This is a quote from the book "On Zero Confirmation Transactions" by Chris Pacia
... in the fraud. In such a scheme, a thief could leave the store with the merchandise, then find a willing miner to help them defraud the merchant and replace the valid transaction with the double
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The theory goes that miners are rational profit-maximizers so why wouldn’t they accept higher fees if people are offering? Furthermore, people who hold this view believe t
hat it is “inevitable” that miners will abandon the “first-seen” policy for “replace-by-fee” because, after all, this is basic game theory and economics.
But there are p...