Topic: Bitcoin 51% Attack, Future Reality or Illogical Fanacity? [Video] (Read 1923 times)
yes it is bad, but remember the negative of doing it because of economic side effects but I do agree we should start moving to peer to peer mining
June 26, 2014, 10:20:40 PM
I been informed that you can start doing bad things with 25% of that hash-power. Even 33% is too high.
Even if you (as a hypothetical pool operator) do not plan to do anything to harm the network, mining concentration will invite unwanted scrutiny. For example Governments may claim that you have to start-listing transactions and register as a Money-Service-Business. A criminal organization may ask you to cooperate in some kind of attack against another entity with a bitcoin component ("Nice place you got here..
would be a shame if anything happened to it.").
Even if you (as a hypothetical pool operator) do not plan to do anything to harm the network, mining concentration will invite unwanted scrutiny. For example Governments may claim that you have to start
would be a shame if anything happened to it.").
June 26, 2014, 08:20:25 AM
Why hasn't the 51% threat been fixed a long time ago?
What's your proposed fix? It's not as if the source contains
Code:
const double orphan_control_threshold = 80.0;
Fixed ^ make that 80 percent.
June 26, 2014, 12:34:08 AM
Well if you look there are a few ways it could be fixed but honestly the economics of a 51% attack make it illogical to do such an event 
Governments who want to get rid of it don't give a shit about economics. June 24, 2014, 01:49:58 PM
Well if you look there are a few ways it could be fixed but honestly the economics of a 51% attack make it illogical to do such an event
June 23, 2014, 09:31:19 PM
Why hasn't the 51% threat been fixed a long time ago?
I don't know, but I was hoping somebody who knows about cryptocurrency-related development could walk us through exactly how to fix the 51% Attack so we won't have any more of these panics. Thanks for making the video, BTW.
June 23, 2014, 05:25:32 PM
I'm so glad everyone is loving my video, it's a great honor to know that my content can inform and educate people on the issues of a 51% attack
June 22, 2014, 09:27:28 AM
Great video, quite needed with all the discussion/speculation going on about 51% attack.
June 22, 2014, 08:00:11 AM
Hey guys it's Jason, I have a video talking about the most concerned 51% attack. I have researched and collected all options and facts regarding the topic and have tried to create a fair and nonbiased yet informative video to explain everything you need to know. Hope you enjoy. Feedback is always welcomed
http://youtu.be/w4wZ-pxWsOU
Thanks for the share. Ive always been quite interestedi n this http://youtu.be/w4wZ-pxWsOU
June 22, 2014, 06:13:07 AM
lol thank you I'm glad you all enjoyed
I'm glad you all enjoyed June 21, 2014, 01:38:50 PM
Good word, Jason! 100% agree with you! ANd yes, corporate miners are evil
June 21, 2014, 04:57:11 AM
Why hasn't the 51% threat been fixed a long time ago?
What's your proposed fix? It's not as if the source contains
Code:
const double orphan_control_threshold = 51.0;
this: https://bitcointalksearch.org/topic/proof-of-activity-proposal-102355
http://eprint.iacr.org/2014/452
I think this was a great video, I agree with everything you said. Good and very informative:)
Why hasn't the 51% threat been fixed a long time ago?
What's your proposed fix? It's not as if the source contains
Code:
const double orphan_control_threshold = 51.0;
Why hasn't the 51% threat been fixed a long time ago?
Ah, that pool just got lucky! I see it now.
Why would a pool double-spend? Let's see. Someone with an agenda could put a gun to the pool's operator head and give direct orders. How's that for an economic factor?
Why would a pool double-spend? Let's see. Someone with an agenda could put a gun to the pool's operator head and give direct orders. How's that for an economic factor?
Great video! Thanks. I agree with what you are saying.
The next time someone shows a chart with a pool at 50% it would be interesting to see what the 7 day chart shows. As you say, if ghash did something untoward, the backlash from their 180,000+ miners would cost them more than they could ever gain from it.
My biggest concern is corporate miners. As they grow in size and number they may not have bitcoin's best interests at the top of their list, and collusion is not below their standards if there is a buck in it. Any public backlash would have little effect on their operations, beyond a flood of phone calls, twitters, and emails that they would ignore. At this point in time they aren't a threat... but keep a close watch in the future. I feel, if there ever is a real threat, that is where it will come from.
So long as small miners keep up with their hashing power and mine on public pools we should be safe.
The next time someone shows a chart with a pool at 50% it would be interesting to see what the 7 day chart shows. As you say, if ghash did something untoward, the backlash from their 180,000+ miners would cost them more than they could ever gain from it.
My biggest concern is corporate miners. As they grow in size and number they may not have bitcoin's best interests at the top of their list, and collusion is not below their standards if there is a buck in it. Any public backlash would have little effect on their operations, beyond a flood of phone calls, twitters, and emails that they would ignore. At this point in time they aren't a threat... but keep a close watch in the future. I feel, if there ever is a real threat, that is where it will come from.
So long as small miners keep up with their hashing power and mine on public pools we should be safe.
nice job ... 
Interesting video, congratulations for your work Jason 
good job Jason, you're right!
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