3 ms·
The big problem AFAICT is, how does the account holder get notified? If you have a deterministic link between the account holder and e.g. an email address, you
by semi-extrinsic 7y ago
The big problem AFAICT is, how does the account holder get notified?
If you have a deterministic link between the account holder and e.g. an email address, you can just do normal recovery.
If the recovery attempt gets posted to a public place, then HFT-style actors can arb the system by bidding 99.99% of the holdings in the account, for all accounts everywhere.
- jrpt 7y agoQ - What about front-running the challenge? ("HFT-style actors") A - It uses a two-phase commit and reveal procedure to prevent front-running, like was used with name registration on Namecoin.
- deleted 7y ago[deleted]
- tgsovlerkhgsel 7y ago1. Bid 20% of the value for your account, pretending that you lost the key. 2. HFT-style actor bids 21% (or 99%, or whatever). 3. Resolve all challenges because the key wasn't actually lost, get your original bid back, and get the actor's bid.
- sterlind 7y agoSeems like this is the only solution that works, since it makes it a zero-sum game. I like it, good braining. The resulting cat-and-mouse game would double as a replacement for SatoshiDice. Also, it'd let the network clean up dust and recover money sent to invalid addresses.
- semi-extrinsic 7y agoIt's a good strategy. But then you need there to be a stable equilibrium state that doesn't cost people too much money, not sure if the present system has that?
- thinkloop 7y agoIf you enabled this feature you could have a process check for you at an interval.
- fastball 7y agoIt's posted to a public place, and you just have a notification service that you can sign up to. "When this public address gets bid on, send an alert to this email and phone number".