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Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions

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Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions

#551

Post by hndamien »

hndamien wrote: post #550
Arbalest wrote: post #534

Earlier quoted context omitted.

Right, which means it is worth being spent. If spending is not worth it, then spending by and large dries up, resulting in a reduction of income to others, reducing the multiplier effect, and reducing the amount of actual trade that occurs. People continue to save as income opportunities dry up, and those with no income get royally screwed. With no risk taking occurring, things go back to bare essentials, which we ar…

THIs is a wonderful story that doesn’t make any sense. You are suggesting that there are two sets of people, those with BTC that is increasing in value and those without. Those with are spending nothing and getting fabulously wealthy not spending their appreciating asset. Meanwhile, on the outside the no-coiners suffer from the lack of trade and become destitute and the economy drives to a halt. This makes no sense f…

Should Read “less” risk taking.

Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions

#552

Post by Fnoord »

this_user wrote: post #502
optimuspaul wrote: post #489

Earlier quoted context omitted.

How is bitcoin a commodity? I think you give it too much credit to elevate it to that status.

It's structure and behaviour much more resembles a commodity than it does any other asset class; it is basically digital gold. The CFTC agrees and considers itself the responsible regulator.

Gold has a value beyond what it is worth (and which aids to its value): you can use it as a jewellery.

Digital currencies can be used via computers and networks while physical currencies such as banknotes and gold requires sneakernet.

Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions

#553

Post by XR0CSWV3h3kZWg »

cesarb wrote: post #175
tedunangst wrote: post #18

Earlier quoted context omitted.

> If the exchange is aware of the attack, they may also freeze his account, so that all the funds will be locked inside the Exchange. A failed 21 block attack performed with a 10,000 BTG deposit where the Exchange freezes the account in time will result in a 10,262.5 BTG loss for the attacker. (From link.) That sounds problematic. If I deposited coins and the exchange determined I was attacking them (how does that wo…

Not only that, but also an attacker can wait until the money is "safe" outside the exchange before revealing the attack. If the attacker really has more than half of the hash rate, there's no time limit; the malicious chain will always be longer than the innocent one.

In practice there is a time limit. Nodes will not relay blocks that are too far from their current clock.

Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions

#554

Post by hndamien »

codetrotter wrote: post #469
hndamien wrote: post #237

Earlier quoted context omitted.

The difference here is you can just wait long and you are good. In the case of lightning network there is a time limit. If you wait too long and don't notice what happened/ is happening you are cooked.

> In the case of lightning network there is a time limit. If you wait too long and don't notice what happened/ is happening you are cooked. Could you expand a bit more on this?

Essentially, in the case we of somebody cheating you, they would broadcast a transaction co-signed by you that would close the channel in their favor. This wouldn’t be effective immediately but would have a time component associated from when the channel was opened. To prevent this state from closing out this way, you would be able to broadcast the proof of the actual offchain ledger balance (with the valid signatures for all transactions) and the co-signed transaction to close the channel. For all of this proof, you would also get to take the cheaters money, further disincentivisimg this behavior. However, if the time ran out before you noticed, none of you proof and signed offchain transactions would matter.

Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions

#555

Post by radisb »

freeone3000 wrote: post #520
radisb wrote: post #451

Earlier quoted context omitted.

Do you care about the price of 1 dollar? "In what?" you will ask. "Exactly. In what?" I will respond.

In loaves of bread, in liters of milk, in months of rent, gigabytes of internet, square feet of land, kilowatts of electricity; in i7s and shitty steam games and iPhones. I care about the price of 1 dollar in the labor I put in, and the goods I get out.

Exactly. This is what I wish for bitcoin. I dont know if it will ever be true though.
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