This is a quote from the book "On Zero Confirmation Transactions" by Chris Pacia
...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.
read full book
But there are p
roblems with this theory. The biggest of which is that Bitcoin has existed for six years so far and not a single miner has implemented this “inevitable” policy. There have been two attempts
that I know of. The first was a mining pool called BitUndo which was run out of the Bitcoin community with pitchforks without a single miner joining the pool. The second was when Peter Todd conv...