The more hashing power you are producing the more expensive it costs when you pass a certain level of stability.
I think if it could be done they would have done it, no point in waiting this long.
Topic: Bitcoin's 10000 TH network is extremely vulnerable - page 5. (Read 5397 times)
It is likely to happen and it will be interesting to see how the community reacts.
The ever rising difficulty helps. This is also why slow growth is healthy, because it allows infrastructure to be built.
The ever rising difficulty helps. This is also why slow growth is healthy, because it allows infrastructure to be built.
This is definitely a problem.
But I think if someone had 10,000 TH on his own, he'd prefer to mine Bitcoin and get half of every single coin produced, right?
So it's possible to destroy the network but most people wouldn't do it. There's a far better way to use their hashing power.
But I think if someone had 10,000 TH on his own, he'd prefer to mine Bitcoin and get half of every single coin produced, right?
So it's possible to destroy the network but most people wouldn't do it. There's a far better way to use their hashing power.
This has always been an issue and was much cheaper in the past.
I am sure it has been discussed before.
I suppose it would be possible to implement some sort of trust system for nodes. Devs and pool operators would need to work together.
I am sure it has been discussed before.
I suppose it would be possible to implement some sort of trust system for nodes. Devs and pool operators would need to work together.
one of the key point not to be missed in my previous post is the cost difference. If the marketcap is at $1million or 10million and it cost $20million to destroy the network, noone would bother. But the marketcap now is around $12billion and it still cost only $20million to wipe it all out, that is the discrepancy. Dont think the financial world took notice of bitcoin yet, if they did, they would figure this out easily and bitcoin will be in trouble.
This has always been an issue and was much cheaper in the past.
I am sure it has been discussed before.
I suppose it would be possible to implement some sort of trust system for nodes. Devs and pool operators would need to work together.
I am sure it has been discussed before.
I suppose it would be possible to implement some sort of trust system for nodes. Devs and pool operators would need to work together.
I was just looking at the bitcoin difficulty chart and realized how small this network really is despite the extreme difficulty increases over the last 2 years. Lets get to it:
1) Currently difficulty is at ~10,000 TH
2) Single 1 TH mining box cost ~$1000 to manufacture (reality is much less than 1k, but for easy calculation lets use $1k)
3) To destroy the bitcoin network you need to control 51% of the network.
4) To bring 10,000 TH (assume evildoer wants to be thorough) online it will cost: 10,000 * $1000 = $10million, add on another $10millon for R&D, $20million total.
5) Goldman saches makes ~$30million a day in NET revenue (same with most other banks)
6) It will cost a SINGLE bank HALF day's net revenue to wipe bitcoin out - less than their office supply budget.
We are just an ant...not even ant, a microscopic organism in the financial world. If bitcoin becomes too big or start hurting those bank's bottomline (transaction fees), all they need to do is sneeze and bitcoin is gone. And there is no regulation/anti-competitive laws to protect bitcoin, it is completely de-regulated at this point.
Heck it doesnt even have to be the banks, even a small hedge fund or single person with some cash can wipe out bitcoin in a single instance.
The other ironic thing is the market cap of bitcoin is around $12billion right now compared to the $20million to destroy it. It shows how far removed from reality everything is, i dont think people really thought this through. If bitcoin can be shorted, someone can just short it, then destroy the network for riskfree win.
The difficulty needs to increase by 1000X at the minimum ($10 billion) to provide some bare minimum security to bitcoin's network
Dont agree with what I said about the current state of bitcoin? then provide your reasons, i love to be proven wrong. But just cant find a fault in my numbers.
1) Currently difficulty is at ~10,000 TH
2) Single 1 TH mining box cost ~$1000 to manufacture (reality is much less than 1k, but for easy calculation lets use $1k)
3) To destroy the bitcoin network you need to control 51% of the network.
4) To bring 10,000 TH (assume evildoer wants to be thorough) online it will cost: 10,000 * $1000 = $10million, add on another $10millon for R&D, $20million total.
5) Goldman saches makes ~$30million a day in NET revenue (same with most other banks)
6) It will cost a SINGLE bank HALF day's net revenue to wipe bitcoin out - less than their office supply budget.
We are just an ant...not even ant, a microscopic organism in the financial world. If bitcoin becomes too big or start hurting those bank's bottomline (transaction fees), all they need to do is sneeze and bitcoin is gone. And there is no regulation/anti-competitive laws to protect bitcoin, it is completely de-regulated at this point.
Heck it doesnt even have to be the banks, even a small hedge fund or single person with some cash can wipe out bitcoin in a single instance.
The other ironic thing is the market cap of bitcoin is around $12billion right now compared to the $20million to destroy it. It shows how far removed from reality everything is, i dont think people really thought this through. If bitcoin can be shorted, someone can just short it, then destroy the network for riskfree win.
The difficulty needs to increase by 1000X at the minimum ($10 billion) to provide some bare minimum security to bitcoin's network
Dont agree with what I said about the current state of bitcoin? then provide your reasons, i love to be proven wrong. But just cant find a fault in my numbers.
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