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Bitcoin, which just surpassed $ 41,000 on January 8, hitting a record high, has recently retreated dramatically. Influenced by US Secretary of the Treasury nominee Janet Yellen’s doubts about virtual currencies, and market rumors that the Bitcoin blockchain is “double-spending” (also known as attacks double-spending), the Asian market on the 22nd pitch broke $ 30,000, the first time since January 2.
The CoinDesk quote shows that at 10:56 am Taipei time on the 22nd, Bitcoin reported $ 30,679.59, a drop of 11.48% from 24 hours ago, and a drop of $ 28,845.31 around 9.20; the year-to-date increase has converged to 0.73%.
Cointelegraph, Business Insider and other foreign telegrams reported that BitMEX Research published an unconfirmed report via Twitter on the 20th.reportIt pointed directly to its fork monitoring website, Fork Monitor, and found that there appears to be around 0.0006063 bitcoins (equivalent to US $ 21) in double pay.
Double pay is when someone pays twice with the same bitcoin. This is a serious problem for digital assets, when Satoshi Nakamoto announced the Bitcoin white paper in 2009, everyone thought the problem had been solved.
Previous efforts to launch a digital payment system have been suspended due to blockchain failures that can lead to double payments, which in turn damages people’s trust. If there is a double payment phenomenon, it will be a fatal blow to Bitcoin.
It’s worth noting that BitMEX and Fork Monitor’s statements are inconsistent. BitMEX issued a document stating that it appeared that someone had paid twice in Bitcoin, and then said it should be an RBF (fee replacement) transaction (referring to an unconfirmed Bitcoin transaction that was replaced by a subsequent transaction with a Fee) . However, Fork Monitor noted in the report that “the jump in the RBF rate has not been detected.”
In this regard, Nic Carter, co-founder of Coin Metrics, a data agency, said that in the world of virtual currencies, the blockchain will record bitcoin transactions and perform tracking functions, similar to the operation of a bank to track transfers. Unlike banks, Bitcoin will reach consensus through a decentralized network and usually 6 confirmations (or blocks) are needed before it is considered a secure transaction. It is very rare that the payment is considered complete after a single confirmation. It is more likely that there are two blocks transacting from the same address, but one block is eventually removed.
Carter said that double-spend attacks generally target exchanges, and if the affected party doesn’t show a record, that fraud is really hard to prove. Although this case may be an attack, it looks more like a programming error.
(This article is reprinted with permission from MoneyDJ News; source for first image: Pixabay)
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