OP's scenario seems to describe a race attack: Race attack
Traders and merchants who accept a payment immediately on seeing "0/unconfirmed" are exposed to a double-spend occurring, if there was a fraudulent attempt that successfully communicated one transaction to the merchant yet communicated a different transaction that spends the same coin that was first to eventually make it into the block chain.
Merchants can take precautions (e.g., disable incoming connections, only connect to well connected nodes) to lessen the risk of a race attack but the risk cannot be eliminated. Therefore, the cost/benefit of the risk needs to be considered when accepting payment on 0/unconfirmed when there is no recourse against the attacker.
The research paper Two Bitcoins at the Price of One finds that the protocol allows a high degree of success by an attacker in performing race attacks. The method studied in the research paper depends on access to the merchant's Bitcoin node which is why that even prior to this paper, recommendations for merchants include disabling incoming connections and to choose specific outgoing connections. Link: http://en.bitcoin.it/wiki/Double-spendingWould double spending cause the network to undo both spend attempts? That is how I thought I works, would someone correct me on this if I am wrong.
The network will see both transaction attempts and invalidate one of them. The other transaction attempt should proceed normally. Is it possible to know which one it will invalidate or is random? |
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Would double spending cause the network to undo both spend attempts? That is how I thought I works, would someone correct me on this if I am wrong.
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Op. I can tell you something about selling Steam accounts. You will never sell your account for the full price of combined games. But you know that alredy. Next use this site to calculate your account value: https://steamdb.info/calculator/ As you can see there is Standard value of account and value with sales. You are interested only in that second value. This is price you are starting with. He's selling it at 1/4 of total price which is not too high. Good luck OP. You may not realise that. But I am an expert in gaming and I can tell you that many of games included on his list were given to you for free in certain promotions for example: Left 4 Dead was gift for the holidays of 2013 from Valve for everyone. Same with Portal, completely free game at some point. Dota2 and Quake Live, are free games. And every game from that list were already available in sales. Now you get it? I did not counted that ones. Dota is still free btw. Anyway, there's CS:GO, CS:Source, Arma 2 pack, DayZ, and a good old Garry's Mod <- those are nice and OK by my opinion. Dunno if anyone would pay 1/4 of 280$ (95$), but around 30-40$ it could go. Maybe I am wrong. I was thinking it would be worth 30-40 as well because most of the games are free or free at one point or are commonly on sale for very cheap |
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From what I learned in economics class as long as you earn more than the electricity is costing you than you should keep mining.
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I have gambled 0.02 and lost 0.01 but I did it as an experiment to see if martaingale really works, turns out it didn't.  |
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Hi I am new here I was just wondering if selling accounts is allowed on this site. From some of the posts it seems like is some like it is not.
Yes. You can sell accounts. In fact, Quickseller sells accounts. If you wanted to buy accounts, he has a whole range of them. actually my inventory is running very low and will likely stop selling once I sell what I have Is it not worth it/profitable anymore or something of the sort? There are a lot of scam attempts and they tend to take a long time to sell them. Plus it is frustrating to see the level of spam on most of the accounts. Ok makes sense that you would not want to support a group of people that hurt the community that you like. |
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Hi I am new here I was just wondering if selling accounts is allowed on this site. From some of the posts it seems like is some like it is not.
Yes. You can sell accounts. In fact, Quickseller sells accounts. If you wanted to buy accounts, he has a whole range of them. actually my inventory is running very low and will likely stop selling once I sell what I have Is it not worth it/profitable anymore or something of the sort? |
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Hi I am new here I was just wondering if selling accounts is allowed on this site. From some of the posts it seems like is some like it is not.
Yes. You can sell accounts. In fact, Quickseller sells accounts. If you wanted to buy accounts, he has a whole range of them. If you can sell accounts then why are people worried about anonymity of the account? |
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Hi I am new here I was just wondering if selling accounts is allowed on this site. From some of the posts it seems like is some like it is not.
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If you want to have the most reliable way of gambling and not losing then don't gamble. If you want to do it for fun then martingale with one satoshi bets and a 1 btc bankroll and let it go until you want to stop.
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I have posted twice on different days and my account has not been credited for either posts.
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If you have a big enough bank roll and small enough bets the chance of losing is very small although it is very small there is still a chance
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Have you tried downloading the latest drivers that have optimizations for the game?
ithink the problem is being dealt with as we speak. i messaged a friend of mine on skype and he is helping Ok hope it gets fixed! |
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Have you tried downloading the latest drivers that have optimizations for the game?
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This makes no sense, if you have a loss streak that doesn't make it anymore likely to win on your next bet it has the same odds as any other bet.
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There is also the mentality that even if you are mining at a loss currently at the current bitcoin price in the future if the price goes up you could be making a profit.
Very true... technically speaking, pegging the price of BTC to USD and saying you're mining at a loss is a bit of a fallacy. If you hold BTC and the price relative to USD doubles, you didn't lose anything. Exactly if you say I am not going to sell until BTC reaches $500 then you would calculate your profits as if it were $500 so you can get the future profitability not the current one were you won't sell, The theory is that if you are mining at a loss, you could easily stop the mining and use the loss to buy more bitcoin. You would get more bitcoin for the same amount of USD spend. That makes sense assuming the person has the money to buy bit coins on the spot. |
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Could Litecoin take it down because its faster transfer rate?
Forget slow confirms. "Bitcoin network is restricted to a sustained rate of 7 tps [...] VISA handles on average around 2,000 transactions per second (tps), so call it a daily peak rate of 4,000 tps."--Bitcoin wiki, https://en.bitcoin.it/wiki/ScalabilityWorld currency  To fix this issue we would need to mine a fork of the bitcoin chain that has a larger block size (i think this has been proposed by someone). I'm guessing the issue with that is the storage requirements to have the chain on a harddrive would skyrocket. |
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If miners think the price of btc will go up they will buy hardware and use it to amass bitcoin in hopes of future profits when the price is higher.
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