Topic: BTC double spend microtransaction (Read 216 times)

I don’t know man. I smell something fishy here. Do you really think this is a coincidence? On January 21, 2021. $21. On block 666833. Right after Biden came into office. What are the chances of an uncle block?

It's not exactly a RBF either. RBF would've pushed the 1 sat/byte transaction out of the mempool. There were two other RBF transactions that replaced the 1sat/byte transaction. In a scenario where RBF is in play, either of the subsequent transactions would've been more likely to be included in a block. It's either that SlushPool doesn't include RBF transactions, the subsequent transactions had poor propagation or the user used some utility to directly push it to Slush.

The subsequent transactions were propagated well due to RBF but that won't account for why the 1 sat/byte transaction got in. Anyways, it's just a typical case of the media capitalizing on this. There's a reason why exchanges requires more than one confirmation, this would've been malicious if either of the transaction wasn't broadcasted beforehand but that's not the case.

I think it was, and its a serious issue becuase the BTC market fall down 11% after this "Double Spend" report. Currently, the Crypto markt is red.

Come on now. It's blatantly obvious the fake double spend news caused the drop. It's not about trying to pinpoint exact reasons, its just very obviously what caused the drop, so there isn't any reason not to point it out. Article about double spend comes out last night (which would be endgame for the entirety of blockchain if it were real), immediately price plummets through support levels. There isn't any question about the dump being caused by the article. You just trying to be contrarian by arguing against what we all know or something? ha. I guess you're just arguing for arguing sake haha.

If you've been around long enough you should know this type of news causes drops. News affects price as we all know (or at least you should know). This drop was solely caused by the fake double spend news.

Why didn't it immediately go up afterwards you ask. Because the market isn't a robot haha. The fake news caused support levels to break and price to drop a few thousand dollars, and so the rest of the market is now responding to those support level breaking, doesn't matter that the original reason they broke is from a fake piece of news. Also I'm sure some people in the market haven't realized it was fake yet. I'm sure some other people saw the news and preemptively sold in the correct assumption that the market would freak out about the news even though its fake. You asking that question reminds me of a couple years ago when there was some like bad news about Goldman Sachs in relation to bitcoin that caused a dump but it was incorrect and later when corrections were made to the incorrect article price didn't go back up - it's because the initial piece of news is the attention grabber, a correction to some news later on that nobody really sees doesn't make waves and effect the market like the original attention grabbing headline does. Price just doesn't magically go up $4000 after a mass panic sell just because the reason people sold was false.

Anyway, now that this fake double spend article has crashed the price below support levels its just gonna take that much longer to get back to pushing new ATHs in this bull market. I feel bad for the masses who saw the article and panic sold, but that's the way the retail bitcoin market has always been!

The price dropped because of technicals.

We were above 3 week ma and in a triangle that had to end with price breaking out to the upside or to the downside to show the trend.

First we broke to the downside on Jan 20, then on Jan 21 we were defending the last important somewhat bullish level of 34 thousand that was also broken but there was about 70% chance of it happening after the triangle breakout took us below the MA for the first time in weeks.

Now the price is going to look for a bottom possibly around 27000.

It's not obvious at all, but people do like to think that they pinpointed the exact reason why price suddenly increased or decreased.

If this fake news about double spend indeed caused the price drop, why price didn't go up as soon as it was proven that its nothing but a fud. Corrections after a big really always happen so i don't know why is everyone surprised that it is happening. People expect we go straight to 100, 000 USD without few bumps on the road?

It's very obvious this "news" is why the dump happened. That much is clear. This is not small news (if it were true). If it were true it'd be the end of blockchain! It's 100% the reason the market dumped today. It's just sad that a false story like this causes a market dump through support levels and going lower than it ever would have otherwise. Great for people who were waiting to buy lower, but this false news story looks like it will extend and deepen this correction which is pretty absurd. Looks like $30k might just break in a few minutes on this false news - down to low $30,000 right now.

Hopefully it bounces off $30k hard as people realize there was no double spend. But price action doesn't look good now. People panicked cuz of the fake news, and now they are probably just panicking more because the price is dropping, we'll probably see under $30k for a bit instead of the price moving back up to $40k soon.

I don't know why people will panic immediately just because of the price drop. There are a lot of people who believe anything they could see. This looks like an opportunity to buy even more. I wish it will go even lower, not that I like that in the long term but it's for additional accumulation. It's amazing how news like that could affect the market.

I don't think that's totally the reason for the price drop. I read somewhere in a Telegram group that there are whales cashing out their BTC in Binance.

First of all, it was just an attempt of double spend, which some media misunerstood and shared, creating some fud. Andreas Antonopulos was right about calling out some of those for sharing misinformation.

Regarding the price I don't think that this has to do anything with the today price drop, as bitcoin price is going up and down for some to me mower, ever since we reached 40k+. People do like to explain why sometimes price goes up and down whle in reality some small news like this doesn't affect price at all.

So this was an another fud and for those who panic sell then i do fell sorry for them excluding to those who are still in profits though but for those who bought on the peak and then suddenly

sell off when they heard of the news then this had been a typical or casual events that could happen into this market thats why its always be keen on believing into something that you can read off.

Its not bad to take actions immediately on saving up your ass on dump but always take consideration if its actually happening or not. Double spend is something hard to believe
to happen in BTC blockchain.

There is no double spend, this is RBF

And as per Andreas:



https://twitter.com/aantonop/status/1352239314587983873

Maybe crypto media created another FUD out of this thus affecting the market price short term.

Of course it's not an actual double spend. Just a normal fork in the blockchain that gets resolved after a few blocks and the losing chain causes some orphaned blocks. But yes this getting played up by a news article as an actual double spend is what caused the price to drop over 10% overnight. Panic sellers just being typical! haha

https://forkmonitor.info/stale/btc/666833

"Multiple blocks were produced at height 666833. As new blocks are mined that reference one of these blocks as their parent, the heaviest chain survives and the other blocks become stale. Some explorers will forget the stale block(s). The timestamp as reported in a block is not necessarily accurate, as explained in Bitcoin’s Block Timestamp Protection Rules. We also indicate when we first saw the block. There can be a slight delay between when our nodes first detect a block and when our system processes it."

https://twitter.com/BitMEXResearch/status/1351870852896346112

[1/2] There was a stale Bitcoin block today, at height 666,833. SlushPool has beaten F2Pool in a race.

It appears as if a small double spend of around 0.00062063 BTC ($21) was detected

This is why the bitcoin price dropped