CANADA BANK CONCLUDES THAT BITCOIN IS PROTECTED AGAINST ATTACKS OF 51% - page 2.

timmmers

sr. member

Activity: 1176

Merit: 265

Quote from: X-ray on July 28, 2018, 02:54:49 AM

Quote from: Dr.2x on July 28, 2018, 02:43:39 AM

This thing is decided because of this market has risk of scams also this market has some fraud that is the main reason they are thinking about this but they disclose that is this market is now more secured to invest so number of investors will be increase.

Based on the latest survey from the central bank of canada and there is more than 58% of canadians are converting their money to the bitcion right now. 51% looks not possible in my opinion but that will not cloe all of possibilities for 51% attack to be happened for bitcoin. Bitcoin gold has become the best example about how 51% works today.

What? About 58% canadian people are going to invest into cryptocurrencies? That must be a joke or? Where did you read this article.
Thank you for the link Wink

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tokenjob

newbie

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Now we all can be much more assured on the part and consideration, that how secure and high measures of regulations is maintained for BTC, even confirmed by the BANK of Canada. Taking confirmation of the levels of transactions happening on this platform, shows full responsibility along with reliability for the market. This article will surely, provide a trust for newbies who were previously a bit reluctant and confused about whether to join or not.

X-ray

hero member

Activity: 3010

Merit: 524

Leading Crypto Sports Betting & Casino Platform

Quote from: Dr.2x on July 28, 2018, 02:43:39 AM

This thing is decided because of this market has risk of scams also this market has some fraud that is the main reason they are thinking about this but they disclose that is this market is now more secured to invest so number of investors will be increase.

Based on the latest survey from the central bank of canada and there is more than 58% of canadians are converting their money to the bitcion right now. 51% looks not possible in my opinion but that will not cloe all of possibilities for 51% attack to be happened for bitcoin. Bitcoin gold has become the best example about how 51% works today.

Dr.2x

newbie

Activity: 182

Merit: 0

This thing is decided because of this market has risk of scams also this market has some fraud that is the main reason they are thinking about this but they disclose that is this market is now more secured to invest so number of investors will be increase.

Brazio

newbie

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A study developed by Bank of Canada staff determined that Bitcoin is sufficiently protected against 51% attacks or double spending. The 19-page document highlights that the Work Test (PoW) and the incentives of the network are considered as its main strengths.

The report, called as "[Suspicious link removed]patibility incentive", which has been written by Jonathan Chiu and Thorsten Koeppl, highlights the benefits offered by the protocol that uses Bitcoin, whose objective is to choose who mines the next block in a random and safe way through the Work Test that protects the network. The study suggests that the current system is even better than other proposed systems.

On the work of the miners and the processing capacity of the equipment used in mining, the report explains the following:

The bank also takes a tour of the confirmation of transactions as an additional step that makes it difficult for anyone to alter the history of receiving and sending cryptocurrencies, or trying to complete a double expense.

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