[Cryptography] reliable broadcast channel

[jamesd at echeque.com]

On 2020-11-09 13:32, Sid Spry wrote:
> The example of check kiting is a bad one -- the solution is probably
> to view the "unauthorized credit" (double spend) as either
> inconsequential or impossible.

In correspondence banking and the lightning network, a transaction has
many participants, and consists of many bilateral transactions.

Bob sends money to intermediary one, who sends it to intermediary two,
who send it to intermediary three, who sends it to the intended
beneficiary, Carol, and Bobs gets proof of receipt by Carol, completing
the circle.

We want all bilateral transactions in the circle to complete, or no
bilateral transactions in the circle to complete.  Insider check kiting
is that the circle fails in such a way that some people's transactions
complete, and other people's transactions do not, and a large cloud of
fog is manufactured over whose transactions completed and whose did not.