GHASH.IO + DISCUS FISH >>>51% Possible to death bitcoin? - page 2.

cenixentor

newbie

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Quote from: vpitcher07 on July 01, 2014, 07:47:50 PM

Doing a 51% attack is like shooting yourself in the face. You get absolutely nothing out of it. If you control enough hashing power to perform that, why destroy the very thing that's making you money?

Hacking?? and if some government hacks ghâsh and discus fish??

Would not be the first time.... The interests of governments may be contrary to our

http://www.symantec.com/connect/blogs/dragonfly-western-energy-companies-under-sabotage-threat?SID=skim26001X849541X429d91cf4e8cb74fefff6e6fc18604b5&API1=100&API2=5635367

http://www.ft.com/cms/s/606b97b4-0057-11e4-8aaf-00144feab7de,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F606b97b4-0057-11e4-8aaf-00144feab7de.html%3Fsiteedition%3Duk&siteedition=uk&_i_referer=http%3A%2F%2Fwww.elotrolado.net%2Fnoticia_un-ciberataque-al-sector-energetico-abre-via-a-sabotajes-del-suministro-electrico-en-espana_24493

vpitcher07

sr. member

Activity: 342

Merit: 250

Doing a 51% attack is like shooting yourself in the face. You get absolutely nothing out of it. If you control enough hashing power to perform that, why destroy the very thing that's making you money?

cenixentor

newbie

Activity: 13

Merit: 0

Quote from: justusranvier on July 01, 2014, 07:24:39 PM

Quote from: cenixentor on July 01, 2014, 07:20:21 PM

I worry that 60% of hash power is in the hands of only two ...
Could be hacked and you lose all your money...

Can you explain the sequence of events between those two mining pools getting hacked and all bitcoin users losing their coins?

Do not lose your bitcoin, but the trust would be 0 and the value 0

An attacker that controls more than 50% of the network's computing power can, for the time that he is in control, exclude and modify the ordering of transactions. This allows him to:

Reverse transactions that he sends while he's in control
Prevent some or all transactions from gaining any confirmations
Prevent some or all other generators from getting any generations
The attacker can't:

Reverse other people's transactions
Prevent transactions from being sent at all (they'll show as 0/unconfirmed)
Change the number of coins generated per block
Create coins out of thin air
Send coins that never belonged to him
It's much more difficult to change historical blocks, and it becomes exponentially more difficult the further back you go. As above, changing historical blocks only allows you to exclude and change the ordering of transactions. It's impossible to change blocks created before the last checkpoint.

Since this attack doesn't permit all that much power over the network, it is expected that no one will attempt it. A profit-seeking person will always gain more by just following the rules, and even someone trying to destroy the system will probably find other attacks more attractive. However, if this attack is successfully executed, it will be difficult or impossible to "untangle" the mess created — any changes the attacker makes might become permanent.