Topic: Bitcoin WILL die. What is the best alternative? - page 2. (Read 2211 times)

I understand fully about how Bitcoin and the Blockchain works. My sister knows a guy who's ex-girlfriend's uncle was a friend of Sataoshi Nakomoto's brother.[/b][/size] What you are saying is absolutely ridiculous. It doesn't matter how much money will be lost, the point of conducting the 51% attack is to save the banking system the U.S. has developed over the past century. They have no interest in becoming a "good player" and collecting peanuts from bitcoin. The major bankers view bitcoin as a silly computer game, and an annoyance that needs to be destroyed.

About: I understand fully about how Bitcoin and the Blockchain works. My sister knows a guy who's ex-girlfriend's uncle was a friend of Sataoshi Nakomoto's brother.

Sorry, I cant believe that, Many peoples could are interested on to known who is Satoshi Nakamoto, I think not even the family knew his identity.

andyatcrux

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I understand fully about how Bitcoin and the Blockchain works. My sister knows a guy who's ex-girlfriend's uncle was a friend of Sataoshi Nakomoto's brother. What you are saying is absolutely ridiculous. It doesn't matter how much money will be lost, the point of conducting the 51% attack is to save the banking system the U.S. has developed over the past century. They have no interest in becoming a "good player" and collecting peanuts from bitcoin. The major bankers view bitcoin as a silly computer game, and an annoyance that needs to be destroyed.

bit1

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A true danger is that banks take ownership cheap BTC.

kazuki49

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51% danger is real but the problem with Bitcoin is that its anti-personal mining will make it very hard for the single individual fight against an overwelming attack force unless you buy ASIC.

Derek492

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Mintcoin.

Andretti83

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PRIVATE AND NOT PREMINED: MONERO, AEON, KARBO

Digibyte currently better protected from 51% attack.
And in the next hardfork someone will have to control 90% of one mining algorithm and 51% of four other algos to execute "51%" attack.
I'm not aware if any other crypto have similar protection (probably is), but digibyte is the first thing that came in to my mind.

LiteCoinGuy

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In Satoshi I Trust

The cryptocurrensy community seems to ignore the inevitable threat of a 51% attack. Once the government and major banks see that Bitcoin is impeding on their infrastructure they will come together and execute a 51% attack. IT WILL HAPPEN, and the amount of money it takes for them to execute the attack is peanuts.

My question is, what cryptocurrensy has the necessary code to make it insusceptible to the 51% attack? LTC? NXTCOIN?

Let's Discus.. This is important.

Litecoin of course Tongue

but in any case, take a look:

https://www.youtube.com/watch?v=ncPyMUfNyVM

tsoPANos

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In math we trust.

Although you are trying to spread FUD, it is true that bitcoin has major scalability problems.
The 51% attack is not a big deal compared to blocksize and blockchain size issues though.
I think you should stop now spreading FUD and make people turn to crapcoins.
If bitcoin dies, crapcoins will follow.

Velkro

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Quote from: newrad on July 20, 2015, 09:54:22 AM

Let's Discus.. This is important.

You are wrong, 51% is only very short disruption of Bitcoin. Next there are bans to disruptive bitcoin miners and there is no more problem.

ausbit

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Quote from: achow101 on July 20, 2015, 09:39:16 AM

Quote from: newrad on July 20, 2015, 09:54:22 AM

I'm not promoting any particular coin. I'm asking what alt-coin out there isn't vulnerable to the inevitable 51% attack.
I'm a full supporter of bitcoin, but I will not ignore the fact there is a hole in the Bitcoin system which makes it imperfect.

The attack WILL happen.

First of all, EVERY COIN is vulnerable to a 51% attack, just like your password and cryptogrpahy are vulnerable to a brute force attack. There is nothing that can prevent one. However, the costs of performing a 51% attack are extremely high and it is difficult to pull off. The community will react and come up with a solution, which might just be get more people to mine thus reducing the attackers percent of the hash rate. Also, a 51% attack is not the end of Bitcoin. All the attacker can do is double spend his own coins, attempt to prevent people from spending, and attempt to prevent miners from mining.

Even with 51% of the network, that doesn't mean the attacker suddenly has absolute power and full control. That just means that he has a higher probablility of finidng more blocks and could potentially create a longer valid fork of the block chain. The other 49% of the miners would still be finding about half of the blocks. In order to actually gain control of mining and adversely affect Bitcoin, the attacker would probably need somewhere upwards of 80 - 90% of the hash rate, which is much more expensive than just 51%.

Whatever amount that is, it's peanuts.

If all the major banks came together (Citigroup, JP Morgan Chase & Co, BoA, HSBC, Wells Fargo), they could have the attack done in a matter of 2 weeks. They could put together enough money to take full control over the blockchain with ease. I wouldn't be surprised if they already have the facilities built and just waiting for the perfect moment to shut Bitcoin down.

The U.S. government..... I don't even have to explain.

Why would they bother when if they all got together they could probably pay off enough governments to just regulate the shit out of bitcoin or ban it all together. Would be much cheaper for them.

achow101

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Just writing some code

Quote from: achow101 on July 20, 2015, 09:39:16 AM

Quote from: achow101 on July 20, 2015, 09:39:16 AM

I'm not promoting any particular coin. I'm asking what alt-coin out there isn't vulnerable to the inevitable 51% attack.
I'm a full supporter of bitcoin, but I will not ignore the fact there is a hole in the Bitcoin system which makes it imperfect.

The attack WILL happen.

First of all, EVERY COIN is vulnerable to a 51% attack, just like your password and cryptogrpahy are vulnerable to a brute force attack. There is nothing that can prevent one. However, the costs of performing a 51% attack are extremely high and it is difficult to pull off. The community will react and come up with a solution, which might just be get more people to mine thus reducing the attackers percent of the hash rate. Also, a 51% attack is not the end of Bitcoin. All the attacker can do is double spend his own coins, attempt to prevent people from spending, and attempt to prevent miners from mining.

Even with 51% of the network, that doesn't mean the attacker suddenly has absolute power and full control. That just means that he has a higher probablility of finidng more blocks and could potentially create a longer valid fork of the block chain. The other 49% of the miners would still be finding about half of the blocks. In order to actually gain control of mining and adversely affect Bitcoin, the attacker would probably need somewhere upwards of 80 - 90% of the hash rate, which is much more expensive than just 51%.

Whatever amount that is, it's peanuts.

If all the major banks came together (Citigroup, JP Morgan Chase & Co, BoA, HSBC, Wells Fargo), they could have the attack done in a matter of 2 weeks. They could put together enough money to take full control over the blockchain with ease. I wouldn't be surprised if they already have the facilities built and just waiting for the perfect moment to shut Bitcoin down.

The U.S. government..... I don't even have to explain.

And if they did that, the banks and the government would all be bankrupt. They would have literally shut themselves down due to the costs of maintaining such an attack. The people wouldn't be happy and whoever was in charge would be gone.

newrad

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I'm not promoting any particular coin. I'm asking what alt-coin out there isn't vulnerable to the inevitable 51% attack.
I'm a full supporter of bitcoin, but I will not ignore the fact there is a hole in the Bitcoin system which makes it imperfect.

The attack WILL happen.

First of all, EVERY COIN is vulnerable to a 51% attack, just like your password and cryptogrpahy are vulnerable to a brute force attack. There is nothing that can prevent one. However, the costs of performing a 51% attack are extremely high and it is difficult to pull off. The community will react and come up with a solution, which might just be get more people to mine thus reducing the attackers percent of the hash rate. Also, a 51% attack is not the end of Bitcoin. All the attacker can do is double spend his own coins, attempt to prevent people from spending, and attempt to prevent miners from mining.

Even with 51% of the network, that doesn't mean the attacker suddenly has absolute power and full control. That just means that he has a higher probablility of finidng more blocks and could potentially create a longer valid fork of the block chain. The other 49% of the miners would still be finding about half of the blocks. In order to actually gain control of mining and adversely affect Bitcoin, the attacker would probably need somewhere upwards of 80 - 90% of the hash rate, which is much more expensive than just 51%.

Whatever amount that is, it's peanuts.

If all the major banks came together (Citigroup, JP Morgan Chase & Co, BoA, HSBC, Wells Fargo), they could have the attack done in a matter of 2 weeks. They could put together enough money to take full control over the blockchain with ease. I wouldn't be surprised if they already have the facilities built and just waiting for the perfect moment to shut Bitcoin down.

The U.S. government..... I don't even have to explain.

achow101

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Just writing some code

Quote from: Amph on July 20, 2015, 09:25:02 AM

again this crap, the money needed to set up a mining operation that could overwhelm 51% of the network at this stage would be best used with that same equipment to secure the network instead, and earn the normal reward from the mining activity

would be more feasible for chinese to do this, because they are already at roi stage

You don't understand, the 51% attack is to destroy the infrastructure of bitcoin in order to save the established banking system in the U.S. and worldwide.

They will have to spend a ridiculous amount of taxpayer money. In democratic systems like the U.S. and other countries, those people who came up with that plan will be voted out of office very quickly since they would be spending the taxpayer money on something that has no return at all, attempting to destroy Bitcoin. There is no gain for the populace and those politicians will be replaced by people who are either neutral or pro-Bitcoin.

Even if the attack was to destroy the infrastructure, as soon as it stops, the network will rebound. Those that have faith in Bitcoin will find a solution. Probably something like a block or small code change that drops the difficulty back to a usable level by the rest of the miners. After a few months, Bitcoin will be back on track.

Amph

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Quote from: Amph on July 20, 2015, 09:25:02 AM

again this crap, the money needed to set up a mining operation that could overwhelm 51% of the network at this stage would be best used with that same equipment to secure the network instead, and earn the normal reward from the mining activity

would be more feasible for chinese to do this, because they are already at roi stage

You don't understand, the 51% attack is to destroy the infrastructure of bitcoin in order to save the established banking system in the U.S. and worldwide.

they care more about profit than anything else, and also i doubt that any single governments have the fuds necessare to develop an attack when bitcoin will be full adopted

right now you already need something like half billion to do such thing imagines when bitcoin will be reach mainstream status

micheline

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Quote from: StonerStanley on July 20, 2015, 09:33:49 AM

My question is, what cryptocurrensy has the necessary code to make it insusceptible to the 51% attack? LTC? NXTCOIN?

Let's Discus.. This is important.

Important for whom? Only for those who want to create some altcoin pump. You're free to choose from hundreds of altcoins that - of course - are all somehow better than Bitcoin. Make your choice and enjoy the results...

Since I'm not that wise and a little bit lazy, I will just keep my Bitcoin and loose everything.

ausbit

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Quote from: Amph on July 20, 2015, 09:25:02 AM

Dude, watch this:

https://www.youtube.com/watch?v=ncPyMUfNyVM

You don't understand how Bitcoin and the blockchain works. The amount of computational power you would need to severely disrupt the network at this point is just ridiculous, and they would lose tons of money trying to do so. They would gain way much more money by being good actors. Learn how the consensus algorithm works before you drop your next FUD thread.

Attack or not, bitcoin will be replaced. Lack of development.

Bitcoin could well be superseded in the future but I don't think a 51% attack is what we have to worry about.

As for what other coins could avoid this attack, I'm not positive but I think all alt coins would be if they are being mined and/or just having transactions pushed though by miners.

Edit: My sister knows a guy who's ex-girlfriend's uncle was a friend of Sataoshi Nakomoto's
Hahaha, thats funny shit man, what are you smoking?

newrad

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again this crap, the money needed to set up a mining operation that could overwhelm 51% of the network at this stage would be best used with that same equipment to secure the network instead, and earn the normal reward from the mining activity

would be more feasible for chinese to do this, because they are already at roi stage

You don't understand, the 51% attack is to destroy the infrastructure of bitcoin in order to save the established banking system in the U.S. and worldwide.

Quote from: oblivi on July 20, 2015, 09:13:10 AM

Quote from: StonerStanley on July 20, 2015, 09:33:49 AM

The cryptocurrensy community seems to ignore the inevitable threat of a 51% attack. Once the government and major banks see that Bitcoin is impeding on their infrastructure they will come together and execute a 51% attack. IT WILL HAPPEN, and the amount of money it takes for them to execute the attack is peanuts.

My question is, what cryptocurrensy has the necessary code to make it insusceptible to the 51% attack? LTC? NXTCOIN?

Let's Discus.. This is important.

"51% attack is the end of the world"

Wrong.

https://www.youtube.com/watch?v=_0mykANOMGQ

Watch and learn.

Also pretty poor FUD attempt. No one is interested in your alternative shitcoins.

I'm not promoting any particular coin. I'm asking what alt-coin out there isn't vulnerable to the inevitable 51% attack.
I'm a full supporter of bitcoin, but I will not ignore the fact there is a hole in the Bitcoin system which makes it imperfect.

The attack WILL happen.

Dude, watch this:

https://www.youtube.com/watch?v=ncPyMUfNyVM

You don't understand how Bitcoin and the blockchain works. The amount of computational power you would need to severely disrupt the network at this point is just ridiculous, and they would lose tons of money trying to do so. They would gain way much more money by being good actors. Learn how the consensus algorithm works before you drop your next FUD thread.

I understand fully about how Bitcoin and the Blockchain works. My sister knows a guy who's ex-girlfriend's uncle was a friend of Sataoshi Nakomoto's brother. What you are saying is absolutely ridiculous. It doesn't matter how much money will be lost, the point of conducting the 51% attack is to save the banking system the U.S. has developed over the past century. They have no interest in becoming a "good player" and collecting peanuts from bitcoin. The major bankers view bitcoin as a silly computer game, and an annoyance that needs to be destroyed.

achow101

staff

Activity: 3458

Merit: 6793

Just writing some code

Dude, watch this:

https://www.youtube.com/watch?v=ncPyMUfNyVM

You don't understand how Bitcoin and the blockchain works. The amount of computational power you would need to severely disrupt the network at this point is just ridiculous, and they would lose tons of money trying to do so. They would gain way much more money by being good actors. Learn how the consensus algorithm works before you drop your next FUD thread.

Attack or not, bitcoin will be replaced. Lack of development.

Are you nuts? There is tons of development happening. Just look at the Mailing list. Instead of rushing things out, the developers are going through it slowly and carefully because new stuff in Bitcoin can adversely affect a lot of stuff, so they need to be careful. There is plenty of development and lots of testing and careful consideration before something is ready to be released.

achow101

staff

Activity: 3458

Merit: 6793

Just writing some code

I'm not promoting any particular coin. I'm asking what alt-coin out there isn't vulnerable to the inevitable 51% attack.
I'm a full supporter of bitcoin, but I will not ignore the fact there is a hole in the Bitcoin system which makes it imperfect.

The attack WILL happen.

First of all, EVERY COIN is vulnerable to a 51% attack, just like your password and cryptogrpahy are vulnerable to a brute force attack. There is nothing that can prevent one. However, the costs of performing a 51% attack are extremely high and it is difficult to pull off. The community will react and come up with a solution, which might just be get more people to mine thus reducing the attackers percent of the hash rate. Also, a 51% attack is not the end of Bitcoin. All the attacker can do is double spend his own coins, attempt to prevent people from spending, and attempt to prevent miners from mining.

Even with 51% of the network, that doesn't mean the attacker suddenly has absolute power and full control. That just means that he has a higher probablility of finidng more blocks and could potentially create a longer valid fork of the block chain. The other 49% of the miners would still be finding about half of the blocks. In order to actually gain control of mining and adversely affect Bitcoin, the attacker would probably need somewhere upwards of 80 - 90% of the hash rate, which is much more expensive than just 51%.

StonerStanley

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