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Author Topic: If Satoshi was a "genius", then why do BTC transactions take so long?  (Read 7563 times)
MoonShadow
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March 24, 2014, 08:23:25 PM
 #81

i'm curious to how easy it is to double spends. is it something average joes can learn to do or does it take some college kid genius with glasses and shit to do it?

would it be safe to accept with 0 confirms with, lets say a $10k purschase as a company?

It depends on attacker hashing speed how likely a double spend can be done. Also it matter only if the company cannot simply cancel the order/purchase after doublespend happens (this is know within one hour)

The hashing speed of an attacker, if any, is irrelevent for the double spend attack.  You're thinking of something different.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
Brangdon
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March 24, 2014, 08:55:30 PM
 #82

i'm curious to how easy it is to double spends. is it something average joes can learn to do or does it take some college kid genius with glasses and shit to do it?
Ideally the transactions would be broadcast from very different locations, so you'd want a crook in Europe pairing up with one in America (say). They'd need to be broadcast almost simultaneously, so they would take a bit of coordination. Even then, the vendors could probably detect it by listening for a few seconds.

That said, the college kid could probably write software that average joes could download and use. Script kiddies don't need to be very smart.

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would it be safe to accept with 0 confirms with, lets say a $10k purschase as a company?
What would you be spending $10k on that couldn't wait for a confirmation or two?

Bitcoin: 1BrangfWu2YGJ8W6xNM7u66K4YNj2mie3t Nxt: NXT-XZQ9-GRW7-7STD-ES4DB
James222
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March 24, 2014, 08:58:18 PM
 #83

The time it takes to receive the payment doesn't mean that Satochi is not a genius. Bill Gates isn't dumb because Windows takes time to open.
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March 24, 2014, 10:53:02 PM
 #84

I've seen 10 blocks found in a minute.
selfish mining teh house
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