Monday, 10 August 2020

Could double-spending be done by sending the phony transaction first?

Hi, so,

I've been studying the differences of BTC and BCH lately, and I already understood the fact that BTC allows for double-spending to happen for 0-confirmation transactions through RPF, while BCH doesn't have that option and therefore is much harder to allow a double-spending attack because the first transaction broadcasted gets the preference. Correct me if I'm wrong.

So in order to do a double-spending with BCH, the attacker should try and do it simultaneously, because if the second phony transaction is broadcasted like, 10 seconds after the first real one, the chances of that second transaction being accepted are already really really low.

But something that I didn't understand that is the point of this whole post asking for your help is this: Can't the attacker just send the phony transaction FIRST to his own alternative wallet instead of immediately after, and then use the double-spend strategy to process the transaction that should be the accepted one to the store that he would theoretically buy AFTER he broadcasted the phony tx?

Because then the second transaction will most likely not be mined as it would be labeled as a double spending attempt and then the first one would go to the Blockchain.

I'm sorry if it's a dumb question, I feel like I'm missing a key and obvious point in this line of questioning, but I can't figure out what is it. Also I couldn't find any case of this theoretical situation online, so I've came to you with my doubts.

Thanks in advance

submitted by /u/leoserpa14
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source https://www.reddit.com/r/btc/comments/i6yjzw/could_doublespending_be_done_by_sending_the_phony/

Longtime Habitual Lurker

I've been glued to the only ways I know how to stay informed about bitcoin for multiple years. Yes years I've sat refreshing the r/btc, coin.dance and fork.lol etc. My obscure twitter feed and conversations with a group of friends that's been going on for almost a decade with a particular chat for 'crypto.'

I spend countless hours; refresh into existence any information I can glean on the developments of bitcoin in the world. This cant be healthy, however, I will tell you the some of a story of that I have gleaned in my particular obsession with all things bitcoin.

In early 2017 a friend of mine sent .01 btc( what a cool friend!) which I could argue was the catalyst for much of this. I had heard about bitcoin prior but had never participated.

The remained of that year and since I've been hooked.

I've always been a wall flower about it though, outside of conversations with a few close friends & my father (very grateful to have in my life) and some recent meanderings on social media which frankly aren't very well thought out though.

Well, after several months of first dipping my toes in I had been exposed to wallets, nodes, exchanges, private keys, and public keys, etc. and became interested in all the hype of different projects in the sphere during an epic explosion in cryptographic currency. I researched alot of them like bitcoin, litecoin, dash, ethereum, monero etc.

I'd like to think I had gleaned some insight about each crypto and the experience they offered by broadcasting transactions on the networks.

Anyways Aug 1st 2017 BCH changed some consensus rules and forked from btc. By November of that year, from what I had learned, I instinctually came to the conclusion the bitcoin cash was totally 'where its at.'

by this time I had acquired some BCH. I had a pattern of making what I see now to be pretty outrageous moves with the 'stash' or investment I had in bitcoin by that time.

I thought the network was so neat and for a few other reasons I decided to purchase a mining contract from bitcoin.com for 1 yr @ 200 Th/s in which I mined BCH 100% of the contract. ( i always thought just maybe roger used some of my irrational hashrate to fend of BSV at the split in 2018 but its probably fantasy I know.

didn't pan out to well but i thought i'd learned alot and made a (for one guy) major contribution to the security of the network by solely mining BCH and not what was most profitable at the moment. I guess it was because I really believed that it solved something nothing else was able too in some way.

Anyways that was years ago and doesn't really matter much.

Lurking day in day out trying to get the low down on what the happening is all the while dynamics fluctuating wildly within the crypto world. It was tough at times, exciting at times, boring much of it. Its been a lot of ups down and sideways and much of it blends together.

Anyways I see these players making things happen in the game I ain't gonna name any of you because you already know who you are.

I'm glad you've been public or contributed or whatever you do, you dig?the bitcoin cash ecosystem with a whole lot of cool stuff being developed and forked in at every upgrade (thanks bitcoin abc)

Lately has been a surge in developments within the ecosystem and its kinda hard to follow at times but honestly most of the shit i've been able to tune in to is probably superficial bs regardless and I don't consider myself and expert in any given area because i'm just me this guy working a union job doing my thing all the while being fanatically interested in bitcoin.

hope this doesnt come off as a rant or pure ramble but i'll conclude here by saying , for what its worth, i think bitcoin cash is the greatest and I really would like to see it work out that more players in the game realize that its a sleeping giant and maybe just maybe the math is right and the fervor is there and the network survives all this crazy happening in all these markets an whatever and that i'm not jst some fly on the wall anymore...

btw this is the longest peice i've written in years in any medium . I care about this shit immensely although i realize I know nothing maybe this is good to network if anyone is looking for a regular old man with a brief history in bitcoin

haven't spell checked, didn't check for grammar just wanted to be here as a real person in all this wild ride we people be on.

submitted by /u/wordturtle
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source https://www.reddit.com/r/btc/comments/i6xzmo/longtime_habitual_lurker/

Bitcoin Ads Coming To USA Television Next Week

Bitcoin Ads Coming To USA Television Next Week submitted by /u/mrsotkogaming
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source https://www.reddit.com/r/btc/comments/i6xvuz/bitcoin_ads_coming_to_usa_television_next_week/

People who have been into BTC for 3+ years, what has it been like?

How did you get into it? Did you invest a lot before the initial 20k run?

submitted by /u/noereman
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Coin Fugazi Podcast: Jonathan Toomim

Coin Fugazi Podcast: Jonathan Toomim submitted by /u/afriendofsatoshi
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source https://www.reddit.com/r/btc/comments/i6wysl/coin_fugazi_podcast_jonathan_toomim/

Hiding a seed in a discreet way while traveling?

I'm abroad. Ordered a cold card (already have Nano and Trezor) but since I'm abroad, I have the seed on me. Now I know it's not the best idea to any significant funds on the cold card with the seed on me while traveling, so I'll keep it to a minimum just so I can have fun learning the wallet.

Anyways, currently it's just on a piece of paper that came with it and am looking for other ways to transfer that to something more discreet/encrypted. Any ideas?

submitted by /u/tjeepdrv
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Year-End Gold and Bitcoin Price Predictions from Regular Everyday People

Year-End Gold and Bitcoin Price Predictions from Regular Everyday People submitted by /u/JonyRotten
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source https://www.reddit.com/r/btc/comments/i6w4qb/yearend_gold_and_bitcoin_price_predictions_from/