Is the attack "51%" legal? - page 2.

coincruncher1982

jr. member

Activity: 82

Merit: 7

Quote from: HoneyCoin on June 07, 2018, 04:44:52 AM

Is the attack "51%" legal? In which countries is such an attack pursued by law?
The thing is that I was wondering if there will be any consequences for mining pools (other than loss of reputation) that will make the Attack "51%"?

Doing a 51% attack may not in itself be illega, but double spending is fraud and that is illegal.

krishnapramod

legendary

Activity: 1470

Merit: 1079

Not a lawyer. A similar question was asked on Bitcoin Stack exchange, two perspectives.

1. Double-spending is fraud so definitely illegal.

2. The decentralized/unregulated nature of cryptocurrencies with no clear cut regulations/laws.

Quote

The only way I could see a double spend attack being illegal in any part of the world would be if there was some kind of law that automatically recognises international alternative currencies in the first place.

Last month Bitcoin Gold and Verge suffered a 51% attack, just a week ago, it was Zencash. I think rather than legal or illegal, it's about how easy to carry out a 51% on coins with low hashrate and get away with it. There is even a website that gives a theoretical cost (renting hashing power from NiceHash) of a 51% attack on PoW coins.

https://bitcoin.stackexchange.com/questions/4306/is-performing-a-51-attack-double-spend-on-bitcoin-illegal

https://www.crypto51.app/

HoneyCoin

newbie

Activity: 22

Merit: 0

Is the attack "51%" legal? In which countries is such an attack pursued by law?
The thing is that I was wondering if there will be any consequences for mining pools (other than loss of reputation) that will make the Attack "51%"?

Topic: Is the attack "51%" legal? - page 2. (Read 314 times)