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Lurkin

2,100 Posts.

6

11/01/21

18:46

Post #: 50092678
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Originally posted by skypiliot: ↑

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.

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No one has lost any money.
btc cult members are afraid of everything.
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