Topic: Flash BTC transactions (Read 225 times)

Thanks for answers everyone. I really appreciate the effort  . Regards.

If I'm not wrong, the original reddit poster wanted to take advantage of people who, at the same time, wanted to take advantage from other people.

This scheme is typical of some kind of classic scams, like the one that consists in someone trying to sell something apparently very valuable (bank notes, winner lottery tickets, golden jewels...) for a low price, pretending that he's not aware of its value, which the buyer eventually discovers was counterfeited. Or the more modern version, we see here from time to time, about of a supposedly discovered bug/exploit that is for sale and some victim willing to take advantage of it pays for it.

One should remember that the saying 'It's no crime to steal from a thief' is not true, but if they keep running this kind of schemes can be because the victim might think twice before reporting it to the police, due to their own initial bad faith.

The talks can be made without even doing little research also and these scammers always act smart to come up with an idea they present among users and ask for funds but don't provide any valid evidence to support their claim but there are some clowns who would believe in them because they are lazy enough to do some research themselves also that it's not possible.While most of the transactions with appropriate fees just got confirmed within few minutes if network is not too much congested even the six confirmations also.So if you want also open LN channel but they fall for such fake projects.

OP, there is nothing of such that a transaction will be in the blockchain and will be deleted after six months. This is the first time that I am hearing of such. Bitcoin blockchain is a technology that when a transaction has been added to the blockchain and has also been confirmed, it is permanently there. What you said is a scam by another scammer. I have seen that these scammers are coming up with different tactics to scam people of their coins and it is only a scammer that will fall for them. If not why will one be interested on deleting his transaction from the blockchain after it has been sent or confirmed. It is just like sending fiat money to a friend and your bank has confirmed the transaction, then without you going to the bank,you want to delete the transaction that has already been in the bank database.

Haha, so its means scammers are scamming other scammers. That's quite a Karma. Well, it is good for their (scammers who are getting scammed) health too. Because they must also feel the way other scammed innocent people feel. I also watched a video in which the creator was sharing that his software is able to find those wallet addresses which are abandoned and those whose passwords are forgotten.

Well, it is a thing and I do know that, but what is hard to believe is that he was also saying his software will break into those wallets by force or brute decryption. Like, is it possible, I thought it was only possible with Quantum computing. But maybe he was also selling a fake software which might do nothing.

If that be a scam, it is a scam targeted on scammers. Some scammers might be looking for a means to rip people of their BTC, and when they see posts like flash bitcoin transaction, they will want to learn about it in order to scam with it. I do not see myself learning or wanting to use Flash  bitcoin transaction any day.

The blockchain is immutable, all you need to do is to ensure that there is high number of confirmations to avoid reversal. When this is done, there is no room for flash transaction.

I commented on your post, this one. In this topic, you only had this one and it has inaccurate information. When you made a mistake, admit it and move on is not bad.
Even 6 confirmations are not safe enough, it depends on the value of bitcoin you move in that transaction if you want more safety, you can wait till 9 or 12 confirmations, it's not a big deal to wait 30 or 60 more minutes.

Of course, they require at least 1 confirmation for a deposit and for withdrawal, it will be more than 1, like 2 confirmations. Required confirmation for withdrawal will be more than the one for deposit. It is not more than 3 confirmations if I am not missing anything.

A first confirmation is most painful in waiting time, later confirmations will come naturally and more easily.

If you have seen my posts about bitcoin transaction confirmation before, you will know how I have implied that 1 confirmation means the transaction has been confirmed in most of such related topics, but six confirmations for high amount. Based on this topic, I recommend 6 this time to eliminate possible means that a transaction can be reversed. The more confirmations, the less a transaction can be reversed.

This is not about exchanges, this is about bitcoin blockchain. On exchanges that allows one confirmation for deposit, they allow 2 or more confirmations before you can withdraw. Which means the exchanges do not accept one confirmation. Or can you name an exchange that allows one confirmation for withdrawal?

My post is based on the possibility of chain reorg not to affect a transaction that the receiver thought to have been confirmed but later got revered. Although the possibility that someone can be affected is very low. Even if someone is affected, most likely that the transaction will later be confirmed.

One confirmation is enough to make a valid transaction because it was confirmed by miners and exist on the Bitcoin blockchain. If 1 confirmation does not make a transaction valid, no exchange will accept your deposit after 1 confirmation and allow you to trade or withdraw.

Six confirmations or more are individual approach which is based on risk management.

How many Bitcoin confirmations is enough?

I just made a search and found a website offering the scam service mentioned by OP.
They are selling an activation license for a scam software which is claimed to allow people to make transaction sending bitcoin that will be removed from the blockchain after some time.

Well, that's something new and scary too, but I am happy such things don't exist because I know Blockchain doesn't work that way. But I was like what if someone found a way? Well, I think they cannot. Ok, I already get the idea from all the replies.

But one thing that confuses me is that every above member has mentioned that it's a way of scamming others. Like which thing doesn't exist how scammers could use it to scam others. How this will work. ranochigo
Bitcoin_Arena How this is a scam when it doesn't exist. Like, is it something lie a software that they are selling by telling such lies. Or what?

Because it's a scam advertised by a group of scammers that constantly spam social media with their "solution".

The solution involves paying upfront 10 BTC for a plan in which you can send up to 100 BTC and get it back (lol) in 6 months.
Needless to say that it doesn't work and for sure you won't be able to get a refund from one of the lazyest scammers ever!


Apart from the technical things everyone already mentioned, don't you find it interesting that we have no record of such a thing happening at all, and we should at least have one instance of it from the developers of this solution at least, when they've tested their method.

It's a lie/scam, my friend.

If you understand how the blockchain works under the Proof of work concept, then you can't be fooled by such fraudulent schemes. I suggest that you become acquainted with the Bitcoin blockchain.
1. Whitepaper ----> https://bitcoin.org/en/bitcoin-paper
2. Bitcoin information and resources ----> https://www.lopp.net/bitcoin-information.html.

I heard about this flash transaction a while ago, but with all my queries and research, the information was wrong. It's another means for scammers to reap you of your money. Everyone should avoid it and be aware that some software/apps compatible with Google were advertising it at that time. It might be a way to infest your gadget as well.

Come to think of it, the Bitcoin blockchain is not a joke, the deal is always done after some reasonable number of confirmations that can't be reversed. I wonder how such a flash mechanism could be allowed to fit in. Be warmed!

Nope, it is a scam.

First of all, creating Bitcoins out of thin air is not possible. Each transaction references a previous transaction output, which leads all the way up to a transaction which is generated from the block reward. It is impossible to fabricate this link in the first place. If the transaction doesn't reference a valid unspent transaction output (UTXO) of the previous transaction, then it would not be valid. Only transaction that doesn't require a UTXO would be the CoinBase transaction of blocks.

Secondly, each transaction must be spending the correct amount of Bitcoins. Total output must be less than the total inputs, with the remaining being considered as the fees. If you were to spend anything more than your inputs, then your transaction is invalid. Each transaction must also be supplied by a correct ScriptSig, which fulfills the criteria as dictated by the UTXO, a signature that corresponds to the public key of the address for example. If any of these doesn't check out, none of the nodes would accept them and they wouldn't even appear in the memory pool of your nodes and no one would be able to see them.

Lastly, confirmed transactions are final and cannot be removed. You can create a transaction with a very low fee that appears in the memory pool of the nodes as an unconfirmed transaction, but they have to be periodically rebroadcasted to ensure that they stay in the mempool. They are not "fake" Bitcoins, just transactions that are unconfirmed and can eventually be confirmed.

It's a fake advertisement. AFAIK something like this simply does not exist (and i've been around for a while, so if it was something real i would have heared about it by now).

There are ways to broadcast a transaction with a very low chance of ever getting confirmed (for example by paying a fee that's way to low, or having unconfirmed parents with a low fee)... These transactions stay in the mempool of most nodes for about 2 weeks after which they get pruned from most node's mempools, but during this time they remain UNCONFIRMED transactions, and nobody should accept an unconfirmed transaction as a payment confirmation...

Once a transaction is confirmed (and a couple more blocks were added to the chain afterwards), it stays confirmed.

If you only have one confirmation, there's always a very low chance of a chain reorg, but even then, most transactions that are in the stale chain are usually also included in the longest chain aswell... And after a couple of confirmations, the odds are very (very, very, very) low...

TL;DR; => it's a fake ad, probably aimed to scam people that want to scam others using these "flash" transactions?

Hello.

Beforehand I clearly state that I am not, by any means, promoting advertisements.

A few days ago, I found on reddit a post about Flash BTC transactions, what would be, according to the post, a strategy for transacting fake BTCs on-chain, in a way that the transacted BTCs could persist on-chain up to 6 months. After some hours, the post got banned  , no idea why  . That is the reason I am stating out loud I have involvement in any business related  .

Although I am new in the environment of BTCs, I do not think this thing of Flash BTC transaction is legit, AFAIK, once something is stored on the blockchain, it is stored forever. So, how could that be, that a transaction would be stored for only 6 months? I would like to hear some comments of those more experienced in the area. Because, although it may be only a scam, what would be some arguments for oppositely proving the impossibility of these Flash transactions?

Thanks and regards.