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Author Topic: Counterfeiting BTC on Lightening Network (A How To Guide) / or Why LN Sucks  (Read 342 times)
kiklo
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February 09, 2017, 01:08:20 AM
 #1

We all know that LN is a Proposed Offchain solution to BTC backlog of Unconfirmed Transactions.

(Which could easily be fixed just with a blocksize increase or a faster BlockSpeed.)


But instead BTC core devs want to shove Segwit & LN down everyone throats.

Facts
LN Notes are a Offchain Representation of the value of a BTC (with the actual BTC locked in place on the actual BTC Onchain Blockchain)
LN Devs have continuously implied that BTC will be placed on LN and very rarely if ever be returned / unlocked on the real BTC Blockchain.
Combined the Chinese Mining Pools have over 51% necessary for an attack, (~68% at last count).
(With a 51% attack they can perform a history rewrite attacks, rewriting the blockchain.)
(A few years ago at the prompting of the BTC devs, a group (with over 51%) REWROTE the Last 12 Hours of the Blockchain to fix a fork, cause by a programming error.)
(So that was 76 Blocks that were rewritten.)
(We also know the Miners can choose which transactions are included in their blocks.)


So now back to the Title of this OP, Exactly how do you Counterfeit BTC on LN.

Option 1 :
Form a group of collusion between the Miners that control 51%,
Send 50 BTC to an address. Now follow the steps on LN to Lock up that 50 BTC on the Blockchain.
Whether LN requires 1 or 3 confirmations , as soon as LN confirms the representation of LN notes match your amount.
You and your colluding friends, rewrite the blockchain and include a transaction moving that 50 BTC to another address before the lock took place.
You now still have your 50 BTC Free & Clear Onchain, and a representation value of 50 BTC Offchain on LN .(Which you can use for LN transactions forever.)

BTC Onchain Transactions ended Counterfeiting , LN Offchain Transactions will bring Counterfeiting into Crypto.   Tongue


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davis196
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February 09, 2017, 06:48:36 AM
 #2

I still don`t understand how Segwit or LN work,but i see that many people here hate them both.
If it`s possible to cheat LN,then nobody will support this project,i guess.



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Holliday
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February 09, 2017, 07:49:21 AM
 #3

If you can pull off a 51% attack, you don't need LN to steal money by rewriting the block chain...

If you aren't the sole controller of your private keys, you don't have any bitcoins.
IadixDev
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February 09, 2017, 08:06:26 AM
 #4

If it`s possible to cheat LN,then nobody will support this project,i guess.

It's not always the case Wink
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