolutely nothing if the sig
> > pushes the TX to a higher fee level.
> 
> 
> Well, we'll have to make sure this is carefully and loudly documented in
> the new developer part of the website that's being worked on. Because this
> seems like a recipe for people writing flaky apps. In practice it would
> seem like you need to implement the fee loop in your own app:
> 
> 1) Create tx with an estimated fee level
> 2) Add signatures
> 3) Submit. If REJECT for too low fees, increment, go to 1 and try again.

Why?

It's the raw transaction API and Bitcoin Core wallet. What should be
carefully and loudly documented is the simple advice "Don't use to hold
customer funds; use Bitcoinj or something instead." followed by a
warning that SPV isn't secure enough for a business unless you run your
own full node.

The raw transaction API has no support to handle fees at all.

-- 
'peter'[:-1]@petertodd.org
00000000000000008aebcc3db3f73302ba290392eb783c509c5c7c4dd3971136

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