Re:Why I find IOTA alarming
by etunity on Monday January 29, 2018 @10:08AM
(#16257861)
For the double spend to occur, you would need access to the seed ( private key) which the victims had and are trying to outrun the attacker in the case you were describing.
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>For the double spend to occur, you would need access to the seed ( private key) which the victims had and are trying to outrun the attacker in the case you were describing.
So it works a bit like replace-by-fee on bitcoin? There is no mining on IOTA so what is the possible time frame? do you have more detailed technical information how this works? Thanks
New transactions are selected randomly to be verified. So in case the attackers transaction is still not confirmed there is a chance to outspend him by having the private keys. I find this useful in understanding the confirmation/consensus mechanism.
https://forum.iota.org/t/iota-consensus-masterclass/1193
You know how hash collisions work and why it is important to have an hashing algorithm for which it is hard to enforce collisions.
It is so you do not need to know the private key. So that you can forge fraudulent transactions without knowing the private key.