Topic: 51% attack is very unlikely (Read 256 times)
It could happen, bitcoin is very easy to manipulate. If anyone really intent to destroy bitcoin, then bitcoin can be destroyed.
If it happens, the confidence and price of the coin will collapse. People holding the largest amount will suffer the most. Therefore it wont happen.
Probably you have a point to that but what if they are the one who dump that is why price are continuously fall. big holders are not holding forever they are also slowly sell their coins for profit taking and buy back to a much lower price.
They did the cost of such attacks. This will not happen, because even whales have their own opinions and views on issues that they will never allow anyone to hold a large share of the market, so take care of the bot. about this
A group of miners who is in control of more than 50% of total mining hash-rate and try to prevent new transactions from gaining confirmations, with a view to halt payments for all the users or some of them. it is 51% attack.
I think 51% attack will not be in reality because in those circumstances miners will not be able to mine new coins ; so why shall they give loss to themselves.
I think 51% attack will not be in reality because in those circumstances miners will not be able to mine new coins ; so why shall they give loss to themselves.
In large and popular crypto currency, the probability of an attack of 51% is really unlikely. But the situation with small altcoins is completely different and they will easily succumb to such an attack.
51% of attacks may occur, there are times when revolutions can occur including in blockchain technology. but I'm sure blockchain technology including bitcoin will never die.
51% Attack is possible but requires a huge calculation system! Only small altars with a small Hash Rate are at risk!
But there is also the risk for blockchain technology!
But there is also the risk for blockchain technology!
attack 51 is likely on other cryptocurrencies.It is not possible on bitcoin.No one will let you do it.Large enterprises make equipment for bitcoin mining.They would not benefit.
It's unlikely and even if it did the culprit would not be able to generate new money and they would be able to modify all past transactions other than a few blocks back. In general, potential damage is much smaller than most thought ...
i dont think its possible to happen. big investors will be hit so much,
If it happens, the confidence and price of the coin will collapse. People holding the largest amount will suffer the most. Therefore it wont happen.
That has always been the assumption, but it just isn't always true.
Bitcoin Gold suffered a 51% attack in May and its price has not been affected.
ZenCash suffered a 51% attack last week and its price has not been affected.
Verge has suffered several attacks over the last couple months, and its price has not been affected.
Monacoin suffered a 51% attack last month and although the price dropped temporarily, it returned to normal.
Yes...thank you. And there were others, I know ZenCash got it. I think they can only do short term damage and it has to be for transactions executed during the attack. So, if they can hold the network long enough, they can hopefully get a few transactions to clear, but 51% is not really enough, it's barely enough. If transactions are hitting the 49% those transactions are rejected. But each of the blockchain networks are different.
In addition, since those 51% attacks, people are making changes so that those attacks can't actually work as well next time, like requiring 100 confirmations before an exchange will release coins being withdrawn, instead of the old 5. If I understand this correctly (which I probably don't) the more confirmations needed, the long the attacker would need to hold at least 51% of the network.
Do I have all this right? Would love to be corrected.
btc's UASF, segwit other events of august 1st was a 51% attack.. technically it was a 35% attack because core only had 35% before the group rallied the core supporters to reject blocks that dont comply to cores roadmap
this is why core should now publicly announce they will never again allow a mandatory bilateral split vent purely to get a feature enabled that didnt reach 95%.. nor even 50% of true consensus.
as long as core want to continue thinking that mandatory consensus bypasses are a tool. then 51% attacks will happen.. but silly fools will say its ok because it benefits core (but breaks the purpose of the decentralised consensus mechanism)
this is why core should now publicly announce they will never again allow a mandatory bilateral split vent purely to get a feature enabled that didnt reach 95%.. nor even 50% of true consensus.
as long as core want to continue thinking that mandatory consensus bypasses are a tool. then 51% attacks will happen.. but silly fools will say its ok because it benefits core (but breaks the purpose of the decentralised consensus mechanism)
51% attack is almost impossible, for this you need such a huge computing power that nobody could organize. Hypothetically, an enormously rich investor could buy power from the mining pools, but as a result it wouldn't pay off. People would start to pay their Bitcoins on stock exchanges and the BTC value would fall to such a degree that it would be undoubtedly unprofitable.
If it happens, the confidence and price of the coin will collapse. People holding the largest amount will suffer the most. Therefore it wont happen.
wrong a 51% attack will be common, as bitcoins design is doomed to get a miner cartel in the industry,
stake systems will continue or coexist
https://www.cryptoproductivity.com/single-post/2018/06/07/The-Systematic-POW-doom-and-the-inevitable-emergence-of-a-POW-Monster-in-the-Cryptoindustry
Yes agreed with you. If this happen. total system will collapse and people will lose their confidence in crypto. However, we believe that it won't happen.
I don't think this will happen. If that happens, the people holding the coins will be at loss. Let's see what happens!
it seems impossible because many try to block bitcoin by making a buy order at the lowest price and try to buy when many people panic so they buy as much as buy at a cheap price and bitcoin will not be able to collapse in a rough.
If it happens, the confidence and price of the coin will collapse. People holding the largest amount will suffer the most. Therefore it wont happen.
That has always been the assumption, but it just isn't always true.
Bitcoin Gold suffered a 51% attack in May and its price has not been affected.
ZenCash suffered a 51% attack last week and its price has not been affected.
Verge has suffered several attacks over the last couple months, and its price has not been affected.
Monacoin suffered a 51% attack last month and although the price dropped temporarily, it returned to normal.
If it happens, the confidence and price of the coin will collapse. People holding the largest amount will suffer the most. Therefore it wont happen.
Your logic only holds true as long as the Miners are the ones holding the largest amounts as they are the ones that can 51% attack bitcoin.
A collusion of just Chinese miners has had more than 51% combined for over 2 years now.
If the Miners decide another coin benefits them more than bitcoin, then they could potentially dump bitcoin and then 51% attack it to destroy it and point to their other coin as the #1 coin gain profit as the non-miners jump to follow their lead.
Things the Miners can do and no one can stop them.
1. Miners could collude to raise the transaction fees to insane rates , users have no options but accept or let their coins sit frozen.
2. Miners could just refuse to add new transactions to blocks , and users are powerless to stop them.
3. All the Miners could just mine another coin and let bitcoin freeze up in a death spiral.
People just holding bitcoin and are not miners are really just minions of the miners , as the miners are the ones with all of the power in a Proof of Work coin as Bitcoin.
51% attack on bitcoin is almost impossible but other bitcoin and ethereum forks has been gone through such attack before leading to multiple other forks of those coin and also complete shutdown (eg. KRYPTON).
With increasing mining capacity of single device any new coin forked from old coin are vulnerable to this attack thats why we only have ETH based token rather than standalone coin these days.
With increasing mining capacity of single device any new coin forked from old coin are vulnerable to this attack thats why we only have ETH based token rather than standalone coin these days.
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