Quote from: kiklo on November 21, 2016, 08:11:28 PM

Quote from: AgentofCoin on November 21, 2016, 07:48:32 PM

Quote from: kiklo on November 21, 2016, 07:18:50 PM

Quote from: crairezx20 on November 21, 2016, 01:18:18 PM

Hi i just found some posted here in other thread and section about double spend but honestly i do not know what it is.
But i have idea that double spend means that you double your send bitcoin but i do not understand someone that why they need to wait for confirmation before accepting and the other said that they want to wait because of double spending..
So if the receiver receive double spending i think it is lucky that he receive double? am i right?

Sorry for noob question.. even i am sr.member i never experience double spending in my life..

Technically a Double spend is Counterfeiting .

The coins you receive are not Valid , and you are unable to redeem them.

Double Spend will destroy any trust in a Crypto almost overnight.

Cool

Technically, there is no "counterfeiting" in the Bitcoin definition of the term.
Before Bitcoin and thus the blockchain was created, that was a problem with online currencies.
Counterfeiting implies that a doubling already took place, when in reality only when you receive a
confirmation do you control the coin. So counterfeiting is the old definition of doublespending.

Before Bitcoin = Double spending: double coins, counterfeiting
After Bitcoin = Double spending: two or more unconfirmed transactions that share the same input.

...

But to be honest since the Chinese mining pools have over 51%, they could double spend anytime within the last 10 hours or so.
Since technically they can overwrite the blockchain, it would take them ~ 1 day and everyone would know it, but technically they could do it.

Which Means
BTC= Better Trust China

Cool

Then they would have purposefully destroyed their golden goose.
It is not profitable to do that in any way, accept to kill Bitcoin for the Chinese government.

What your arguing is like saying they have nuclear warheads and they can use it.
So what? If they use it the whole world would be destroyed, so let them double spend then.
Let them watch their investments go up in flames.