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Author Topic: Strange block 74638  (Read 24482 times)
Taras
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Whatever it is, Vod did it


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July 24, 2014, 07:51:15 AM
 #21

I just looked at this thread before it was super-bumped...

Must be a sign, HL3 confirmed

this is gentlemen
It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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allyouracid
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Enlightened, now.


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November 28, 2015, 01:36:50 PM
 #22

Hey guys,

first off: I'm very sorry to be a grave digger. But I have this (already solved) incident in my mind since I read about it, which was quite a while after it occurred.

Now, I thought about what would happen if the one who generated that transaction had malicious intents. Let's make a thought play:
Transaction was made and someone - let's call him Bob - now holds more than 184bn BTC in his wallet. Knowing the transaction will be detected soon, Bob is in a hurry.

He moves his coins over to an Altcoin exchange and sells whatever he can for Altcoins, crashing the price of e.g. Litecoin, DASH and what not else.

Now, Bob moves his fraudulently generated DASH, Litecoin etc. to his wallets. He has made one hell of a gain, waiting for things to calm, so he can sell his Altcoins back for Bitcoin.

Meanwhile, the incident was detected and five hours later, a "rollback" - the hardfork - was decided upon and done.

What happens now? The Altcoin exchange has some serious trouble: many, many users now have sold Litecoin and DASH for Bitcoins which don't exist, anymore. As the exchange isn't able to pay (let users withdraw their non existing BTC), but the Altcoins are already withdrawn by Bob, what would happen next?

Would that just be a "shit happens" situation, or would the Altcoins which are affected also be forced to do a hardfork?


Anyone who is interested in continuing this thought is welcome to do so! Smiley

Passive income of 1000$/month and more? Go here and do that! Smiley
That's from only ~1 month!
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