[dead]
Re:Facebook Libra Is Architecturally Unsound
by boltzmannbrain on Tuesday November 05, 2019 @08:24AM
(#21452115)
And the one true god is the giant head in the sky: https://www.youtube.com/watch?v=m6i94KLhKS4
Re:Facebook Libra Is Architecturally Unsound
by Finch2192 on Tuesday November 05, 2019 @08:20AM
(#21452074)
Do you believe that bitcoin is useful as an actual currency? As far as I can tell, its only use is to buy drugs and other illegal things online.
Re:Facebook Libra Is Architecturally Unsound
by nighthawk24 on Tuesday November 05, 2019 @10:32AM
(#21453230)
Bitcoin Cash adoption is growing around the world for restaurants https://map.bitcoin.com/
Re:Facebook Libra Is Architecturally Unsound
by littlestymaar on Tuesday November 05, 2019 @01:25PM
(#21455135)
I've always been puzzled when I heard about shops accepting bitcoin: how to they deal with double spending?
Re:Facebook Libra Is Architecturally Unsound
by j_shi on Tuesday November 05, 2019 @02:11PM
(#21455580)
Wait for enough confirmations where the payment becomes unlikely to reverse, which of course takes time and that's the more practical blocker for regular shops to accept Bitcoin.
Re:Facebook Libra Is Architecturally Unsound
by littlestymaar on Tuesday November 05, 2019 @03:49PM
(#21456540)
They aren't doing that, in places I've seen, they just take your payment and let you go away with that. (I've never paid myself, but I've seen other customers do so)
If it's raw bitcoin, they couldn't even be sure that the transaction is a valid one (that the wallet has the funds in the first place, not even talking about double spending). I suspect they use some kind of third party like Coinbase, and that there aren't really using bitcoin at all (and just use Coinbase as a bank) but I'm not sure.
Re:Facebook Libra Is Architecturally Unsound
by nighthawk24 on Wednesday November 06, 2019 @09:26AM
(#21462859)
Re:Facebook Libra Is Architecturally Unsound
by littlestymaar on Thursday November 07, 2019 @10:40AM
(#21474136)
Thanks. I'm not sure I understood the answer given in the specific post you're liking to (or at least, I don't see how it answers my question). A following response linked to this story: https://www.ccn.com/bitcoin-atm-double-spenders-police-need-... which gives a pretty good answer.
Re:Facebook Libra Is Architecturally Unsound
by nighthawk24 on Thursday November 07, 2019 @10:57AM
(#21474291)
There are 2 approaches to Bitcoin Network usage in play. Bitcoin Core team went with RBF(Replace-By-Fee) which gives rise to the double spending problem as the funds can be re-directed before a transaction gets in to a block. And Bitcoin Cash protocol implementation removed the RBF to support trust in 0-confirmation. There are even more optimizations in BCH implementation of Bitcoin, you can review it here https://cash.coin.dance/development
Re:Facebook Libra Is Architecturally Unsound
by littlestymaar on Thursday November 07, 2019 @12:13PM
(#21475035)
From my quite limited understanding, RBF basically allows to cancel a transaction (since you can set the fee to something that would never be accepted in a block) which is even worse than a regular double spending, because in the end, nothing at all is spent.
But even without RBF, there's nothing stopping you from spending the same coins online and in a restaurant at the same time. I'm not even sure if a restaurant would know that you and you're friend aren't actually spending the same money twice for your respective meals.
Re:Facebook Libra Is Architecturally Unsound
by nighthawk24 on Friday November 08, 2019 @09:17AM
(#21482316)
0-conf transactions have timestamps and the receiving wallet/node checks for the tree of transactions to even allow the spending of unconfirmed transactions up to a limit of 25 for now, there is on-going research and testing to up this limit to 500 that was sponsored by SatoshiDice https://twitter.com/PeterRizun/status/1181980303033692162
For a list of transactions trying to double spend BCH and failing at it, see this https://doublespend.cash/
Re:Facebook Libra Is Architecturally Unsound
by stronglikedan on Tuesday November 05, 2019 @08:22AM
(#21452100)
I buy legal things online and use Bitcoin occasionally. Especially on sites that give a discount for using it.
Re:Facebook Libra Is Architecturally Unsound
by hombre_fatal on Tuesday November 05, 2019 @08:28AM
(#21452146)
"Digital cash" is really the best way to explain the uses of it. Cash is still useful as well. And, equally, don't fall into the cashless utopia "why would anyone want to use cash except criminals?!" trap either.