Seriously, describe to me how you'd steal a coffee with a doublespend and why it'd be worth it to even try. Spell out the economics and odds of success.
Except WHOOPS now there's a mug shot of the dude stealing and an immutable record of his theft AND the miner who aided him. Pool operators start bouncing that guys blocks for sport??
Like say I bought a $100 microwave with 0-conf and got lucky enough to make it out of the store and double spend the $100 - the store will then send my mugshot to the local police.
I mean you can get it to confirm on the blockchain. That's not really what I'm getting at. I'm wondering how someone would steal merchandise of sufficient value to justify the effort.
If the merchant requires a good miner fee to make sure the txn propagates quickly and gets "first seen" there's minuscule chance you'll get lucky unless you collude with a miner.
Same way they're doing it now. Best case it works and I get free coffee. Worst case it doesn't. If you had a 10%+ chance of getting free stuff wouldn't you take it?
What kind nd of free stuff? If I didn’t like it I wouldn’t take it. Now if it’s from Tiffany Chanel Dior I would take it in a heartbeat. Unless it was stolen or fake of course
10+ sat uphold. That is a great incentive for miners to move faster then the next guy. 1 sat equates same, faster miners move faster transactions and more money they acquire.
Enough that it's above the threshold most miners have set for their mempool yeah. 1sat/byte is enough for now but it'll be a moving target as activity ramps up.
Right! The way to make 0-conf safe is raise the block size! Miners automatically find the fastest way to propagate txns because they're keeping an eagle eye out for incoming blocks.
That double spend was actually broadcast BEFORE. Because of the low fee, most nodes and miners did not see it. Until some miner that accepted low fee tx, minted it.
But some miner got his low fee transaction, because of the inconsistent relay policies among nodes. That miner rejected the second transaction, found the block, and mined the first tx.
In this case, the user sent low fee transaction first, found out it does not propagate well, almost all his peers reject it. He then sent same coins again, with higher fee.
Yes. It only appears it came after, because no one saw it, until it was in a block (the time of that transaction is the same as of the block it was minted into).
That's why it is of utmost importance that most of the network agrees on what the minimum relay fees are. Otherwise, double spends like above are possible.
..., then it should wait longer, even 1000 seconds. If that is not possible, he/she can ask for another method of payment. Also, don't forget, all offline shops have several cams.
Maybe. Now there should be software that can discern the chances of double spend. The lower the fee, the higher the chances of ds? If barista gets a signal that ds is likely, ...