Hey guys,
i was pretty sure that validating nodes give us some kind of security even if they don't mine.
But now i got into a lot of discusssions with these BCH/SV guys and not 100% anymore
How does a full node prevennt double spending, its accepting the longest chain no matter what no ?
What else are they validating. Does a node operator has to do manual auditing of blocks to confirm no double spend happened?
so what is true or wrong about this article from this Faketoshi Craig ?
https://medium.com/@craig_10243/the-myth-of-the-full-validation-node-d7db52748649
pls not (only) hate, give me some answers i can learn from to understand it better.
Cheers
The double spend can happen in a PoW system no matter what happens because the system is designed in such a way. Although there is a huge possibility of double spending, there is only 0.1% probability of his attack to be successful. A transaction needs 6 confirmations to be validated and probability of all the 6 confirmations to happen simultaneously is very very low and even if it does happen then the there will be at least a difference in confirmation time in the next block and hence the block with faster confirmations will win the race and will eliminate the other chain of invalid blocks. Hence the double spend attack won't be successful.i was pretty sure that validating nodes give us some kind of security even if they don't mine.
But now i got into a lot of discusssions with these BCH/SV guys and not 100% anymore
How does a full node prevennt double spending, its accepting the longest chain no matter what no ?What else are they validating. Does a node operator has to do manual auditing of blocks to confirm no double spend happened?
so what is true or wrong about this article from this Faketoshi Craig ?
https://medium.com/@craig_10243/the-myth-of-the-full-validation-node-d7db52748649
pls not (only) hate, give me some answers i can learn from to understand it better.
Cheers