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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
by 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 agoYou 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.