How is this possible ? A Recent transaction suddenly becomes invalid - page 3.

newbie

Activity: 16

Merit: 12

Thanks so much guys. really do not know Double Spend can do this. but really such feature does not make good to me.
replace by fee feature is Ok and helps when you want to accelerate confirmation. this double spend..whats the benefit ? only good for cheating or ?

AB de Royse777

legendary

Activity: 2464

Merit: 3878

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Quote from: so98nn on October 03, 2020, 09:02:53 AM

What is the exact principle behind this technique? Isn’t the transaction once broadcasted is captured with the nodes and it permanently sits there?

It does but it needs at least 1 confirmation. But here again one can also reverse the coin after a confirmation but it will cost you so much power and resources that if this is not huge amount of money then it is not worth it. Once a transaction gets 6 confirmation then you are looking at million dollar expense to reverse the transaction which is does not simply make sense to spend.

For small amount it is advisable to wait for at least one confirmation and for big amount waiting for 6 confirmation is safe.

Lucius

legendary

Activity: 3234

Merit: 5637

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If I'm not mistaken, this is a double-spend transaction that was performed in a very simple way. Customer is first sent the transaction with very low fee (1.004 sat/B), and after he receives file he generated another transaction with the same funds, but this time with a much higher fee (20.191 sat/B) -> https://www.blockchain.com/btc/address/1CKnhZmHzj45xdvvsAf3DbLWfYSX53NVMs

This is a lesson that only cost $100, I hope this is the first and last time the OP will send someone something without getting at least 1 confirmation.

so98nn

hero member

Activity: 2114

Merit: 603

Quote from: AB de Royse777 on October 03, 2020, 08:53:06 AM

Quote from: HelpMePleaseIbegofYou on October 03, 2020, 08:50:05 AM

https://www.blockchain.com/btc/tx/2f362caac5d3fa3a1cc586f5bdbb36bcfe6446cfc112eb1cb097d9669688204a

my wallet: 34Y9ZwTsT3H9zcnffirc2NM4XMkNmaLws6

You should have wait for at least 1 confirmation unless you trust the guy. This is what happened in my guess:

- The guy sent coins to an address A which he owns and the fees were less of course
- He then sent the coins from the address A, and the coins of the address A were not confirmed yet.
- He then gone back to the first transaction and rebroadcast the first transaction with a higher fee. And in rebroadcasting process, the tx you had with address A gone dropped.

That’s amazing way to cancel it however I did not know this can be done with the bitcoin chain as well ?
I mean I have done this in case of Ethereum transaction but never with bitcoin.

What is the exact principle behind this technique? Isn’t the transaction once broadcasted is captured with the nodes and it permanently sits there?

AB de Royse777

legendary

Activity: 2464

Merit: 3878

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Quote from: HelpMePleaseIbegofYou on October 03, 2020, 08:50:05 AM

https://www.blockchain.com/btc/tx/2f362caac5d3fa3a1cc586f5bdbb36bcfe6446cfc112eb1cb097d9669688204a

my wallet: 34Y9ZwTsT3H9zcnffirc2NM4XMkNmaLws6

You should have wait for at least 1 confirmation unless you trust the guy. This is what happened in my guess:

- The guy sent coins to an address A which he owns and the fees were less of course
- He then sent the coins from the address A, and the coins of the address A (input)were not confirmed yet.
- He then gone back to the first transaction and rebroadcast the first transaction with a higher fee. And in rebroadcasting process, the tx you had with address A gone dropped.

HelpMePleaseIbegofYou

newbie

Activity: 16

Merit: 12

hello everyone, Good evening

sorry to bother you about this issue i got from a customer. i sold a product to him for $100
i gave him wallet and he sent btc $100 and paste me txid which i saw the payment in my wallet ( Unconfirmed )

surprisingly, this guy logoff the chat and i wonder why he left so hurriedly just after i gave him the passwords to the achieved file.

i had to recheck if the payment has gotten any confirmation but surprisingly this transaction stated its INVALID with a error message at the top of the page
rechecked my wallet and i did not see the transaction again.

below is the txid of the transaction, you can see the error message there.

https://www.blockchain.com/btc/tx/2f362caac5d3fa3a1cc586f5bdbb36bcfe6446cfc112eb1cb097d9669688204a

my wallet: 34Y9ZwTsT3H9zcnffirc2NM4XMkNmaLws6

Please. how is this possible. i really want to know this to avoid another of this.

chat screenshot
https://i.imgur.com/GLy3rhD.png

Topic: How is this possible ? A Recent transaction suddenly becomes invalid - page 3. (Read 756 times)