Topic: Has anyone ever cancelled a BTC transaction after 1 confirmation? - page 2. (Read 2425 times)

Absolutely.  How does this effect the original question?


I didn't see anything about a proposed model for anything.  I just saw a question about cancelling a BTC transaction after 1 confirmation.


What 3rd party service are you asking about?


What do you mean by "see the funds incoming"?


Each receiver sets their own requirements of payment.


Redirect address?  I don't understand how this relates to the question in this thread.

Cheers Dr Danny,

Interesting scenario there! But won't they have different txid's?

My proposed model for instant spendable BTC, would require enormous trust in it's clients. Would have to trust exact funds are transferred after our client receives full confirmations.

So to recap,  bitcoiners cannot spend their BTC until their 3rd party service allows? Even if they see the funds are incoming? WTF  given after 1st confirmation it can't be reversed (or very expensive, to do so)

Why can't we request redirection after 1 confirmation i.e as soon as fully confirmed it automatically goes to specified redirect address?

It is possible, but it is difficult, expensive, and unreliable.

If you have enough hashpower, you could create a transaction that spends some bitcoins to another address that you own, and not broadcast that transaction.

Then you could mine a block with that transaction on top of the current blockchain.

As soon as you successfully mine a block, you could broadcast a different transaction that spends the same inputs sending the bitcoins to a merchant, and NOT broadcast the block you just solved.

While the network is working on confirming your transaction into a block that will compete with your block, you continue mining on top of your block.

Eventually, the network will solve a block with your transaction in it and the merchant will see 1 confirmation. You continue to mine on top of your block instead of on top of the network's block.

If you have enough hash power and are lucky enough to mine another block before the rest of the network does, you broadcast your two blocks.

There are other possible attacks as well, but none of them are cheap, easy, and 100% reliable.

Since your two blocks create a longer blockchain than the current blockchain that has only added one block, the entire network switches to your blockchain and the 1 confirmation transaction to the merchant disappears (since it competes with your first transaction that now has 2 confirmations).

The more confirmations you have, the more difficult, expensive, and unreliable an attack like this is.

Not possible, can't be done

Many bitcoiners on here are frustrated with the #/time (confirmations) required from 3rd party bitcoin services.

As a business idea, could someone (probably me : )  offer a service where client inputs their transaction ID, sign the funds/xBTC over to me, then I instantly back them up for xBTC so that they can spend straight away?

even if you shutdown the client ... when you emit transaction, it's spread from 6 to 9 node at the same instant.
you can't stop the network even with 0 confirmation.

1 confirmation append from 15mins to 40mins.

yes; it's the beauty of a strong and unstoppable working network over the world (and behind ?).

Nice one brother, that's what I thought.

There's another post regarding "how bitcoins are too slow" - This being a non-issue then

Not possible, once it's confirmed it's in the blockchain forever.  That's the beauty of Bitcoin

Is this even possible?

Thanks in advance