Peter Todd: Wait For 6 Confirmations After BIP 91 Activates

sergey44 (66)in #crypto • 7 years ago

Peter Todd, the highly regarded Bitcoin Core developer and well-respected cryptography consultant, encourages users not to accept transactions with one confirmation when BIP 91 activates.Todd explained that a high probability exists for the activation of SegWit via BIP 91 which will lead to multiple reorganizations. Amidst such change, Todd noted that users should only accept transactions with six confirmations for security purposes.“More Warning: if/when BIP 91 activates, there's a high chance it'll lead to multiple reorganizations. Do not trust one confirmation transactions for now; wait for six+ confirmations.”More importantly, Todd states that potential problems such as double spending that may occur immediately after the activation of BIP 91 will be fixed in the short term and hence, users should not be worried.“BIP 91-related double-spends are likely to be a temporary event that's mostly resolved in only a few hours or days; this is a one-time risk. Since BIP 91-related dbl-spends are very likely to be a one-time event, a valid strategy could do nothing, and shut down if losses happen.”