Topic: FastCash4Bitcoins is reducing the minimum number of confirmations before payout. (Read 1915 times)
September 29, 2012, 03:15:02 PM
Excellent news. Great features just keep coming
September 28, 2012, 11:45:39 AM
Effective 09/28/2012 Tangible Cryptography will include FastCash4Bitcoins orders with three confirmations in the next batch for payout. The required confirmations are subject to change, and may change without notice. This weekend the language on the site will be updated to reflect a dynamic number of confirmations.
The de facto requirement for six confirmations is more a momentum effect of the binary "unconfirmed" vs "confirmed" behavior in the Satoshi client, then based on any analysis of probable attack vectors. Even after reaching the required number of confirmations our monitoring system continues to look for signs on the network of an attempted double spend up to the point of payout and will flag suspected orders. Since FastCash4Bitcoin pays out in batches, it presents a difficult attack profile to effectively execute a double spend without detection. We hope other vendors and service providers will adopt individual policies that make sense for their business rather than rely on an excessively conservative and arbitrary six confirmation.
Staff,
Tangible Cryptography
The de facto requirement for six confirmations is more a momentum effect of the binary "unconfirmed" vs "confirmed" behavior in the Satoshi client, then based on any analysis of probable attack vectors. Even after reaching the required number of confirmations our monitoring system continues to look for signs on the network of an attempted double spend up to the point of payout and will flag suspected orders. Since FastCash4Bitcoin pays out in batches, it presents a difficult attack profile to effectively execute a double spend without detection. We hope other vendors and service providers will adopt individual policies that make sense for their business rather than rely on an excessively conservative and arbitrary six confirmation.
Staff,
Tangible Cryptography
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