▲ | PhilippGille 4 days ago | |||||||
It's worth being precise here: - The attacker can doublespend their transactions if their hashing power is high enough to create more blocks than what the recipient is waiting for. E.g. you buy a lambo, the shop waits 10 blocks after the tx is in a block and gives you the lambo, then you create a longer chain with 11 blocks to replace the other one, and don't include the original lambo tx. 51% of hashing power is enough to create new blocks, but not enough to create 11 alternative blocks. That requires more hashing power. - The attacker can prevent other transactions from landing in a block, as long as they have majority - But the attacker can't create fake transactions (e.g. if they only have 1k Monero, they can't create a tx with 2k Monero). Because all nodes (not only miners) still verify the transactions - And the attacker can also not steal your money, because they don't have your private keys | ||||||||
▲ | apercu 4 days ago | parent [-] | |||||||
In my head I kind of simplified it - if I can reorder the blocks in my history I can "reverse" a transaction, like "erase" that I bought a lambo yesterday so today I have not only the lambo, but the money that was in my account before I bought the lambo, too. But maybe me trying to over simplify and missing the forest for the trees (this is very much not my domain). | ||||||||
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