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Author Topic: transaction verify without confirmations  (Read 393 times)
msweb
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July 24, 2012, 02:12:06 PM
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Isn't it possible to verify transactions without any confirmations? I know a little bit about the double-spending issue but I'm not really sure if I got this right. A 'double-spend' means do a transaction twice, so it's the same amount of coins to the same address within a short time, right? Or is it more? If not then the first transaction an address received can't be a second of a double-spending attack, right? So there is a way to verify transactions without any confirmations as long as you use a new address for every transaction to receive money with fastest possible verification. Or did I get something completely wrong here?

Next development steps to go (I'm working on the designs):
1. A decentralized cryptoexchange protocol
2. A cryptocoin with a fix USD/Coin rate
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July 24, 2012, 07:43:16 PM
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No, you got something completely wrong. Smiley A double-spend is two transactions sending the same coins to two different addresses. Only one of the two transactions can possibly be accepted as valid, and as soon as one of them is confirmed, the other one becomes invalid. And if the now invalid transaction was payment for goods or services that you already delivered without waiting for confirmation of the transaction, you just got ripped off. There is no way to know, short of waiting for confirmations, whether a double-spend has taken place or is about to take place.

Will pretend to do unverifiable things (while actually eating an enchilada-style burrito) for bitcoins: 1K6d1EviQKX3SVKjPYmJGyWBb1avbmCFM4
msweb
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July 24, 2012, 09:23:25 PM
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Oh, ok. Thanks for the explanation. But it's the same sender address, right?

Next development steps to go (I'm working on the designs):
1. A decentralized cryptoexchange protocol
2. A cryptocoin with a fix USD/Coin rate
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July 25, 2012, 09:21:08 AM
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Right.

Will pretend to do unverifiable things (while actually eating an enchilada-style burrito) for bitcoins: 1K6d1EviQKX3SVKjPYmJGyWBb1avbmCFM4
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