Well Bitcoin has "solved" it by attracting absurd amounts of hashpower, so it's going to be more of the same thing for PoW coins.
PoS might be a little more resistant to 51% attacks depending on the variables, so that's another solution that may be considered. Either way, the goal is to make it economically unfeasible.
As for the problem of buying Bitcoins with coins obtained in a fraudulent way, well there's not much that can be done to stop it given Bitcoin's irreversible transactions. Victims of double spending, specifically, could probably take legal action though, so that could act as a deterrent for such attacks.
Topic: 51% attacks - page 2. (Read 308 times)
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?
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?
I guess 51% of attack when it comes to bitcoin will cost you billions of dollars while other cryptos depending on its value are millions worth. I don't really think that someone will risk this. Unless whales will have a consensus to put their wealth together and do the attack on a certain coin. I guess it is inevitable if someone will really do the attack. Maybe the devs are currently researching about it on how to prevent that to happen in the future.
I advise you to learn what is a 51% attack before posting non-sense, you clearly don't understand what people are talking about since you ask "what kind of attacks?"
Few cryptos have been victims from such attacks and it has been fixed since so I say YES the problem can be solved
Few cryptos have been victims from such attacks and it has been fixed since so I say YES the problem can be solved
Oh, thank you, I didn't know about it. Will read more about 51% attacks
More information:
51% attack refers to obtaining 51% of the bitcoin network's hashing power.
In theory, obtaining a majority of network power could potentially enable massive double spending and the ability to prevent transaction confirmations, among other potentially nefarious acts.
However, this would take a huge amount of expense and effort and, should a big double spend be attempted, the data would likely appear on the block chain for all to see.
Worse, such an attack could possibly destroy the integrity of the system as a whole, causing the price to crash. This is not something anyone with a vested interest in bitcoin would want – especially miners, whose profits depend largely on the price of bitcoin being high. Hence, there is no real incentive to attack the network.
https://www.coindesk.com/51-attacks-real-threat-bitcoin/
so bitcoin is very hard to attack in this method. (51%)
where did this figure come from, 51%? What kind of method? Please enlight me.
...
Bought account, or just didn't bother to learn the basics?
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?
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?
I honestly see no problem here. I would in fact argue whether doing such thing is illegal (iirc Bitcoin core dev, Luke jr performed 51% attack on some SHA256 altcoin in the past). But the bottom line is, if someone is willing to exchange their bitcoins for some vulnerable shitcoin, then it's their choice (and their loss).
the problem is the spamvertisers compared bitcoin to shitcoins so much that some people started to believe them. so when some shitcoin was successfully attacked they started thinking bitcoin can be attacked in the same way also. but the fact is they are successfully attacked because they are shitcoins!
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?
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?
It is not actually that easy to "solve this". Of course that it is posible but then you will have to tweak the codebase which means that some people might not like the idea of changing the POW aka proof of work algorythm which could lead to another fork and you who wanted to change this will get kicked out from the original chain and will create an altcoin as a result. Not all other cryptocurrencies are vulnurable to such attacks, it mainly is the reason behind the algorythm that bitcoin uses and some other as well.
so bitcoin is very hard to attack in this method. (51%)
where did this figure come from, 51%? What kind of method? Please enlight me.
Quote
but other cryptocurrencies are very vulnurable to such attacks.
so attacker can steal other currencies and then buy with them bitcoins...
Why so sure that other cryptos are very vulnerable to such attacks, once again, what kind of attacks?so attacker can steal other currencies and then buy with them bitcoins...
The bad guy can do anything to steal cryptocurrencies, not always through online hacks, as there are some cases of "bitcoin rich" were kidnapped and demanded to be paid using bitcoin. More information here: https://cryptovest.com/news/criminals-move-from-hacking-to-kidnapping-disturbing-tales-of-latest-acts/
That's why, do not let others know that you posses so many bitcoins in your wallet, mix it with chipmixer
and divide to some addresses.Quote
how can this problem be solved?
This problem can't be solved, the evil will remain in this world until the end of the time.
I advise you to learn what is a 51% attack before posting non-sense, you clearly don't understand what people are talking about since you ask "what kind of attacks?"
Few cryptos have been victims from such attacks and it has been fixed since so I say YES the problem can be solved
so bitcoin is very hard to attack in this method. (51%)
where did this figure come from, 51%? What kind of method? Please enlight me.
Quote
but other cryptocurrencies are very vulnurable to such attacks.
so attacker can steal other currencies and then buy with them bitcoins...
Why so sure that other cryptos are very vulnerable to such attacks, once again, what kind of attacks?so attacker can steal other currencies and then buy with them bitcoins...
The bad guy can do anything to steal cryptocurrencies, not always through online hacks, as there are some cases of "bitcoin rich" were kidnapped and demanded to be paid using bitcoin. More information here: https://cryptovest.com/news/criminals-move-from-hacking-to-kidnapping-disturbing-tales-of-latest-acts/
That's why, do not let others know that you posses so many bitcoins in your wallet, mix it with chipmixer
and divide to some addresses.Quote
how can this problem be solved?
This problem can't be solved, the evil will remain in this world until the end of the time.
In crypto market there are lots of facilities also lots of threats based on this in market there is also thief and scam with this people attact people to stole their money that’s why mainly govt wants to regulate this currency but because of some restriction they are not doing this.
Many cryptocurrencies have more than 51% supply in one hand (see the case of QuarkChain) of the team or a pultiple addresses for one holder (pool) but this may not give them the opportunity to cash them out (selling big amounts will automatically drop the price and warn alerts for community about the attack. If someone would do this, he may take a long time to make its fortunr brfore getting tracked. This still remain as problem for bitcoin and most other mined cryptocurrencies.
As programmers fight against monopolizing bitcoin, i read about China having more than 51% of existing bitcoins with the large number of mining pools.
As programmers fight against monopolizing bitcoin, i read about China having more than 51% of existing bitcoins with the large number of mining pools.
fighting thieves is not something we can do. it is the law enforcement's duty to battle thieves and thievery be it in form of digital or physical.
the attacker can also go out and put a gun or knife to people's head/throat and takes their cash, jewelry, even shoes and sells them to buy bitcoin with the money!
so attacker can steal other currencies and then buy with them bitcoins...
the attacker can also go out and put a gun or knife to people's head/throat and takes their cash, jewelry, even shoes and sells them to buy bitcoin with the money!
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?
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?
Jump to: