What they've done with Scientology Vision and Btrash wallets is...

  1. 10,291 Posts.
    lightbulb Created with Sketch. 21
    What they've done with Scientology Vision and Btrash wallets is get the UI to tell you that you've "Received" a transaction once it's spotted in the mempool or after only 1 block. This is extremely dangerous because transactions in the mempool are not spendable and can drop out of the mempool at any time. Transactions that have only been included in a block 1 block deep could be dropped and re-enter the mempool if a competing miner completes a longer chain of blocks. This is why in Bitcoin a 6 block depth is the unofficial block depth standard to consider a transaction as settled. 1 block re-orgs are extremely common. But 4 block reorgs are extremely unlikely and 6 block reorgs are practically impossible. This is also why Lightning is secure: With Lightning you open up a channel with a specific amount of money and wait 6 blocks. After this point, transactions can occur instantly using the channel. If at any point there is a dispute or anything, you settle the final balance on chain.


 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.