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
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 ... Bitcoin Mining and the risk of 51% attack. If these four above-mentioned Pools close together, it would be run, theoretically, possible to do a 51% attack on Bitcoin. In the case of a 51% attack blocks can be verified, which should actually be verified: The attackers, which combine now the majority of the Hashrate on that might now need the ... Another scenario is an attack on a commercially successful currency for profit. However, in this case, the currency provides for commercial mining — its users use their power to generate the coveted coins. In a successful currency, this phenomenon is massive, the total generation capacity is huge. And, therefore, attack 51% becomes intractable. “Bitcoin gold, a relatively minor cryptocurrency that split off from the original bitcoin blockchain in late 2017, has suffered a so-called 51% attack resulting in over $72,000 worth of bitcoin gold tokens being double spent. A 51% attack can occur when malicious cryptocurrency miners take control of tokens' blockchain and is the second time ... 51% Attack. Rewriting the blockchain. A 51% Attack refers to the act of intentionally building a new longest chain of blocks to replace blocks in the blockchain.This allows you to replace transactions that have been mined in to the blockchain.. This kind of attack is easiest to perform when you have a majority of the mining power, which is why it’s referred to as a “Majority Attack” or a ...
Do you REALLY understand Bitcoin 51% Attack? Programmer ...
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... Watch live: https://ivanontech.com/live What is a 51% attack and why is it only possible with Proof-Of-Work cryptocurrencies like Bitcoin and ZenCash? Lets review how all PoW coins can be the victim of a double spend hack and how much ... 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. 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...