Quote from: seoincorporation on March 18, 2015, 11:18:31 PM

Quote from: Istaria on March 18, 2015, 10:19:11 PM

Hello all,

To preface, I am a newb

Can someone explain to me how unsafe unconfirmed transactions are please? What is the vulnerability? I have very little experience in this arena, but it seems like some sites (luckybit) can take an unconfirmed transaction and let you bet it on a drop, and other sites require a similarly small transaction to be confirmed.

Why?

Hi Istaria.

I'm moderator at luckybit. we don't wait always for 1 confirmation to play your bets, most of the bets will play instant.

The problem of unconfirmed transactions is the double spend bitcoins, when a user do a double spend only one of the 2 transactions get confirmations.The engine have a system to avoid this, and that is why some times you need to wait more for your bets.

If you use blockchain wallet to bet, you will be able to bet unconfirmed btc, but some times the site wait the past transactions get a confirmations before play the bet.

If you have any other question about the site, please send a mail to support@luckyb.it

Oh hi Seo

Nice to meet the man behind the drop Tongue

It was just a general query, not anything specifically to do with luckybit. But thanks for your reply

Can I ask then, from the point of view of, say, my local coffee shop taking bitcoin for takeaway coffees.....is it generally safe for them to take an unconfirmed transaction?

You mentioned blockchain wallet (which I use), Seo - is this a special case? Or is it that double-spending is too hard to do unless it's a large amount?

Ist/