BitUndo? | Bitcointalksearch.org

shorena

copper member

Activity: 1498

Merit: 1528

No I dont escrow anymore.

Quote from: williamj2543 on August 10, 2014, 07:54:48 PM

-snip-
I don't know how this works, someone please explain.

#1 you send TX1 without fees
#2 you quickly make another TX2 with fees and give it to them
#3 if they mine the next block, TX2 will be confirmed and TX1 invalid

Yes this can be exploited, but those accepting bitcoins will adapt (e.g. require 1 confirmation). For some scenarios this might be a good idea. E.g. a TX hanging in limbo for days because no fee.

hamdi

hero member

Activity: 826

Merit: 500

i don't think this will get much traction...

coinsolidation

sr. member

Activity: 294

Merit: 250

Bitmark Developer

Quote from: williamj2543 on August 10, 2014, 07:54:48 PM

I just saw a site called Bitundo (http://www.bitundo.com/). It allows you to basically "undo" transactions, double spending them (sort of). What do you guys think about this, you could easily be able to exploit some sites and users easily. Example, luckyb.it pays and sends back on 0 transactions, so you could use this service to get free bets correct?
I don't know how this works, someone please explain.

It appears to work on the premise that placing another transaction with higher fees for miners should entail that transaction is included in a block before the original transaction. BitUndo have then tried to monetize the process for their own benefit.

No harm would come if used against 0-zero confirmation gambling, as the process if successful would invalidate the first/gambled transaction and also any winnings from it, since the winnings are built using an input from the first (now invalid) transaction.

MakeBelieve

hero member

Activity: 602

Merit: 500

This site has to be fake right?

williamj2543

hero member

Activity: 588

Merit: 500

Get ready for PrimeDice Sig Campaign!

I just saw a site called Bitundo (http://www.bitundo.com/). It allows you to basically "undo" transactions, double spending them (sort of). What do you guys think about this, you could easily be able to exploit some sites and users easily. Example, luckyb.it pays and sends back on 0 transactions, so you could use this service to get free bets correct?
I don't know how this works, someone please explain.

Topic: BitUndo? (Read 886 times)