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Wednesday

21 October 2020

Bitcoin has a ‘dark forest’ of its own, and it has to do with brainwallets

Bitcoin has a ‘dark forest’ of its own, and it has to do with brainwallets


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The bots are able to assess if any given transaction that just entered the mempool can be replicated, and they will immediately publish their own copy with a much higher gas fee, which virtually guarantees that they will be the first to claim it.

Dan Robinson from Paradigm Capital demonstrated one such case with money mistakenly sent to a contract address.

But the fundamental issue of brainwallets is that any address that is sufficiently resistant to brute forcing will likely be difficult to remember reliably.

There are many stories of people losing their BTC by forgetting a private key they stored in their brain, with one notable loss of $13 million reported in 2019 — though some believe it was fake

Ethereum is likely subjected to the same type of private key brute forcing, with millions of dollars in Ether (ETH) being reportedly stolen in the past.

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