5 ms·
Private mempool transaction
by hoerzu 2y ago
Private mempool transaction
- nkrisc 2y agoI’m a relatively smart person, probably above average, but glad bitcoin hasn’t taken over banking because I don’t understand any of this.
- a_dabbler 2y agoYou don't need to. Most of us will never understand the complexity of banking either
- zeagle 2y agoYou mean the one where someone else pays a higher ATM fee and scoops my cheque deposit? We can talk about reduced bits in the puzzle vs a regular transaction but when you need to consider how you are going to safely claim your money as if you are laundering you have to admit this is a little nuts.
- pushedx 2y agoThe only reason that this opportunity exists to swoop in and forge a transaction is that the reward in question is a reward for fundamentally breaking a weak version of the cryptography underlying the BTC blockchain, the technqiue for which happens to have a second mathematical weakness. No other transactions are subject to this weakness, and it's this puzzle which proves that.
- chr15m 2y agoidk $34 billion in annual global card fraud is also a little nuts.
- stavros 2y agoYou're discounting how nuts it is that a third party has veto over whether you can spend your money and how.
- zeagle 2y agoI think it's part of living in a society with rules and law. It also protects me from rampant fraud and theft and also helps ensure taxes are paid for the benefits I use like roads, hospitals, and education.
- hoerzu 2y agoYou can run your own node and then mine the transaction into the block or use private pools. Look up MEV
- gosub100 2y agoI've never used any coins in my life, but I think what is unique here is that the reward IS the entire wallet itself, not just a transaction from the "contest holder". They revealed many of the bits of the private key already. Somehow, you cannot use the wallet without briefly revealing the rest of the private bits.
- hammeiam 2y agoYes, no such thing as dark pools in traditional finance /s