Is it possible to generate a key pair that has already been generated? Wouldn't it collide with an existing value?
I assume it is mathematically very unlikely, but odds higher than 0 are still possible.
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Yes, it is possible to create an already generated and in use address. The chances of that is indeed larger then 0, but minimalistic. But really small. And if I say really small, I mean extremely small. And if I say extremely small, I mean very extremely ultra low super duper close to zero. It is definitely NOT something to be considered as a weakness, never ever (because it will cost more energy before you have 50% to hit a duplicate address then the whole sun provides in its whole life time then). source