To be even more clear:
Defrauding people by re-org attacks on blockchains is not double-spending because it doesn't inflate the coins in circulation, it is just a fraud!
Defrauding people by re-org attacks on blockchains is not double-spending because it doesn't inflate the coins in circulation, it is just a fraud!
Usually when people talking about double-spending, they mean using their coin/money twice (ignoring whether first transaction become invalid or both transaction are valid which causes inflation).
IMO you should specify your specific definition of double-spending on your thread.
- Collided miners/pools could be spotted and being put behind bars!
- Smart people should wait for enough (weeks maybe) confirmations before releasing large amounts of assets in exchange for digital tokens as long as they are concerned about such a threat.
- Smart people should wait for enough (weeks maybe) confirmations before releasing large amounts of assets in exchange for digital tokens as long as they are concerned about such a threat.
BTG 51% attack showed there are people who aren't smart enough managing transaction.
Miners are reliable as far as:
1- Provably, they are not inflating the supply of bitcoins by breaching the regulations built into the protocol.
2- There is proof that any incoming fund to a wallet approved by miners, comes with an equal deduction from the ledger maintained by them.
3- There is a safe threshold for the number of confirmations where the costs of rewriting the blockchain outperform any criminal incentive for defrauding users by orders of magnitude.
It's actually because of the full nodes. They secure the network, to make sure the miners are following the rules, and make sure to mine the type of blocks that the full nodes demand.
Plus, https://twitter.com/bitcoinmagazine/status/1197161029832265729
Just because miner follow rule/protocol demanded by full node, that doesn't mean they can't attack Bitcoin network, users or other miner.
See chapter 5 of this paper (The Looming Threat of China:An Analysis of Chinese Influence on Bitcoin), the short version can be seen on Table 2. A taxonomy of attacks China can deploy to influence the Bitcoin ecosystem.