Is it still possible to double spend? - page 2.

nahtnam

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nahtnam.com

Quote from: franky1 on January 13, 2015, 07:14:19 PM

if you are not sending out any product or service instantly.. then it doesnt matter.. donations can be accepted anytime.. after all what is the sender needing to wait for after they send... nothing. so confirms or not the donator wont care/notice.

if you want to thank the donater, all you could do is just have a message that says
"it appears someone loves me and sent me a donation. many thanks, i love you back" .. as soon as it appears in the tx pool (unconfirmed)

Thanks.

franky1

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if you are not sending out any product or service instantly.. then it doesnt matter.. donations can be accepted anytime.. after all what is the sender needing to wait for after they send... nothing. so confirms or not the donator wont care/notice.

if you want to thank the donater, all you could do is just have a message that says
"it appears someone loves me and sent me a donation. many thanks, i love you back" .. as soon as it appears in the tx pool (unconfirmed)

AgentofCoin

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Activity: 1092

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Quote from: nahtnam on January 13, 2015, 07:07:51 PM

Quote from: Meuh6879 on January 13, 2015, 07:05:10 PM

You can have double-spending only if :
- the seller use a node server with no others nodes connected
- the buyer use ... the same node server
- the transaction is OK for both party with 0 confirmation

It's impossible.
In real life networking, you have 6-9 nodes to sprend the transaction ...

So its safe for me to accept 0 confirmations?

All reputable businesses will use 1. You don't truly have the coins until at least 1 confirmation.
Don't pull a Mt.Gox and leave yourself open with loose code. Protect yourself.

nahtnam

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Activity: 1092

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nahtnam.com

Quote from: Meuh6879 on January 13, 2015, 07:05:10 PM

You can have double-spending only if :
- the seller use a node server with no others nodes connected
- the buyer use ... the same node server
- the transaction is OK for both party with 0 confirmation

It's impossible.
In real life networking, you have 6-9 nodes to sprend the transaction ...

So its safe for me to accept 0 confirmations?

Meuh6879

legendary

Activity: 1512

Merit: 1012

You can have double-spending only if :
- the seller use a node server with no others nodes connected
- the buyer use ... the same node server
- the transaction is OK for both party with 0 confirmation

It's impossible.
In real life networking, you have 6-9 nodes to sprend the transaction ...

nahtnam

legendary

Activity: 1092

Merit: 1000

nahtnam.com

Its actually more of a donation thing. Im not really selling anything.

serje

legendary

Activity: 1232

Merit: 1002

What you plan to sell?
As I gamble from time to time on luckyb.it and there I can gamble with unconfirmed amount.

Let's say I have 0.3BTC and I gamble all of them in 1 bet, I get the outcome in a matter of seconds and then I get the BTC in my account unconfirmed and I can bet again and again.... so if they go for 0 confirmation I guess you are safe to do it also... or you can contact them and ask them how they did it

Also don't be so naive to relay on what mtgox relied when they got "hacked" as it is very strange to me that everyone knew about that thing and only after mtgox publicly complained about it they got "hacked"!

noma

full member

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Quote from: nahtnam on January 13, 2015, 12:38:21 AM

Hey!

I was wondering what the chances of a double spend is.

I am asking because I am building a website and cant decide between 0 and 1 confirmations.

Is it really that big of a risk if I just set it to 1 confirmation?

Thanks.

1 confirmation is usually good enough. However to be safe for sure you can keep it to 2 confirmations.

Thats what most of the sites do .

shorena

copper member

Activity: 1498

Merit: 1528

No I dont escrow anymore.

Quote from: nahtnam on January 13, 2015, 12:38:21 AM

Hey!

I was wondering what the chances of a double spend is.

I am asking because I am building a website and cant decide between 0 and 1 confirmations.

Is it really that big of a risk if I just set it to 1 confirmation?

Thanks.

0 confirmation double spend is relative easy. To analyse the likelihood of a double spend you would have to analyse the incoming transactions. How big is the transaction (byte), how high is the priority, is a fee paid, is the fee high enough considering the priority/size, is one of the inputs unconfirmed, etc.
Unless you expect your customers to go elsewhere because they have to wait for a few minutes I would go with 1 confirmation. To reverse a transaction that already has one confirmation is very difficult and would require a reorganisation of the blocks.

bf4btc

hero member

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Smoke weed everyday!

Quote from: nahtnam on January 13, 2015, 12:38:21 AM

Hey!

I was wondering what the chances of a double spend is.

I am asking because I am building a website and cant decide between 0 and 1 confirmations.

Is it really that big of a risk if I just set it to 1 confirmation?

Thanks.

It really depends on what exactly you are selling on your website. If you are selling low value items and don't generally sell more then a few hundred dollars every 10 minutes or so then you should probably be fine with a 0/unconfirmed transaction as the risk of a double spend is low because it would probably cost more to attempt the double spend then the value of what could potentially be stolen from you.

If the value of what you are selling is much more, in the thousands or tens of thousands of dollars then you should wait for at least one confirmation as at this rate the cost of attempting a double spend would likely cost less then then value of what an attacker would be trying to steal

nahtnam

legendary

Activity: 1092

Merit: 1000

nahtnam.com

Hey!

I was wondering what the chances of a double spend is.

I am asking because I am building a website and cant decide between 0 and 1 confirmations.

Is it really that big of a risk if I just set it to 1 confirmation?

Thanks.

Topic: Is it still possible to double spend? - page 2. (Read 1911 times)