Quote from: vamos1 on March 09, 2018, 07:27:26 PM

Quote from: TeraBite on March 09, 2018, 06:09:26 PM

Quote from: vamos1 on March 09, 2018, 05:58:06 PM

Hi all - i have an idea to stop people using stolen private keys:

1) A wallet monitors its addresses in a block explorer.
2) If a pending transaction appears that WAS NOT sent from the wallet: The wallet immediately creates an identical transaction (or possibly the full balance) to one of its other addresses (possibly with higher fee to prioritize it over the non-wallet transaction).
3) The non-wallet . fraudulent transaction would be cancelled / disappear from the block explorer and the wallet would know not to use that private key ever again.

Its just an idea, but i think its something we should seriously think about implementing in all wallets.

Feedback / criticism welcome.....

Technically this is not possible to keep any transaction pending or reverse because there is no charge back in blockchain tech. What is the parameter to verify the ownership of private keys once anybody got access than he sign message too. Please explain this in details this would work is real.

my understanding is if a transaction is taking a long time to be included in a block, I can resend it and it cancels out the one that was taking a long time. Something to do with the nonce I think.

So could that be used by a wallet to effectively cancel or overwrite unauthorised transactions. The wallet would be the only way to send unless it goes offline or you turn it off the protection off

It doesn't work quite like that. Ignoring the fact that this would require EVERY wallet software (including online ones, which isn't possible for those ones in any case) to follow such an implementation, one can't create an "identical transaction" that wouldn't go to a scammers/hackers address. If you change the recipient, you've fundamentally changed the transaction, and thus the original transaction would not be "canceled".

In any case, simply raising the transaction fee won't guarantee the 2nd transaction is mined first.