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Replace-By-Fee and Truth-In-Time-Order

[Recommend my two-volume book for more reading]:

BIT & COIN:  Merging Digitality and Physicality

BTC has now fully implemented RBF (Replace-By-Fee), a transaction protocol that allows a user to replace an unconfirmed Bitcoin transaction with a new one that pays a higher fee.

With RBF, BTC is selling a disease and a cure.

The irony is that RBF actually makes sense in the context of BTC because it creates some competition for a scarce resource, namely the transactions per block, which creates a disorder, while RBF helps to create an order based on fee bidding.

But all this is at the cost of losing Truth-In-Time-Order (TITO), which is a fundamental attribute of Satoshi’s timechain (blockchain).

BTC is selling a disease and a cure because BTC has artificially made transactions scarce in the first place. It is dishonest.

But it causes a practical problem as well. Whenever you artificially create a scarcity, you will always need to pay by sacrificing other aspects of the system. In the case of BTC, it sacrificed Truth-In-Time-Order (TITO), which is so fundamental that it changes the nature of the system.

But BTC is not the true Bitcoin with or without RBF. Transactions are scarce with BTC, but the true Bitcoin according to Satoshi has unlimited transactions per block.

BSV is the true Bitcoin. It has unlimited transaction throughput due to its unbounded scalability, which solves a broad range of problems that are not going to be discussed here in this post (but my book “BIT & COIN: Merging Digitality and Physicality” has dedicated chapters on the subject).

In the narrow context of RBF, unlimited transaction throughput allows BSV to maintain TITO, which is not a small thing. TITO is necessary to minimize the cost of double-spending prevention, to reduce transactional friction, to increase merchant trust, to enable SPV and zero confirmation transactions, to prevent miner corruption, and to reduce economic centralization.

But BTC has long given up all those productive economic goals to focus on a parasitic Ponzi scheme. Given the corrupt premise, promoting RBF in the context of BTC is kind of logical in a perverted sense.

More adoption of true Bitcoin (BSV) will expose all the errors and lies.

[Recommend my two-volume book for more reading]:

BIT & COIN:  Merging Digitality and Physicality

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