Remix.run Logo
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).

Ekaros 3 days ago | parent [-]

My understanding is limited. But in addition to not making transaction "not happen". It is better to make new transaction for money. As the transaction would still be valid later and could be included later. Thus "double spend".