[Scam Warning]Double Spenders.

Flexability · Jan 14, 2017

Hello, everyone! I am here to warn all traders who use BTC to trade. I really haven't seen any other posts about this topic on sythe so I decided to create one. I used to use coin base, but COINBASE DID NOT WARN ME. It is my fault for not being more thorough but I learned my lesson. A few Sythe users have been conducting a scam using BTC which involves Double Spending money. From my readings it is an extremely hard action to pull off unless you know what you are doing, it is not like charging back via Paypal. What is double spending you ask? Well, it is the successful action of spending the same money (BitCoin) more than once. How do they do it? From my research, you need to understand scripting to even think about doing this. The basics are they spend THE SAME BITCOIN to one part of the network, and then to a different part of the network, which the Bitcoins do get sent but only to one part of the network. One gets lost during the transaction and sits in your wallet with 0 confirmations for about 2 days and then is sent back to the person who double spent. You should google this, read up, and correct me if I am wrong. My grasp on this subject is not perfect. How can you prevent this? You can prevent this by using blockchain. I never knew blockchain would tell you if a transaction was double spent until it actually happened. If you are trading goods and someone sends you Bitcoins, check it. Before there is even confirmations Blockchain will give you a warning stating it was double spent. I can post screenshots and steps on how to check exactly if it is something people would want. If you don't mind making trades a little longer just wait for a confirmation. Usually after 1 you are safe and will eventually receive your money, but to be 100% safe wait until you get all the confirmations and you see the transaction is confirmed. So be careful out there trading and hopefully you learned something from this post. Thanks everybody!