Author: Peter Todd 2013-05-15 11:38:27
Published on: 2013-05-15T11:38:27+00:00
Recently, a proposal has been made regarding the replace-by-fee and security issues related to zero-conf transactions. The proposal states that very few vendors have a system in place to detect conflicting transactions broadcasted on the network simultaneously. It is also mentioned that there is no mechanism to propagate double-spend warnings. To tackle this issue, the author of the proposal is offering 2BTC to anyone who can come up with a tool that allows users to create two versions of the same transaction and broadcast them simultaneously to different nodes on the network. The proposed solution requires finding a way to send coins to the desired recipient while simultaneously sending all coins back to the sender, both with the same transaction inputs. One approach suggested is to use blockchain.info's raw transaction POST API along with the local Bitcoin node. Furthermore, if someone is attending a conference, the author suggests demonstrating the attack against an Android wallet. In return, the author will buy Bitcoins at Mt. Gox rates + %10, and the attacker can keep the loot. The demonstration should be videotaped for educational purposes.
Updated on: 2023-06-06T17:03:56.274191+00:00