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"Transaction malleability," which worried Mt. Gox and Bitstamp, strikes again.
Not only are Bitcoin trading sites like Bitstamp and Mt. Gox susceptible to the recent accleration of the "transaction malleability" problem, but apparently the Silk Road—or at least its newest incarnation—is too.
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"They have a model where when you do a withdrawal it monitors the blockchain and if it doesn’t go through after a certain time it tries again. Rather than looking for the contents of the transaction it looks for the transaction ID. What the person does is they see the transaction posted and modified it slightly so the ID is different, and they broadcast that widely. They’re not fake transactions. It’s broadcasting a version of the same transactions but with a different transaction ID number. Otherwise they are identical."
"It’s the accounting system that effectively has a bug in it. Part of the reason that the transaction ID is not protected by the signature is so I could say pay 100 bitcoins to this address, and other people can add in. That’s the reason why transaction ID are not cryptographically protected. It is a feature, not necessarily a bug."
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PhoenixOD
reply to post by Skywatcher2011
If BTC is a scam then who is doing the scamming?
Stock brokers and financial analysts who lost their jobs at Wall Street.
PhoenixOD
reply to post by Skywatcher2011
Stock brokers and financial analysts who lost their jobs at Wall Street.
Neither of those have anything to do with bitcoin or can make money from it.
There's simply is no 'scam' element to it. The people who made the system are anti-scam. There are no hidden costs or charges the only people who are getting rich are the people using BTC, not the people who created it. They dont get 'paid' if you use it or not.
Investors get rich, that doesn't make it a scam.
edit on 14-2-2014 by PhoenixOD because: (no reason given)