How to execute the 51% attack on BTC? How feasible is it in comparison to POW AL

hahahafr

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Quote from: s92225 on October 24, 2019, 06:24:00 AM

This article explores what a 51% attack on bitcoin might look like but pretty much says it's not feasible not only due to acquisition of hash power but moving the funds.

It also looks at some alt coins who are more susceptible than btc to the attack
There is another attack vector in commandeering or DDOS the 3 mining pools that host more than 51% of the hash power.

I have seen quite a number of altcoins that have been successfully attacked and the hackers being able to send the funds away. No need to mention names but if you have been here long enough you would know this or probably just use the google search button.

Quote from: s92225 on October 24, 2019, 06:24:00 AM

Either you gain a bunch of power or you lower the network total hash power. Question is, what does it cost to bribe key employees at BTC.com, antpool and viaBTC?
Source: http://lacker.io/crypto/2019/10/07/how-to-51-attack-bitcoin.html

Bitcoin network has grown so much to undergo a 51% attack successfully. Definitely some nodes can initiate that but i bet it would be successful looking at the hashpower needed and bitcoin's difficulty level at the moment. Hence my trust in bitcoin network above all others!

Yaunfitda

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Quote from: joniboini on October 30, 2019, 12:31:31 AM

Quote from: s92225 on October 29, 2019, 11:15:04 PM

No one discusses about the 51% attack? Since google claim to have the quantum supremacy...Anyone thinks they can do it?

Maybe because the topic has been discussed several times. Search this forum and you can find five or ten topics about 51% attack and/or Quantum Supremacy.

TL;DR : Even if they can do it, we can switch the algorithm.

Here are the topics that I easily found just by searching the forum:

Is the attack "51%" legal?
How 51% attack is deterministically implemented on testnet?
Bitmain 51% Attack? Would they do such if they get the hash? [POLL]
Need an explanation over 51% attack.
Stopping 51% attacks

So obviously it has been discussed so many times before. Regarding the question though, as to how much money needed to bribe employees of BTC.com, antpool and viaBTC to perform a 51% attack? Lots and lots and I don't think that bad actors are more willing to shell out huge money to do it.

BonfireBob

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Quote from: Kakmakr on October 30, 2019, 01:18:42 AM

The 51% attack are not actually a threat in Bitcoin, because you need an enormous amount of hashing power to pull it off and it would have been more profitable to just use that hashing power to mine some bitcoins instead. This is not true for some of the smaller Alt coins, because they have a lot less hashing power and gaining more than 51% would be much easier and cheaper to achieve. Wink

Also remember, if you manage to pull this off... then you would effectively destroy the value of the token on that Blockchain, because nobody would want to hold tokens that would be vulnerable to 51% attacks. Angry

It should be crazy expensive to execute such an attack as well.

Kakmakr

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The 51% attack are not actually a threat in Bitcoin, because you need an enormous amount of hashing power to pull it off and it would have been more profitable to just use that hashing power to mine some bitcoins instead. This is not true for some of the smaller Alt coins, because they have a lot less hashing power and gaining more than 51% would be much easier and cheaper to achieve. Wink

Also remember, if you manage to pull this off... then you would effectively destroy the value of the token on that Blockchain, because nobody would want to hold tokens that would be vulnerable to 51% attacks. Angry

jseverson

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Quote from: s92225 on October 24, 2019, 06:24:00 AM

Either you gain a bunch of power or you lower the network total hash power. Question is, what does it cost to bribe key employees at BTC.com, antpool and viaBTC?

Even if you manage to lower the hashrate, which IMO is probably impossible to do via bribery, what then? You still have to spend a lot of money on the hashrate, and the tools you bought for the attack effectively turn into bricks afterwards.

Previous 51% attacks on alts were only possible because the tools they used could be repurposed for something else. That won't be the case after a successful attack on Bitcoin. It simply isn't worth doing at the end of the day, no matter what route the attacker takes.

joniboini

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Quote from: s92225 on October 29, 2019, 11:15:04 PM

No one discusses about the 51% attack? Since google claim to have the quantum supremacy...Anyone thinks they can do it?

Maybe because the topic has been discussed several times. Search this forum and you can find five or ten topics about 51% attack and/or Quantum Supremacy.

TL;DR : Even if they can do it, we can switch the algorithm.

s92225

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No one discusses about the 51% attack? Since google claim to have the quantum supremacy...Anyone thinks they can do it?

blckhawk

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Quote from: s92225 on October 24, 2019, 06:24:00 AM

This article explores what a 51% attack on bitcoin might look like but pretty much says it's not feasible not only due to acquisition of hash power but moving the funds.

It also looks at some alt coins who are more susceptible than btc to the attack

There is another attack vector in commandeering or DDOS the 3 mining pools that host more than 51% of the hash power.

Either you gain a bunch of power or you lower the network total hash power. Question is, what does it cost to bribe key employees at BTC.com, antpool and viaBTC?

Source: http://lacker.io/crypto/2019/10/07/how-to-51-attack-bitcoin.html

It's a good article to read and an eye-opener to the type of possible attacks to the bitcoin network. I never really thought of that idea but it's clever when you look at it and the simple logic behind. The main victim here would be the exchange that would provide cash outs of the thieves. Another drawback if this would happen is that this would surely be another headliner to media and negativity would surround cryptocurrency, in which bitcoin would be affected. I think the main thing to reduce the possibility of such attack is for exchanges to tighten up their policies in exchanging large amounts and implement thorough KYC to prevent huge loss.

s92225

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This article explores what a 51% attack on bitcoin might look like but pretty much says it's not feasible not only due to acquisition of hash power but moving the funds.

It also looks at some alt coins who are more susceptible than btc to the attack

There is another attack vector in commandeering or DDOS the 3 mining pools that host more than 51% of the hash power.

Either you gain a bunch of power or you lower the network total hash power. Question is, what does it cost to bribe key employees at BTC.com, antpool and viaBTC?

Source: http://lacker.io/crypto/2019/10/07/how-to-51-attack-bitcoin.html

Topic: How to execute the 51% attack on BTC? How feasible is it in comparison to POW AL (Read 227 times)