Topic: 51% Attack (Read 338 times)

I wonder if it will make you stop being a bot with generic one-liner replies while wearing a signature. Seriously, who the fuck is your campaign manager at OWNR wallet? Ohh the campaign is stopped and you have taken some sort of oath to only reply with one-liners.

Or you a bot. If this is a bot, please teach us how to make one.

Your reply will also serve as a form of Turing Test for your "bot", i guess.

AND, to answer your question, the only people who should worry about the Digital Yuan are the Chinese citizens who love falling for the communist nationalism propaganda so much. The rest of the world will continue with Bitcoin. Nobody will give a damn for these centralized curiosities.

LOL. There is just one guy who speaks like this and has so much verbal diarrhea with meaningless speculation and completely cuckoo assumptions (Jack-Ma doesn't own the Ant in the Ant-Miner).

What happened to your old accounts? Now I recall from your  earlier posts where you used to talk in this swarm/ Gollum-ish language of addressing yourself in the plural. LOL, Its so much fun. ("We are not going to explain further", "We know everything", "We are the legion").

Welcome back TOAA/ Khaos..Why do you keep making these Alts though? You selling PoS these days??

And they are much cheaper compared to 51% attack since you don't need a lot of resources to spam the transactions and knowing China, they would probably choose those that they can benefit from in the long-term than a big one that wouldn't even last that long.

We have already said "Only a moron pisses in his own soup", If you don't understand this statement, then you wouldn't understand the question.

This entire OP is BS, because nobody on earth with the power necessary has any desire to 'destroy btc', like I have already said, it doesn't matter because BTC has a limited shelf life, but that doesn't matter either cuz of the 12k shit-coins, 100's of them are rock-solid to stick around the next +20 years long after btc implodes.

China by hard-work has 90% of btc on earth today, they worked for they're smart, they ain't going to pee in their soup.

...

Here's what is going to transpire, CCP already has control of Jack-Ma and his ant-holdings which 90% of the world BTC infrastrucure, when CBDC is ready CCP just slides their code in, and all the infrastructure simply starts running CBDC.

But this is years off ( 2-3 years IMHO ), in the short term there needs to be a slow migration of out BTC and into the btc-3.0 coins where the wealth can be preserved. CCP well knows the NSA created BTC, and they know that it has a limited 'shelf-life' so they'll have their people slide into CBDC and/or GOLD until the transition is complete.

The morons in the west will be the bag-holders and watch btc go slowly to zero.

Do we believe and believe that what China is doing with a specific purpose is true and can be ascertained. look at past experiences about 51%. citing some news that circulated among them;

- To exert influence in a foreign country where Bitcoin is in use, China may aim to weaken or even totally destroy Bitcoin. This could be done by targeting specific users or miners for attack or by generally weakening consensus to increase volatility to a breaking point.

Of course there are implications that occur with this and whether there is no protection that can prevent this from happening.
we know that there is ;
The Computer Fraud and Abuse Act (CFAA) seems to clearly encompass 51% attacks, and impose significant penalties on the attacker.

whether it will still be done with a clear risk that is easy to know.

Dude are you a full blown cuckoo or what?

Pools will never collaborate by themselves for their own economic benefit. That is the whole point of Byzantine fault tolerance.

Coercing the pool operators is something that any Governement authority can do if they were to go full dictatorial. To be honest, if governments decide to do it, of course they can not just 51% attack the network but just destroy all of it.
Though, it still cannot stop dissenters to run anonymous nodes and continue the network even in such dystopian conditions.

Now, the mining hardware concentration is pretty obvious though. There have been attempts elsewhere but none can compete with the supply chain that the Chinese manufacturers have managed (ASIC chips from Taiwanese suppliers). It is nigh impossible to make inroads once these monopolies get established in high end integrated electronics. This does not mean that it is somehow a weakness of the network itself. These are geo-political issues you talk of, those which Bitcoin doesn't care about.

All of your hyperbole-filled arguments with crazy assumptions (90% miners in China) is typical FUD. But this is Bitcointalk and nobody says anything when the likes of you fill pages with FUD. So carry on.

Chinese have found that selling crappy used bitmain mining hw to western suckers is most profitable of all

Chinese have found that a two tier pool system, one for the white trash, the other for the asians is also profitable

The fact is NSA/west created bitcoin/shit-coins, but the chinese are making all the money off the white fools.

Chinese pools have long since found that spamming the bitcoin transactions are farrrrrrrr more profitable than a few week 51%.

no worries.

just like people all said its really expensive and need a lot of resource even they can do successful attack the most people will know the transcation id make hard for selling the bitcoin they have most exchange will freeze the account before make sell any penny

The USD adoption came from bretton-woods, and the saudi compact, that said 'all who want oil, must trade in USD, in exchange house-of-saud got US-GOV mob protection, from its own muslim citizenry, and the USA got to be 'reserve-currency' a few more years, of course it didn't hurt that the USA was still #1 post WW2 in the region;

Today USA/USD is backed by Murder, MIL power to destroy anybody who exits the USD reserve trade system, and only country's on earth who are tip-toeing into the new direction right now are Russia&China, but its baby steps.

Given that BITCOIN came out of the NSA ( MIL INTEL ), its somehow a creepy joke to suggest that BITCOIN is anti-US-MIL.

Hell my favorite ALT is Horizen ( prev called Zen ), and it came out of US NAVY INTEL.

Stat's always lie,

Recall that 99% of bitcoin 'mining hw' made in China, and it all calls home to 'mother' for updates, firmware, and mining stat's;

Like I said morons will ignore the 500LB gorilla, for seeing defy the entire narrative of bitcoin in the west, in asia of course its a known-known

The funniest part of all this is ASIA owns crypto, but the NSA/BIS/IMF created the bitch, so who is the real mother? Who is the real winner, A trojan horse, or like COVID did a FT-Detrick project simply get fall out of Western Hands?

Wars have been fought over who gets to mint the currency. Its a privilidge. The reason the world adopted the USD was because it was secure because the US military is massive. If Bitcoin keeps growing and becomes some kind of reserve asset some government will declare war on it, and get everyone to use its own currency instead.

And like i said, after a few more halvings there is not going to be alot of money for miners anymore which is when it becomes completely feasible for a government to establish enough hashrate to 51% attack. Actually the smart thing would be to just let Bitcoin get adopted, especially by smaller countries, and then you 51% attack it to force all these countries to use your CBDC instead.

I mean China banned skype in 2010 because they said only China Telecom and China Unicom are allowed to operate VoIP services in the country. Its just a matter of time until they ban bitcoin and 51% attack it because only Chinas Central Bank will be allowed to mint money. And noone can do anything about it.

You say 90% is mined in China, but that number is closer to 65% (https://www.statista.com/statistics/1200477/bitcoin-mining-by-country/).  Plus, aren't the large mining pools made up of members that join the pool from all across the globe?  Thus while the pool may be based out of China, those miners in the pool can be from other countries.

See that's a different subject, 51% & double-spending, aka ordinary theft one time, or a complete destruction of bitcoin, sort of clean-bomb on crypto.

The wealth/power required to play 51% of btc, well if you had that kind of wealth/power why would you waste it on a teenage prank. On the other hand say bringing the crypto system to its knees the weak link is USD-T, as nobody plays with real money, and for all the talk about about bitcoin being fungible, if&when USDT implodes so does all crypto including bitcoin.

USDT is centralized, so perhaps a hacker/extortion scam, or just an old fashion high-explosive takedown of their infrastructure. There is always an achilles heal in every fragile system, while bitcoin, can be defended on principal of dispersion, its trade on the back of USDT makes it humpty-dumpty, should the great fall begat.

Like has already been said, if your goal is a quick $200M USD, then best to go after a 51% attack on an alt, can be done on a realistic budget. If your goal is to bring down say GOV financial system, then that requires different kind of thinking.

James Garwin, nuke advisor for six presidents said it best years ago, "The most troubling decision to drop the atomic bomb on Japan, was that we could no longer deny its existence", see the cat would be out of the bag. Most things people think they know, aren't even true. What's possible is actually easier than they tell you. The real problem, is that that the 'question' isn't defined.

Perhaps the OP doesn't really even know what 51% attack means? It was what made Satoshis 2009 work new, as opposed to the prior imf-bis white papers of 1997 ("how to make a digital bank"), the solution to the double spending problem. But in the context here I doubt that the OP means 'who can double spend btc', I think its more like who can attack bitcoin? Then you need to step back and ask the question, what is the achilles heal of bitcon.

Just like the USA in time BTC is going down, there is no particular rush, its all controlled demolition. Just like the US-Dollar its going down. BTC is dependent upon SHA256&SECP256k1 both NSA algo's with a limited shelf-life ( 10-15 years from release )

Today in CHINA, where everybody wants to be rich, the only game in town is 'crypto' so everybody plays, and nobody wants to kill the golden-goose,  in the USA where everybody is a meth-head living on the streets covered in their own urine, I doubt they give BTC much thought. In summary for now, those that actually control bitcoin (the Chinese), love it much more than the paid influencers found on this site.

All miners use the same bitmain hw, all hw calls home, all u have to do is mod the firmware and redeploy, but why kill the golden-goose at this point in time?

The war between USA is coming, either uncle-scam assumes the prostrate position and takes it at both ends, or the Chinese bring the dying empire to its knees who cares?

Don't fool yourself people, you all talk as if you dont' have a clue about ant-miners, bitmain and ant-pools. Hell for the past ten years its been a complete monopoly, everybody else selling mining hw for btc is a minor player.

They could but they don't , compeche?

U don't piss in your own soup, well that's what  the Italian mafia used to teach its kids, and its certainly what the Chinese triads teach their kids.

Probably the main reason that Jack-Ma is under CCP house arrest, is not so much that he was outspoken, but that should he be kidnapped and ransomed, he could bring the entire house of sand down.

From me you got it right, but i don't really know for any other once, and it's obvious that before something been into attack they most be a competition which @Darker45 stated above, so the competition of numerous coins can bring total reduction to the existing one, so the point is very clear that what might cause the 51% of attack might be the results of alternative coin's.

How likely is a fork if a 51% attack happened? Could the other 49% of miners quickly fork if a 51% attack happened?

Nah, it's not as simple as that, the cost of a 51% is so huge that the incentives for doing that is so low. You need to have a lot of mining hardware, and then if some pools notice this attack, they can simply stop mining bitcoin. So your chain will not survived, maybe just a couple of minutes after the attack. But after that, you're done. So I don't think any government or nation are willing to spend their budget just to prove a point, doesn't make sense.

How would it go down? We'll never know the extent of the damage but I think it won't effectively kill Bitcoin. These are all theoretical talks. The only available actual references of successful 51% attacks are those on certain altcoins which are incomparable to Bitcoin anyway. And they're still around. Bitcoin Gold, Ethereum Classic, Grin, and others were attacked successfully in the past.

How could it be defended? Well, the cost-benefit disparity is defense enough. Bitcoin's hashpower is high enough that gaining 51% is next to impossible. Not to mention that there's probably no solid reason for any entity to do such a costly endeavor. And also, it has to be closely watched that no miner or group of miners or mining pool would control Bitcoin's computing power even close to 50%. The GHash.IO experience shouldn't happen again.

It will be too expensive, time consuming (I guess) and total waste of energy unless these attackers are that ruthless and they really want to bring the Bitcoin down. I guess this has been possible in the early days but I guess now it will be too rare to even see it happen, it gets scaled though and miners isn't on the decreasing level.