I struggle to understand. Two bots guessed some short seed simultaneously?? Why fight again the second time? I think this has nothing to do with brain wallets. Just some RBF algo went haywire.
When the second bot realizes it knows the private key it has to create and broadcast a transaction with a slightly higher fee than the first not. When the first bot sees this transaction it creates a new transaction with a higher fee. And so on and so forth until the transaction is all fees.
The reason it has to do with brain wallets is because people are using insecure methods to generate a private key like taking a common phrase and hashing it with sha256 and using that as a private key.(this is what brain wallets are. https://en.bitcoin.it/wiki/Brainwallet#Obsolete_Brainwallet_Style). And these bots keep databases of billions of addresses generated this way and as soon as money is sent to one of them the race is on as to who can spend it first.
I thought brain wallets were regular random 12-word mnemonics memorized. Who the hell can memorize "Ph’nglui mglw’nafh Cthulhu R’lyeh wgah’nagl fhtagn”?? Google translate did not detect this language...
I struggle to understand. Two bots guessed some short seed simultaneously?? Why fight again the second time? I think this has nothing to do with brain wallets. Just some RBF algo went haywire.
When the second bot realizes it knows the private key it has to create and broadcast a transaction with a slightly higher fee than the first not. When the first bot sees this transaction it creates a new transaction with a higher fee. And so on and so forth until the transaction is all fees.
The reason it has to do with brain wallets is because people are using insecure methods to generate a private key like taking a common phrase and hashing it with sha256 and using that as a private key.(this is what brain wallets are. https://en.bitcoin.it/wiki/Brainwallet#Obsolete_Brainwallet_Style). And these bots keep databases of billions of addresses generated this way and as soon as money is sent to one of them the race is on as to who can spend it first.
oh man, legacy wallets are becoming compromised?
Legacy wallets are different than brain wallets. Legacy wallets are not compromised.
wow, this is crazy, bot bidding wars.
Another giant pile of crap
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I thought brain wallets were regular random 12-word mnemonics memorized. Who the hell can memorize "Ph’nglui mglw’nafh Cthulhu R’lyeh wgah’nagl fhtagn”?? Google translate did not detect this language...
It's from Lovecraft
https://en.bitcoin.it/wiki/Brainwallet#Obsolete_Brainwallet_Style
The brain wallets talked about in this post are described in this wiki. Nothing to do with 12 word mnemonic seed phrases.