Bitcoin Forum
July 24, 2017, 06:48:02 AM *
News: Due to BIP91, it would starting now be prudent to require 5 times more confirmations than usual before trusting transactions.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Newbie Question  (Read 411 times)
burlyman007
Jr. Member
*
Offline Offline

Activity: 30


View Profile
August 07, 2011, 06:32:14 PM
 #1

Hello,

So this is my first post, but I have been reading the forums here for a while.

From what I understand, your private keys sitting in your wallet could someday theoretically be "squatted" on by someone randomly generating that same private key. Now I understand that the possibility of this is nearly 1/10^36 or something similarly small.

What's to stop me from writing a script to write a single transaction for 5BTC on a random public key, to an address in my wallet, until something hits?

It seems very susceptible to misuse.
1500878882
Hero Member
*
Offline Offline

Posts: 1500878882

View Profile Personal Message (Offline)

Ignore
1500878882
Reply with quote  #2

1500878882
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
jimbo77
Member
**
Offline Offline

Activity: 78


View Profile
August 07, 2011, 06:35:51 PM
 #2

BTC appears when a block is generated. To move them you need the private keys. Otherwise you can't do anything. Even if you had a huge wallet filled with trillions of private keys the chances you will get nothing!
burlyman007
Jr. Member
*
Offline Offline

Activity: 30


View Profile
August 07, 2011, 06:39:14 PM
 #3

So there's no way to automize the potential of "squatting" on someone else's keys? Or it's not worth the effort because the chances are incredibly slim?
Maged
Legendary
*
Offline Offline

Activity: 1260


View Profile
August 07, 2011, 06:45:42 PM
 #4

So there's no way to automize the potential of "squatting" on someone else's keys? Or it's not worth the effort because the chances are incredibly slim?
It's not worth the effort. You will see significantly more profit if you just mine.

burlyman007
Jr. Member
*
Offline Offline

Activity: 30


View Profile
August 07, 2011, 06:50:29 PM
 #5

I guess that makes sense. Thanks!
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!