10 blocks is 20 minutes (2 minutes per block). You cant send monero before that anyway because of the 10 block lock time.
Good point! Come to think of it, though, this wait time could be inconvenient. With traditional money, you can buy something, then you can freely buy something else after a few minutes. Would having multiple Monero wallets be the only solution, in case one wants to go on a shopping spree using xmr?
A nice fix for this is monerujos pocketchange feature. You shouldn't use it on your main wallet though since it can impact privacy a bit.
Thanks!
Just use a light wallet like cake for small stuff. Or after several partial transactions, you will have different amounts to spend from, sorta like having different size bills in your wallet.
Is the 10 block lock time there to prevent double spend and leaking any of your transactions?
Its there to prevent double spends and block reorgs that would break where ring inputs are. The biggest reorg in several years was a 3 block reorg which isnt to bad
I can confirm this finding. My log shows 1 reorg of depth 3 since August 2021. In total my log shows 326 reorgs since then with 325 of them being 2 blocks deep.
There’s a bug in some wallet software (that didn’t update) that cause the decoy selection algorithm not to choose outputs that are exactly 10 blocks old, but only 11, which caused all spends from 10 blocks old outputs to be pretty much all considered the true spend.
But generally the more you wait, the more likely you are to be "secure". You can always try churning (wait between a few hours and a few days).
10 blocks is good enough though right?
It's super good enough. The beauty of Monero is it makes private transactions easy.
Because some of wallets didn’t update, there’s still significantly less decoys that are 10 blocks old exactly. Sure it is enough, but you’ll statistically be way more exposed.
The decoy selection algorithm isn’t perfect though, and it also seems like it doesn’t choose enough recent outputs, so that means again you’re statistically more exposed if you spent from 10 to idk like 100 blocks old. Nothing that alarming though.
10 is enough for most cases, 11 is better if you want the extra privacy :)
If you really need the privacy, churn and/or wait at least a few hours.
This is the lemmy community of Monero (XMR), a secure, private, untraceable currency that is open-source and freely available to all.
Wallets
Android (Cake Wallet) / (Monero.com)
iOS (Cake Wallet) / (Monero.com)
Instance tags for discoverability:
Monero, XMR, crypto, cryptocurrency