3 ms·

Anyone can track Bitcoin transactions; That IS the blockchain. Undoing them will just result in a chain that they are still in the original wallets keys, you S

by w-ll 9y ago

Anyone can track Bitcoin transactions; That IS the blockchain. Undoing them will just result in a chain that they are still in the original wallets keys, you STILL cant steal them. And the window for doing this is likely an hour or 2 at tops, but still very unlikely. An exchange might credit you on a few confirmed blocks, but after 6 (an hour) its pretty much confirmed, and any withdraws on the same chain will fail once the 51% attack is over.

gpm 9y ago
You didn't steal them for you, you stole them for the original owner who tried to transfer them to the exchange. In theory with 51% hashing power you could undo exchanges going back as long as you want, as long as you dedicated your entire hashing power to doing so from the point you are trying to revert to. You will get the longer chain so once you publish it it will take over. In practice I'm not sure if there are controls against very old forks from coming in and becoming the 'right one'.
- deleted 9y ago
  [deleted]
- w-ll 9y ago
  No, it is the exchanges who's coins are "stolen", but still not really. 51% hashing doesn't allow you to `undo exchanges going back as long as you want`. There is a small time frame with exchanges/merches that accept <6 block confirmations that a transaction could be reversed. And if a fork in the chain is happens (it does more often than not that 2 blocks get made and 1 is orphaned,) all other miners switch to the longer chain as soon as a fork is detected.
  - amluto 9y ago
    You seem to be assuming that, once 6 confirmations have happened, a transaction is set in stone. This isn't true at all. It's true that, once 6 confirmations have happened, a transaction is highly unlikely to disappear in the absence of the 51% attack, but the whole point here is that we're assuming that a 51% attack is occurring.

3 ms·

Anyone can track Bitcoin transactions; That IS the blockchain. Undoing them will just result in a chain that they are still in the original wallets keys, you S

by w-ll 9y ago

gpm 9y ago
You didn't steal them for you, you stole them for the original owner who tried to transfer them to the exchange. In theory with 51% hashing power you could undo exchanges going back as long as you want, as long as you dedicated your entire hashing power to doing so from the point you are trying to revert to. You will get the longer chain so once you publish it it will take over. In practice I'm not sure if there are controls against very old forks from coming in and becoming the 'right one'.
- deleted 9y ago
  [deleted]
- w-ll 9y ago
  No, it is the exchanges who's coins are "stolen", but still not really. 51% hashing doesn't allow you to `undo exchanges going back as long as you want`. There is a small time frame with exchanges/merches that accept <6 block confirmations that a transaction could be reversed. And if a fork in the chain is happens (it does more often than not that 2 blocks get made and 1 is orphaned,) all other miners switch to the longer chain as soon as a fork is detected.
  - amluto 9y ago
    You seem to be assuming that, once 6 confirmations have happened, a transaction is set in stone. This isn't true at all. It's true that, once 6 confirmations have happened, a transaction is highly unlikely to disappear in the absence of the 51% attack, but the whole point here is that we're assuming that a 51% attack is occurring.