Topic: Double spend & greed can defeat your life. - page 2. (Read 353 times)

Long story in short, I will try to explain you how double spend and greed can defeat your life.

Yesterday double spend scam happened with one of my known person. He was an reseller of bitcoin and some other fiat currency like Perfect Money. Some unknown person knock him for PM exchange with bitcoin. Means that unknown person will send $110 equal bitcoin and reseller have to send only $100 perfect money (1:1.1 ratio). So both of them were agreed with that deal and unknown person send bitcoin first for first deal and its was approx $300 deal. Deal was successful. Then they proceed for another $500 deal and this deal also become successful.

 Reseller become happy since it was quite high profit by exchanging. However they make another deal about $800 and this deal become successful as well. Then seller become more curious and he trust that unknown person. So they become agree for big deal, one was like $1200 and another was $1900. So as usal unknown person sent bitcoin and its reflect on blockchain waiting for confirmation. And reseller had used blockchain web wallet and balance was reflecting there. Then reseller sent appropriate perfect money and go for another $1900 deal. Same like previous transaction unknown person sent bitcoin and reseller sent PM. When deal was done then both of transaction ($1200 & $1900) canceled from blockchain. That means sender double spend both transactions. Reseller lost $3100 equal btc. Seller wasn't aware about that bitcoin would double spend.

I am not sure if I were able to write correctly, but I believe at least some of you may have realized the main theme of story. Reseller were much greedy and he wasn't not aware about double spent. Unknown person gain trust at the beginning by make successful deal with reseller. So greed and lack of technical knowledge about bitcoin lead lost of funds. Hope you will be careful about such as scam techniques. Just imagine why a person should offer you such as deal since he could use a exchange on 1:1 ratio. That means something is wrong there.