Pages:
Author

Topic: GHash.IO and double-spending against BetCoin Dice - page 13. (Read 112084 times)

legendary
Activity: 1176
Merit: 1015
amazing story hahahaha, you should just add that Annie is Ghash.io and Sally is BetCoin and the parents are the Bitcoin protocol Smiley which leaves Jane that I cant put anywhere.

Jane is also Ghash.io.
sr. member
Activity: 322
Merit: 250
which leaves Jane that I cant put anywhere.

The account that you do the double-spend to.
legendary
Activity: 2464
Merit: 1102
I don't believe they are doing this... maybe its one of the employee?
legendary
Activity: 1148
Merit: 1001
things you own end up owning you
sr. member
Activity: 322
Merit: 250
Can someone explain this to me like a 5yr old please

Sure. Imagine 3 sisters (let's call them the Potters).

Annie owns 1 doll.  Sally owns 1 doll.  Jane owns no dolls.

Now of course, doll ownership in the Potter household is only as good as to when Annie, Sally, Jane, Mom and Dad agrees to who owns what. Annie can't just take Sally's doll, as everyone knows it's not hers and will just restore rightful ownership.


However, Annie comes up with a plan. She makes a bet with Sally at school. She rolls a dice, with the terms that if Sally wins Sally would get Annie's doll when they get home. If Annie wins, she would get Sally's doll.

Let's say Sally is honest but Annie is not. The roll the dice. If Annie happens to win, Sally gives her the doll. They're both happy... well, except for Sally - but they're in agreement at least.

However, if Annie happens to lose, she quickly goes running to Jane and say: "Hey Jane, remember that doll that I have, I can trade it to you for your bottle of Corona". Jane says ok, so then they phone up mom and dad, and say: "Hey mom, Annie's doll now belongs to Jane, and Jane's Corona now belongs to Annie".  Mom and Dad says ok, so now Annie's doll now belongs to Jane, and Annie starts her long journey of Corona addiction that ends with her turning tricks on Hollywood Boulevard until one very unfortunate night with Gary Busey... but more about that at another time.

Meanwhile, Sally gets home and finds that she's not getting Annie's doll. Since everybody else now thinks that Annie doesn't have a doll anymore, and it now belongs to Jane. Sally can complain like she wants, but mom and dad doesn't understand why Sally would make a bet with Annie against a doll that really belongs to Jane. Of course, in real life Sally would now beat up Annie with a baseball bet, which is why a stunt like this works better in BitCoin land than in Vegas (well, except if you cross DPR.).

member
Activity: 66
Merit: 10
Bitcoin: The new Wild West
Can someone explain this to me like a 5yr old please
sr. member
Activity: 440
Merit: 250
this is serious research required
legendary
Activity: 2576
Merit: 1186
Indeed, a Dice site setup properly wouldn't be vulnerable to this.

(this is not an endorsement of the double spending)
staff
Activity: 4284
Merit: 8808
Taking irreversible actions on unconfirmed transactions is not safe. This is not news.  Big hashpower consolidations are not safe. This is not news.

While I'm sympathetic about losses and don't support theft— it appears that many Bitcoin gambling services are run from places where their legality is probably questionable, and as a result getting help from the courts may not be an option— and even if it is, it's very expensive and takes a long time. Your best bet is to protect yourself by not transacting in a way which is insecure relative to the network that exists today.

The operators of high transaction inefficient gambling services (the ones with two transactions per tiny bet) have many times responded to the Bitcoin community members concerned about their services abusing our common network resources and costing money node operators saying that we should all be thankful for the valuable "test" they are performing and the encouragement it provides to improve the infrastructure. Some parallels could be drawn from people exploiting insecure unconfirmed transaction behavior …
member
Activity: 85
Merit: 10
cex.iohave recently registered as a UK company - could this action (if them) be down to an employee taking advantage?  Seems like the cex.io buiness plan looks profitable - not worth messing with gambling perhaps?

Thoughts?
legendary
Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
Investigation recommended as well
hero member
Activity: 784
Merit: 1000
Whether the accusation could be proven or not, I second that it deserves an investigation.
newbie
Activity: 19
Merit: 0
It is interesting how you buy & sell from cex.io. They keep all the bitcoin and control all the Gh. You have to 'withdrawl' BTC.  One interesting quirk, you can setup your workers to autopayout in 0.1BTC increments based on a 'shareholder' concept.

I agree.  Very well worth investigating.
hero member
Activity: 746
Merit: 502
Looking for advertising deal
Oh shit this look so serious if true...
hero member
Activity: 924
Merit: 1000
Watch out for the "Neg-Rep-Dogie-Police".....
I second this. This MUST be looked into immediately,and if found to be true & legitimate, an explanation demanded from ghash.io/cex.io
legendary
Activity: 1148
Merit: 1001
things you own end up owning you
Pages:
Jump to: