Check out this episode by Charles Hoskinson, featuring Sergio Lerner and Martín Medina! These two powerhouses from IOVlabs offer their approach to the latest 51% attack on Ethereum Classic, based on Bitcoin Merged Mining.
If Bitcoin 10x its value and governments become interested in saving and trading in bitcoin. Some might redirect there nuclear plants to mining . There can even be attacks on power stations for rival countries. A distributed AI system would eventually figure out a strategy to get 51%.
If miners can agree on not mining on top of blocks > 300kB even though that is the longer chain, they could also agree on not mining on top of a hostile 51% attack chain rolling back legitimate Bitcoin history.
Shower thought. How to socially prepare a formalisation to react upon a politically (not economically) motivated 51% attack that could roll back the blockchain not only a few blocks but days or weeks, causing disastrous consequences if the honest miners blindly switch to the longest* but evil chain. A social control is needed to prevent this.
How could it look like?
What do you think will happen if such an attack happened tomorrow?
Discussion is opened. (I think it is good to think about it before it happens - just to be prepared. The worst thing one can do is to deny the possibility that it can ever happen. Conversely, if it is seriously taken into account and counter measures are prepared, then the likelihood that it happens is minimized.) *Edit: Of course when I say "longest chain" I mean "chain with most POW". Don't correct me on this - that's semantics, you know what I mean...
10-08 00:23 - 'Bitcoin Cash is more decentralized that BTC! / [[link]] / It would only take 4 mining pools to do a 51% attack on Bitcoin BTC, where it would take at least 5 mining pools on Bitcoin Cash.' by /u/juliushenkin removed from /r/Bitcoin within 119-129min
''' Bitcoin Cash is more decentralized that BTC! [[link]2 It would only take 4 mining pools to do a 51% attack on Bitcoin BTC, where it would take at least 5 mining pools on Bitcoin Cash. ''' Context Link Go1dfish undelete link unreddit undelete link Author: juliushenkin 1: cas*.coin.dance*b***ks/*od*y 2: cash.co*n*da*ce*blo*ks/*oda*]*^1 Unknown links are censored to prevent spreading illicit content.
As a protection against 51% attacks, Bitcoin Cash ABC will have a Trusted Central Authority that will publish a new official checkpoint, 10 blocks in the past, after every block is mined. Finally: a decentralized currency that you can trust.
"Bitcoin Gold got 51% attacked. Miners have no issue with attacking BTG because if it dies, they could easily switch to mine another coin that also uses Equihash POW. This is not the case for Bitcoin/Litecoin" - Charlie Lee on Twitter
If miners can agree on not mining on top of blocks > 300kB even though that is the longer chain, they could also agree on not mining on top of a hostile 51% attack chain rolling back legitimate Bitcoin history. /r/Bitcoin
51% attack and Bitcoin . What is a 51% Attack - Bitcoin Tutorial. So, put yourself in the place of an attacker who intended to gain control of the blockchain. Let him manage to split the chain in the above way. One of the formed branches he controls, how to make it so that the network discarded the other? This requires that the aggregate complexity of the blocks in that branch be greater than ... Die 51-%-Attacke nennt sich auch die Mehrheitsattacke (auf Englisch: majority attack). Ein Double Spend ist eine Transaktion, durch die das selbe Geld von der gleichen Person mehrmals ausgegeben werden kann. Potenzielle Angreifer, die mindestens 51 % der Hashrate kontrollieren, produzieren langfristig mehr Blöcke als der Rest des Netzwerks und können damit die Geschichte der Transaktionen ... Bitcoin Mining und die Gefahr der 51% Attacke. Wenn sich diese vier oben genannten Pools nun zusammenschließen, wäre es theoretisch möglich eine 51% Attacke auf Bitcoin auszuführen. Bei einer 51% Attacke können Blöcke verifiziert werden, die eigentlich nicht verifiziert werden dürften: The Github gist that explains the recent Bitcoin Gold 51% attack on Thursday and Friday. Last week on Thursday and Friday, BTG again dealt with a malicious mining entity as more than 51% of the ... A 51% attack refers to an attack on a blockchain by a group of miners controlling more than 50% of the network's mining hash rate, or computing power.
The purpose of the video is to give a brief over 51% attack on Bitcoin. Slides contain thorough walk through of Bitcoin basics right from mining to functions of Blockchain as well as it's use ... Keywords/phrases: Could state authorities shut down Bitcoin at any time? A state-sponsored 51% attack would be very difficult. Even though a lot of the mining is in China, it's not as concentrated ... 51% Attack Explained Bitcoin Gold and Verge Recent Hack (Crypto) - Duration: 7:02. Aimstone 3,551 views. 7:02. Roger Ver Caves On Bitcoin Cash Mining Fee (12.5%) - Duration: 21:56. ... A 51% attack is a potential attack on a blockchain network, where a single entity or organization is able to control the majority of the hash rate, potential... Hello everyone, In today's video we will learn why a 51% attack is impossible on Bitcoin As you know, Bitcoin makes use of a public ledger which is called "B...