/biz/ - Business & Finance

>>27038139

kek
chainlink isn't even relevant enough to be investigated by the SEC
SEC be like linkwho?

>>10909837
>This is impossible.
That's not impossible LMAO

How do you know so little about your own favourite coin

>6 confirmations takes an hour, the entire market and ecosystem would shut down within literally seconds. There is no way they could spend those coins fast enough in the volume needed to fund the attack,

Not true at all.

During normal operation on occasion the chain will fork at random, then the client / wallet software / node whatever you want to call it will decide that between two completely validly formed chains, the longest chain is the correct version of events.

So in this scenario all that happens is ~55% of hash power is dedicated to mining a longer chain which is kept secret. The longer chain contains the exact same transactions in the exact same order as the shorter main chain. The attacker goes to the exchange, makes a deposit of BTC, waits the 6 confirmations. Sells the BTC and buys XMR then withdraws the XMR.

The new secret longer chain contains every transactions EXCEPT that tx sending the BTC to that exchange. The new secret longer chain is then released onto the network.

All wallets / nodes / clients then will snap to the new longest chain because that is normal operating procedure for Bitcoin. No warning appears, probably no one would notice at all.

The exchange got its 6 confirmations so it's not going to be checking that transaction again. The exchange has just been robbed and doesn't know it.

They can just repeat this every day for years. For all you know they are already doing it now.