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| May 25, 2018

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McCain: I Regret Not Picking Someone Else in 2008

May 6, 2018 |

As John McCain debated his choice for vice presidential running mate in 2008, advisers warned him against the optics of picking Joe Lieberman, a pro-choice Independent senator who caucused on the other side of the aisle. “It was sound advice that I could reason for myself,” he writes. “But my…
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Sheriff to Visitors: ‘If You Kill Someone, We Might Kill You’

April 8, 2018 |

Want to know where Harris County Sheriff Mike Jolley stands in the culture war? Just read the sign outside his office, WSB-TV reports. “Our citizens have concealed weapons. If you kill someone, we might kill you back. We have ONE jail and 356 cemeteries. Enjoy your stay!” Jolley insists it’s…
Newser

Someone Just Spent $2,000 On a $1,000 Gift Card Trying to “Double Spend” BCH

March 18, 2018 |

Someone Spent $  2000 On a $  1000 Gift Card Trying to “Double Spend” BCH

It is a common practice nowadays for online ventures to invite white hat hackers to attack their systems via security challenges or cyber bug hunts. Companies usually do this to learn what vulnerabilities they might have and improve, or to show their confidence in their existing defense capabilities. The method can also be used to prove a point about the reliability of a certain system as seems to have happened now with 0-conf BCH transactions.

Also Read: Wirex to Launch Cryptocurrency Debit Cards in Asia During Q2 2018

0-Conf Challenge

Someone Spent $  2000 On a $  1000 Gift Card Trying to “Double Spend” BCHIt appears that someone has lost $ 2,000 buying a $ 1,000 gift card trying to carry out a “double spend” attack with bitcoin cash (BCH), according to transaction data from Cryptonize.it. Whoever was behind this failed attempt thought that they can exploit a feature in BCH called 0-conf (wherein transactions are broadcasted immediately with still zero conformation), but the attempt backfired, costing them double the gain and verifying the security of the cryptocurrency for merchants.

As we previously reported, Cryptonize.it is an online shopping website selling gift cards for Amazon, Steam, iTunes, Starbucks and many other popular services. It exclusively accepts BCH payments, offering merchants a platform to sell their products to the bitcoin cash community while avoiding volatility risks. As such, it was important for the founders of the site to demonstrate to merchants that accepting payments with the BCH cryptocurrency is safe and secure. So the company challenged anyone who think they can double spend by exploiting 0-conf to get a $ 1000 Amazon gift card (priced at $ 2000 to make sure no one buys it by mistake), promising not to report the incident to Amazon or to press any charges.

More Challenges to Come

Someone Spent $  2000 On a $  1000 Gift Card Trying to “Double Spend” BCHCryptonize.it co-founder Arian Kuqi explained to news.bitcoin.com how the whole thing came about: “It started about a month ago, I noticed a lot of comments and posts about 0-conf and how it’s not safe to use. It’s understandable, people are stuck in their head with BTC problems and think the same goes for BCH. Having 0-conf on cryptonize.it, I started commenting and posting about it. Then, a user on reddit suggested I set up a challenge for people who were so confident 0-conf can’t possibly be reliable so one day later I did. A month went by, a lot of talk in the beginning but no action. Until one guy made it clear that he was going to try under the impression of a 80% shot in his favor. A couple of days later, it happened!”

The co-founder added that more similar challenges are on the way: “I’m going to keep coming with challenges until everybody is satisfied 0-conf is safe to use for any online retailer supporting Bitcoin Cash or until these trolls run out of money. My goal is to show merchants the benefits and safety of the Bitcoin Cash ledger and attract more adoption by merchants.”

What other challenges are needed to test vulnerabilities in the cryptocurrency ecosystem? Share your thoughts in the comments section below!


Images courtesy of Shutterstock.


Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

The post Someone Just Spent $ 2,000 On a $ 1,000 Gift Card Trying to “Double Spend” BCH appeared first on Bitcoin News.

Bitcoin News

Women Say Their Ulta Makeup Was Once Someone Else’s

February 13, 2018 |

There’s nothing like opening up a brand-new makeup kit and glamming it up—though that glamorous feeling may be lost if you find out you’re applying makeup someone else already used. That’s the gist of a complaint filed in Chicago last month by a California woman who says Ulta repackaged…
Newser

$1.2M in Wine Allegedly Stolen by Someone Exec Trusted

January 18, 2018 |

It sounds like a good gig: working as the personal assistant for—and managing the stunning wine collection of—the No. 2 man at Goldman Sachs. But as the New York Times reports, Nicolas De-Meyer allegedly turned a good thing bad. Per an indictment unsealed Wednesday in Manhattan federal court,…
Newser

Secret Gov’t Airline Needs Someone to Fly to Area 51

January 10, 2018 |

Looking for an exciting new employment opportunity? A secret airline tasked with delivering people to some of the most closely guarded locations in the US apparently has an opening. Janet Airlines—a classified government airline USA Today notes “sort of doesn’t exist”—is seeking a Las Vegas-based flight attendant to…
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Someone in Florida Just Won 10th Largest US Jackpot Ever

January 6, 2018 |

The winning ticket in the latest Mega Millions drawing was sold in Florida, the AP reports. One ticket matched all six numbers in Friday night’s drawing and will claim a $ 450 million grand prize. The Florida Lottery says the winning ticket was bought at a 7-Eleven convenience store in Port…
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Someone Stole Bottle of Vodka Valued at $1.3M

January 3, 2018 |

The owner of Denmark’s Cafe 33 could probably use a drink. Brian Ingberg says someone broke into his bar this week and stole a bottle of vodka valued at $ 1.3 million, Radio Free Europe reports. According to the AP , Ingberg says the bottle of Russo-Baltique was on loan from…
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A Necklace Someone Else Stole Was Her Undoing

December 27, 2017 |

After more than two decades behind bars, Tyra Patterson became a free woman on Christmas Day—but not because she was exonerated for a crime she has staunchly insisted she didn’t commit. Rather, she was released on parole after serving 23 years of a life sentence for the 1994 murder…
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