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Topic: How is 51% attack working and the chance of reversible transactions - page 2. (Read 397 times)

legendary
Activity: 2268
Merit: 18775
The first question is if the bitcoin if the blockchain suffer 51% attack, the bad miner will double spend some bitcoin. If the network is back to normal, will the coin that was double spend be reversed and everything again be correct to normal?
No. Once the attacker overtakes the main chain with their evil chain, then the evil chain becomes the main chain by virtue of it having more accumulated work. All the honest miners would swap over the evil chain (which is now the main chain) and the old main chain would be discarded. Any transactions present in the old honest chain and not in the new evil chain would either be returned to the mempool as unconfirmed transactions, or would be invalidated if one or more of their inputs had already been spent.

According to what I read, that the bad miners will have their own chain. This means that there will be two separate blockchain, one belonging to bad miners and the other one which is the original blockchain, or there will be different chains on the same blockchain, one for original miners and the other for bad miners?
It depends. What the protocol says is that all miners would swap over to the chain with the most work. There could, however, be a scenario where some of the miners/nodes/user refuse to do that and fork the coin in to another chain. For example, see ETH and ETC. While not a 51% attack, ETC was created by some users who disagreed with Ethereum exercising centralized control over which transactions were and were not "allowed" to be included.

that 1 confirmation transactions can be reversed and be double spend by the bad miners?
It's not as simple as that. Although it is certainly easier to reverse 1 confirmation as compared to 6, say, 1 confirmation is still secure enough for the vast majority of transactions. By the same logic, it is easier to reverse 6 than it is to reverse 20, although in reality neither of these will ever happen.
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
The first question is if the bitcoin if the blockchain suffer 51% attack, the bad miner will double spend some bitcoin. If the network is back to normal, will the coin that was double spend be reversed and everything again be correct to normal?
How will the network return to normal? Assuming the dishonest miner disappears? The honest miners will continue mining the chain with the most work, which is the one the dishonest miner cheated successfully. I suspect there'll be chaos prevailing.

I'll stop using Bitcoin at the time the game theory we all depend on, fails.

According to what I read, that the bad miners will have their own chain. This means that there will be two separate blockchain, one belonging to bad miners and the other one which is the original blockchain
I don't think “original” is the proper way to describe it. The chain with the most work is the correct chain, full stop. Once the bad miners succeed their attack, the rest of the nodes are forced to accept it as the consensus rules say so.

About transactions, is it true that the number of confirmations is necessary for bitcoin not to be reversed? that 1 confirmation transactions can be reversed and be double spend by the bad miners?
If the miners own a larger proportion than the 50% of the hash rate, then they can reverse any transaction, regardless of how many confirmations it has. I answered it few minutes ago: Re: Myth vs Facts and My Assumptions about Bitcoin.
legendary
Activity: 1106
Merit: 1337
Lightning network is good with small amount of BTC
I have little understanding about 51% attack, I know it is when the computational power of bad miners are greater than the mining power of bitcoin miners. I know this is not possible because of the powerful hash rates that bitcoin miners are producing. This question is just a question because I know it is presently practically impossible for 51% to occur to bitcoin blockchain but very possible it can occur and disrupt some altcoins blockchain.

The first question is if the bitcoin if the blockchain suffer 51% attack, the bad miner will double spend some bitcoin. If the network is back to normal, will the coin that was double spend be reversed and everything again be correct to normal?

According to what I read, that the bad miners will have their own chain. This means that there will be two separate blockchain, one belonging to bad miners and the other one which is the original blockchain, or there will be different chains on the same blockchain, one for original miners and the other for bad miners?

About transactions, is it true that the number of confirmations is necessary for bitcoin not to be reversed? that 1 confirmation transactions can be reversed and be double spend by the bad miners?

I would have make some mistakes, I will like people that know very well about blockchain to correct me.
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