Topic: 51% attacks (Read 308 times)
Technically, 51 per cent attack doesn't make any sense while earning from it. The movement someone puts his resources for such an attack if he succeeds then such cryptocurrency will become worthless resulting in the loss of value of every coin in existence including the coins stolen by the attackers. In simple words, it is like the suicide attempt along with the resources involved in it.
A few years ago we had a close call with Bitcoin when Ghash.io mining pool became so popular that they nearly pulled off a
51% attack, but fortunately for us the Bitcoin community saw the threat and some miners moved their hashing power to
other mining pools. You can read more about it here : https://en.wikipedia.org/wiki/Ghash.io The problem with smaller
Alt coins is that they have less hashing power, so a bad actor with a lot of hashing power can attempt to do a 51% attack, if
he shifted that hashing power to mine that Alt coin. Most people/Pools do not do that, because it will destroy the value of the
coin, if it is detected.
51% attack, but fortunately for us the Bitcoin community saw the threat and some miners moved their hashing power to
other mining pools. You can read more about it here : https://en.wikipedia.org/wiki/Ghash.io The problem with smaller
Alt coins is that they have less hashing power, so a bad actor with a lot of hashing power can attempt to do a 51% attack, if
he shifted that hashing power to mine that Alt coin. Most people/Pools do not do that, because it will destroy the value of the
coin, if it is detected.
now this erros have solved, when they realize the attack, they defense it. if you scare this attack, you can hold some altcoin with stronger such as bitcoin, ETH, EOS, Wave, NEO... i think they can not attack with this method
nodes could monitor the behavior of their connections to detect events like abrupt disconnections from multiple peers or unusual delays in block delivery. These events could serve as an early indicator of a routing attack and could, for instance, trigger the establishment of extra randomly-selected connections.
I think the problem will take a long time, because the cryptocurrency market has now degenerated, maybe that's what it takes.
All crypto actually have enough security to be attacked by hackers. However, what often happens is hacking in an exchange service because the security in exchange is not equipped with an algorithmic encryption like the official wallet of each coin either bitcoin or altcoin.
It's up to the managers of those projects to secure their networks. Verge has been hit by the 51% attack more than once but people still buy that coin and give it value. If verge was dropped along with other insecure coins then it wouldn't be a problem
actually this is easy to analyze. Smua altcoin I believe the encryption protection is strong because it is also formed from the algorithm. But if we want to go deeper, the theft happens in exchange or in a personal wallet. If it happens in exchange it means you've summed up your own answer 
Unfortunately for now nothing can be done done to this . everyone needs to secure their wallet with everything they can to prevent hackers from stealing their assests.
What are some best practices for securing your wallet?
Hinestly we cant do anything about these thieves and attackers but thr best thing we should do is to prevent these from happening; for instance you have invested a couple of bitcoins and then thats all the money you have since you wanted to gain interest more than you gain at the bank. You should always put a 2fa or save your coins on an offline wallet or hardware wallet so others wont have access to it other than you.
Unfortunately for now nothing can be done done to this . everyone needs to secure their wallet with everything they can to prevent hackers from stealing their assests.
Fortunately, there are both short- and long-term countermeasures against network attacks. First, peer selections could be made routing-aware. Bitcoin nodes could, for example, aim at maximizing the diversity of the Internet paths seen by their connections to minimize the risk that an attacker can intercept all of them. Moreover, nodes could monitor the behavior of their connections to detect events like abrupt disconnections from multiple peers or unusual delays in block delivery. These events could serve as an early indicator of a routing attack and could, for instance, trigger the establishment of extra randomly-selected connections. Finally, solutions like end-to-end encryption would also help (especially against delay attacks). Yet, encryption alone would not be sufficient to protect against partitioning attacks as an attacker can still drop encrypted Bitcoin connections.
it not a big problem and which we need to solve so urgently.
so bitcoin is very hard to attack in this method. (51%)
but other cryptocurrencies are very vulnurable to such attacks.
so attacker can steal other currencies and then buy with them bitcoins...
how can this problem be solved?
If someone steals other crypto and then turns around and tries to buy Bitcoin with them, typically the market will correct itself so that the coins that were stolen are close to value-less and thus not worth trying to trade in the first place. There’s no way to solve the problem since there isn’t really a problem to begin with, unless you try to make some equivalence between Bitcoin going up in value and stolen coins pushing the value up being a bad thing. but other cryptocurrencies are very vulnurable to such attacks.
so attacker can steal other currencies and then buy with them bitcoins...
how can this problem be solved?
BTW I was talking about the zencash 51% attack that occured 2 weeks ago.
someone stole 23000 zencash worth 500,000$ and bought withthem bitcoins...
someone stole 23000 zencash worth 500,000$ and bought withthem bitcoins...
That’s not a good news. We cannot stop this theft incidences. We would need law enforcement team to stop this crisis.
They are not so vulnerable to be stolen so easily I think. And attackers can steal anything. the usual currency too. This is not a problem at all which needs to be solved.
so attacker can steal other currencies and then buy with them bitcoins...
That's not how majority attacks work. You can't steal coins by having the majority of the hashing power on a network. You could double spend, and prevent certain transactions from confirming. The obvious answer to this is it's incredibly difficult to keep such an operation ongoing, and online 24/7. Plus, at the end of the day is it really work the expense to prevent certain things from happening? The only reason I see people attempting majority attacks on a particular coin would be if they were competitors, and they strategically attacked it at the right moment to cause doubt within it's followers. Otherwise, I don't think it's beneficial to anyone.
Having just 51% isn't really a enough either. It would be much more effective the higher percentage of hashing power you have.
Bitcoin is encrypted and very secured. People hardly can get into it so easily. I'll do more improvement to secure its technology further.
Basically btc is very much concern about this problem also if some coin is hacked and if someone sold those and buy btc what we can do basically there is nothing to do also it cant prevent this that why many company are there for regulation to prevent this problems.
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