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Lets say, I have a proper industrial grade mining setup. I have two accounts. I transfer some bitcoins back and forth between two accounts. Both accounts are using the same machine or different machines in the same room. Since the network latency is negligible, it is going to win the race every time (provided the hardware is competitive enough).

This way I can game the system and get a lot of commission for maintaining the ledger for mostly myself.

I do not suppose I am the first guy to come up with this idea. Is there a technical name for it? If is this not feasible, why so?

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    What race are you talking about? Creating a block? Trying a double spend? Something else? – Pieter Wuille Apr 22 '17 at 16:25
  • The bonus you get from maintaining the ledger. – Souradeep Nanda Apr 24 '17 at 10:40
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I watched this beautiful video from computerphile which cleared things up a bit. It can take an hour to compute and update the blockchain, no amount of network latency can compete with that.

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