Author: Gareth Williams 2014-04-25 13:38:06
Published on: 2014-04-25T13:38:06+00:00
In this context, Mike Hearn is responding to concerns about the possibility of a double spend attack on Bitcoin. He argues that the risk of getting caught and blacklisted makes it unlikely for attackers to attempt such an attack, which would result in no gain for them. However, he acknowledges that a dishonest mining pool could potentially execute such an attack for a fee, but this would not be feasible for high-value items due to the need to wait for block confirmation. The only unsolvable problem he sees here is the opportunistic attackers who try to take back a portion of their transaction every time they buy a coffee, with the hope of occasionally getting lucky. It remains to be seen how many such opportunists will emerge and how much hashrate a dishonest pool can attract.
Updated on: 2023-06-08T21:11:57.981328+00:00