Be careful of bitcoin transaction that are flashed nowadays

Engine-IT

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Quote from: mersal on July 04, 2020, 10:50:08 AM

Quote from: Engine-IT on July 04, 2020, 10:37:35 AM

how could it be useful? does it make transaction faster?

Higher the transaction fee then transaction will enters into the block for confirmation faster so the transaction fee decides the waiting time of every transaction.Myself don't understand the term flashing transaction, is OP saying about double spending or alternate coin for bitcoin. Huh

I find out litecoin is in a way faster at this term

Mpamaegbu

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Quote from: Tipstar on April 28, 2020, 05:49:59 AM

That's why while dealing a transaction personally, you should wait for 3 confirmation before making transaction from your side to be sure of. Ask for a good fee transaction to start with but if they insist, let them know you'll need to wait for confirmation. It doesn't just happen daily but you need to be safe than sorry.

Waiting for three confirmations is even an over kill. One confirmation is ok to guarantee the transaction won't reverse. Buyers should always insist on that, especially if they're dealing with unknown persons. I even encountered a suspicious case similar to that a few hours ago. What these scammers do now is to make you a mouth watery offer, either selling ridiculously cheap or offering to buy at any price you make them. Be careful or you kiss your hard earned cash goodbye.

mersal

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Quote from: Engine-IT on July 04, 2020, 10:37:35 AM

how could it be useful? does it make transaction faster?

Higher the transaction fee then transaction will enters into the block for confirmation faster so the transaction fee decides the waiting time of every transaction.Myself don't understand the term flashing transaction, is OP saying about double spending or alternate coin for bitcoin. Huh

Engine-IT

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how could it be useful? does it make transaction faster?

Blue_oxen

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Quote from: Lorokan on April 09, 2020, 05:25:39 AM

Flash coins are currently trending on the space. I got to know about this sometime last month. And this happens between merchants in the black market. I would only advise bitcoin buyers to be more careful in their deals. Instead of risking your funds to flash coins why not goto exchanges and buy. For me I think it's the safest.

True! However, the cryptocurrency world is now expanding dramatically. With a large number of people join the market, the demands of buying coins raise in the same way. The demands exceed the supply of Exchanges therefore it's a chance for flash coins to be a trend! Furthermore, flash coins provide a chance of earning quick profits for some people, I think!

Clegive8V

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You must be careful of transactions that have not been confirmed or that receive the fewest number of confirmations, and even that many currencies that require confirmation or two are not sufficient because the difference between each block and the second is much less than 5 minutes.
for bitcoin 1 confirmation is enough for small transaction is good and its is good to wait for 6 confirmation
other altcoins is good to wait for more than 10 confirmation and i remember that Bicoin satoshi need 1700 confirmation

sgaragagghu

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That’s the normal way it works.
Just wait one conf.

Engine-IT

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Quote from: tsaroz on May 27, 2020, 02:43:48 AM

Quote from: Wayrey2020 on May 27, 2020, 02:24:54 AM

Quote from: FireBallex on April 28, 2020, 05:10:18 AM

Quote from: akhjob on April 09, 2020, 12:29:44 PM

Are you asking about FLASH? If you are looking for details regarding the project, it looks like a dead project to me.

OP is not talking about flash project but Bitcoin double spending scheme that cheaters and scammers use to decieved the unknown, the only way to avoid this from happening to you is make sure that you have at least one confirmation before accepting that you received any Bitcoin payment

I think you are able to understand the OP brilliantly, in times like this where the transaction fee is even high, you need to watch the escrows you use or perhaps move to use exchanges directly for your transaction every time,

To be safe of such behavior, you just need to wait for 1 confirmations. If you are dealing with even larger transaction, it would be better to wait for 3 transactions before accepting the deal. You need a escrow when no one want's to go first on a deal. Escrows is a neutral person who holds the coins as intermediate until the deal is done.

it seems like a complicated scheme here

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Quote from: Lorokan on April 09, 2020, 05:25:39 AM

The common trend in the crypto space that i have learnt is the flashing of bitcoin transaction

The seller Sends a really low fee transaction to the merchant or buyer, have it show up on the block explorers, then send another transactions, referencing the same UTXOs, but with a normal fee (Which is usually faster), back to the senders others wallet.

The idea is that miners would prefer the second transaction which is faster and reject the first one as double-spend.

If you observe well with etherscan.io, you can always accelerate your transaction or override it.

Perhaps you have other experiences as regards flash coin, i will read and learn below

Flash coins are currently trending on the space. I got to know about this sometime last month. And this happens between merchants in the black market. I would only advise bitcoin buyers to be more careful in their deals. Instead of risking your funds to flash coins why not goto exchanges and buy. For me I think it's the safest.

Ucy

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Interesting. Have you seen this happen before (maybe with proof) or you just think it could happen? I guess escrow system could prevent this sort of thing from happening(if it does really happen).
Anyway, I wonder why miners would reject similar transactions from a seller as double spending if they confirmed that the seller is spending the amount he/she actually owns.

Ken_terrance

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Yes I'm aware about this trick, it's called double spending, to avoid this trick always make sure you get atleast a verified or confirmed transaction before accepting the fact that the coin entered your wallet, if it's still showing processing then it's not valid yet in the blockchain, be smarter

tsaroz

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Quote from: Wayrey2020 on May 27, 2020, 02:24:54 AM

Quote from: FireBallex on April 28, 2020, 05:10:18 AM

Quote from: akhjob on April 09, 2020, 12:29:44 PM

Are you asking about FLASH? If you are looking for details regarding the project, it looks like a dead project to me.

OP is not talking about flash project but Bitcoin double spending scheme that cheaters and scammers use to decieved the unknown, the only way to avoid this from happening to you is make sure that you have at least one confirmation before accepting that you received any Bitcoin payment

I think you are able to understand the OP brilliantly, in times like this where the transaction fee is even high, you need to watch the escrows you use or perhaps move to use exchanges directly for your transaction every time,

To be safe of such behavior, you just need to wait for 1 confirmations. If you are dealing with even larger transaction, it would be better to wait for 3 transactions before accepting the deal. You need a escrow when no one want's to go first on a deal. Escrows is a neutral person who holds the coins as intermediate until the deal is done.

Wayrey2020

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Quote from: FireBallex on April 28, 2020, 05:10:18 AM

Quote from: akhjob on April 09, 2020, 12:29:44 PM

Are you asking about FLASH? If you are looking for details regarding the project, it looks like a dead project to me.

OP is not talking about flash project but Bitcoin double spending scheme that cheaters and scammers use to decieved the unknown, the only way to avoid this from happening to you is make sure that you have at least one confirmation before accepting that you received any Bitcoin payment

I think you are able to understand the OP brilliantly, in times like this where the transaction fee is even high, you need to watch the escrows you use or perhaps move to use exchanges directly for your transaction every time,

akhjob

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@kceekcee and @FireBallex I answered to OP's original question "What do you know about flashcoin" which has nothing to do with Bitcoin.

Quote from: Lorokan on April 09, 2020, 05:25:39 AM

The common trend in the crypto space that i have learnt is the flashing of bitcoin transaction

The seller Sends a really low fee transaction to the merchant or buyer, have it show up on the block explorers, then send another transactions, referencing the same UTXOs, but with a normal fee (Which is usually faster), back to the senders others wallet.

The idea is that miners would prefer the second transaction which is faster and reject the first one as double-spend.

If you observe well with etherscan.io, you can always accelerate your transaction or override it.

Perhaps you have other experiences as regards flash coin, i will read and learn below

Only OP can clarify about what actually is he trying to ask Undecided

btc_angela

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Quote from: Lorokan on April 09, 2020, 05:25:39 AM

The common trend in the crypto space that i have learnt is the flashing of bitcoin transaction

The seller Sends a really low fee transaction to the merchant or buyer, have it show up on the block explorers, then send another transactions, referencing the same UTXOs, but with a normal fee (Which is usually faster), back to the senders others wallet.

The idea is that miners would prefer the second transaction which is faster and reject the first one as double-spend.

If you observe well with etherscan.io, you can always accelerate your transaction or override it.

Perhaps you have other experiences as regards flash coin, i will read and learn below

Double spending?

However, I don't know what is flash coin has to do with it? Again, you should at least provide some links for us to read all about it. As far as bitcoin goes, I doubt that majority is doing this sort of double spending. I'm not sure though if this is practice is prevalent to alt coin market as they require hundreds of confirmation so there is really a chance of some unscrupulous individuals to pull a double spend.

Tipstar

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That's why while dealing a transaction personally, you should wait for 3 confirmation before making transaction from your side to be sure of. Ask for a good fee transaction to start with but if they insist, let them know you'll need to wait for confirmation. It doesn't just happen daily but you need to be safe than sorry.

FireBallex

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Quote from: akhjob on April 09, 2020, 12:29:44 PM

Are you asking about FLASH? If you are looking for details regarding the project, it looks like a dead project to me.

OP is not talking about flash project but Bitcoin double spending scheme that cheaters and scammers use to decieved the unknown, the only way to avoid this from happening to you is make sure that you have at least one confirmation before accepting that you received any Bitcoin payment

Engine-IT

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so you think it could have a bad influence or what

mocacinno

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Quote from: kceekcee on April 28, 2020, 04:38:16 AM

Quote from: akhjob on April 09, 2020, 12:29:44 PM

Are you asking about FLASH? If you are looking for details regarding the project, it looks like a dead project to me.

Yes you are right, the flash project has been eradicated from the crypto space.
But Op was regarding to a situation where bitcoin can be sent with low gas fee to address A, Then once it is picked by the network, the coin exact amount is sent to address B with high priority fee, thereby leaving the first buyer (Address A) vulnerable to scam because the bitcoin will never arrive.

If you're talking about bitcoin, it's just called double spending, and the fee is just called the miner's fee (not gas).
This being said, double spending unspent outputs on the bitcoin network is not that easy. Most nodes will reject a double spending transaction as long as the original transaction is still in their mempool. Sometimes scammers use a fee that's so low the transaction never confirms, and once it's dropped from the mempool of most nodes, double spending is not that hard. Other times the scammed person is just out of luck and the double spending transaction reaches a miner before the original one does, in which case the scammer "wins".
Offcourse, opt-in RBF is also a possibility

kceekcee

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Quote from: akhjob on April 09, 2020, 12:29:44 PM

Are you asking about FLASH? If you are looking for details regarding the project, it looks like a dead project to me.

Yes you are right, the flash project has been eradicated from the crypto space.
But Op was regarding to a situation where bitcoin can be sent with low gas fee to address A, Then once it is picked by the network, the coin exact amount is sent to address B with high priority fee, thereby leaving the first buyer (Address A) vulnerable to scam because the bitcoin will never arrive.

cytpoway121

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Quote from: Lorokan on April 09, 2020, 05:25:39 AM

The common trend in the crypto space that i have learnt is the flash coin.

The seller Sends a really low fee transaction to the merchant or buyer, have it show up on the block explorers, then send another transactions, referencing the same UTXOs, but with a normal fee (Which is usually faster), back to the senders others wallet.

The idea is that miners would prefer the second transaction which is faster and reject the first one as double-spend.

If you observe well with etherscan.io, you can always accelerate your transaction or override it.

Perhaps you have other experiences as regards flash coin, i will read and learn below

Your subject does not really correlate with your description..

But from the post, i can confirm to you that yes, it is possible to send a bitcoin transaction to wallet a, then divert the funds to wallet b with a faster transaction fee.

That is why when you are buying bitcoin, you must always use an escrow or perhaps make sure the bitcoin ticks a confirmation before release of funds.

And i have not seen anything like flash coin

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Quote from: Lorokan on April 09, 2020, 05:25:39 AM

The seller Sends a really low fee transaction to the merchant or buyer, have it show up on the block explorers, then send another transactions, referencing the same UTXOs, but with a normal fee (Which is usually faster), back to the senders others wallet.

Isn't this the description that's already being done and conducted by bitcoin and other known available altcoins?

The division between alts and what the simple description of transaction is always being said in different projects. You always fight for what's the quickest and cheapest but whether you like or not and even the name of the coin is flash.

Almost no volume is found there.

akhjob

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Are you asking about FLASH? If you are looking for details regarding the project, it looks like a dead project to me.

Lorokan

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The common trend in the crypto space that i have learnt is the flashing of bitcoin transaction

The seller Sends a really low fee transaction to the merchant or buyer, have it show up on the block explorers, then send another transactions, referencing the same UTXOs, but with a normal fee (Which is usually faster), back to the senders others wallet.

The idea is that miners would prefer the second transaction which is faster and reject the first one as double-spend.

If you observe well with etherscan.io, you can always accelerate your transaction or override it.

Perhaps you have other experiences as regards flash coin, i will read and learn below

Topic: Be careful of bitcoin transaction that are flashed nowadays (Read 259 times)