Bitcoin Forum
May 10, 2024, 01:00:05 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: is it possible to confirm in advance? | a fraud with a slow computer  (Read 965 times)
shrewdwatson (OP)
Newbie
*
Offline Offline

Activity: 3
Merit: 0


View Profile
April 23, 2011, 08:59:59 PM
 #1

A confirmation (creating a block) is an expensive operation. However, every operation can in principle be performed by any computer. Suppose that a seller waits for 6 confirmations for a transaction T0. After the seller receives confirmations and gives goods, the buyer inserts into the network 7 prepared confirmations confirming a conflicting transaction T1, and T1 expels T0. Money disappears from seller's account.

If the buyer spends 30 days in preparing 7 confirmations and the network spends (1/6/24) days producing every confirmation, than the buyer should own only (1/6/24)/(30/7) = 1/617 part of the network -- not so much. If this fraud is possible, should not seller's behavior (how many confirmations to await) depend on the amount of transferred money?
1715346005
Hero Member
*
Offline Offline

Posts: 1715346005

View Profile Personal Message (Offline)

Ignore
1715346005
Reply with quote  #2

1715346005
Report to moderator
1715346005
Hero Member
*
Offline Offline

Posts: 1715346005

View Profile Personal Message (Offline)

Ignore
1715346005
Reply with quote  #2

1715346005
Report to moderator
1715346005
Hero Member
*
Offline Offline

Posts: 1715346005

View Profile Personal Message (Offline)

Ignore
1715346005
Reply with quote  #2

1715346005
Report to moderator
Be very wary of relying on JavaScript for security on crypto sites. The site can change the JavaScript at any time unless you take unusual precautions, and browsers are not generally known for their airtight security.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1715346005
Hero Member
*
Offline Offline

Posts: 1715346005

View Profile Personal Message (Offline)

Ignore
1715346005
Reply with quote  #2

1715346005
Report to moderator
1715346005
Hero Member
*
Offline Offline

Posts: 1715346005

View Profile Personal Message (Offline)

Ignore
1715346005
Reply with quote  #2

1715346005
Report to moderator
1715346005
Hero Member
*
Offline Offline

Posts: 1715346005

View Profile Personal Message (Offline)

Ignore
1715346005
Reply with quote  #2

1715346005
Report to moderator
FreeMoney
Legendary
*
Offline Offline

Activity: 1246
Merit: 1014


Strength in numbers


View Profile WWW
April 23, 2011, 09:30:30 PM
 #2

Not possible. The only way to get a confirmation is to put the transaction in a block in the longest chain. The only way to do that is to put it at the end and this requires using a bit of data from the old latest block. If you 'start early' you'll end up with a new valid version of a really old block that no one will incorporate.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!