I estimate it would take about $30 million USD to reliably take down the bitcoin right now.
how do u arrive at that number?
Topic: Difference Between 51% and 52% Attack - page 2. (Read 3326 times)
how do u arrive at that number?
I estimate it would take about $30 million USD to reliably take down the bitcoin right now.
your title really should be changed from Hero Member to Bitcoin Information Minister.
pocket change? how so? the network is multiples in terms of hashing power of the largest supercomputer on earth. how much does one of those supercomputers cost?
you have 3,500 posts on this board and run some financial site. your "feign stupid" shtick is getting old.
hey, i'm just asking you to define pocket change.
Would some enlightened individuals please explain how having more hashing power than 51% will affect an attack?
Will the speed with which they can rewrite blocks increase?
Yes, higher hashrate means the attacker can close the gap faster. With 51% or 50.001% he is guaranteed to outpace the network from any disadvantage (say 6 blocks), eventually. The guarantee doesn't tell you how long it will take, and in fact with 50.001% it would take on average about 6 years (it's random so it could be much less). With 51% it's 2 days.Will the speed with which they can rewrite blocks increase?
Could a 45% attack work if the attacker gets lucky by finding the correct hash before the other 55%?
Yes, he has a chance of success but no guarantee.So how long would it take with 55%? Also, could concurrently spaming the block chain with transactions lower the time or % necessary to overtake the network during attack?
pocket change? how so? the network is multiples in terms of hashing power of the largest supercomputer on earth. how much does one of those supercomputers cost?
you have 3,500 posts on this board and run some financial site. your "feign stupid" shtick is getting old.
Would some enlightened individuals please explain how having more hashing power than 51% will affect an attack?
Will the speed with which they can rewrite blocks increase?
Yes, higher hashrate means the attacker can close the gap faster. With 51% or 50.001% he is guaranteed to outpace the network from any disadvantage (say 6 blocks), eventually. The guarantee doesn't tell you how long it will take, and in fact with 50.001% it would take on average about 6 years (it's random so it could be much less). With 51% it's 2 days. (These estimates are with a very simplified model, actual numbers could be different).Will the speed with which they can rewrite blocks increase?
Could a 45% attack work if the attacker gets lucky by finding the correct hash before the other 55%?
Yes, he has a chance of success but no guarantee. um I did say why in the post. to take down the network. if bitcoin starts becoming a real threat to the established financial institution, it would be pocket change to them and by far in their best interest
pocket change? how so? the network is multiples in terms of hashing power of the largest supercomputer on earth. how much does one of those supercomputers cost?
um I did say why in the post. to take down the network. if bitcoin starts becoming a real threat to the established financial institution, it would be pocket change to them and by far in their best interest
many people focus on the double spending aspect of re-writing history, but the reality is that there will probably never be a big enough incentive to spend the money to make double spends. anyone who is going to spend the money to get >50% is going to attempt to take down the network, and all that is ever required is just greater than 50%. they can always re-write history, eventually, at that point. locking in blocks with each software release is just a very small band-aid and does not really do anything effective since trying to re-write "ancient" history is pointless when they can just make sure no new transactions ever confirm, or any that do will eventually be reversed.
Why would anyone spend time and money interfering with confirmations?
Would some enlightened individuals please explain how having more hashing power than 51% will affect an attack?
Will the speed with which they can rewrite blocks increase? absolutely
Will having 50.001% effectively be the same as having 60%? not at all
Could a 45% attack work if the attacker gets lucky by finding the correct hash before the other 55%? yes, but long term effects are very limited
Will the speed with which they can rewrite blocks increase? absolutely
Will having 50.001% effectively be the same as having 60%? not at all
Could a 45% attack work if the attacker gets lucky by finding the correct hash before the other 55%? yes, but long term effects are very limited
the more power you have, the more blocks in a row you can get. if you want to continually degrade the network, at least >50% is required.
many people focus on the double spending aspect of re-writing history, but the reality is that there will probably never be a big enough incentive to spend the money to make double spends. anyone who is going to spend the money to get >50% is going to attempt to take down the network, and all that is ever required is just greater than 50%. they can always re-write history, eventually, at that point. locking in blocks with each software release is just a very small band-aid and does not really do anything effective since trying to re-write "ancient" history is pointless when they can just make sure no new transactions ever confirm, or any that do will eventually be reversed.
Would some enlightened individuals please explain how having more hashing power than 51% will affect an attack?
Will the speed with which they can rewrite blocks increase?
Will having 50.001% effectively be the same as having 60%?
Could a 45% attack work if the attacker gets lucky by finding the correct hash before the other 55%?
Will the speed with which they can rewrite blocks increase?
Will having 50.001% effectively be the same as having 60%?
Could a 45% attack work if the attacker gets lucky by finding the correct hash before the other 55%?
don't forget that nothing can be rewritten with this type of attack prior to block 140,700 as that is the last checkpoint. this will be moved up soon.
Would some enlightened individuals please explain how having more hashing power than 51% will affect an attack?
Will the speed with which they can rewrite blocks increase?
Will having 50.001% effectively be the same as having 60%?
Could a 45% attack work if the attacker gets lucky by finding the correct hash before the other 55%?
Will the speed with which they can rewrite blocks increase?
Will having 50.001% effectively be the same as having 60%?
Could a 45% attack work if the attacker gets lucky by finding the correct hash before the other 55%?
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