think of it this way. how much money would it cost to spam attack? fees are low and each cost $0.2 and you can mine the blocks yourself if you are a big pool so it is money in your own pocket anyways.
but the result is 1.5BTC= $1700 in total fees which can cover all the costs you may have had.
now compare this with old blocks. e.g. 444265 total fees were about 0.5BTC back then.
so i'd say 1BTC profit is worth it.
Topic: Is this a plausible theory for a network spam attack? - page 2. (Read 1468 times)
For this to work, you would have to have close to 100% of the miners colluding with you. If not...
The blocks that are not mined by the colluding miners would be full of high fee paying transactions that are all legitimate transactions in the eyes of the non-colluding miner. While the blocks mined by colluding miners are partially full of legitimate high fee paying transactions and partially full of transactions crafted by the colluding pools to increase the overall transaction fees.
Therefor, non-colluding miners would be earning more per block as all of the fees in their blocks are actual income. The colluding miners would be earning less per block because some of the fees in their blocks are just their own money being returned to them.
Eventually the non-colluding miners would be able to purchase more hardware with their greater profit and slowly erode the colluding miners percentage of the network.
The blocks that are not mined by the colluding miners would be full of high fee paying transactions that are all legitimate transactions in the eyes of the non-colluding miner. While the blocks mined by colluding miners are partially full of legitimate high fee paying transactions and partially full of transactions crafted by the colluding pools to increase the overall transaction fees.
Therefor, non-colluding miners would be earning more per block as all of the fees in their blocks are actual income. The colluding miners would be earning less per block because some of the fees in their blocks are just their own money being returned to them.
Eventually the non-colluding miners would be able to purchase more hardware with their greater profit and slowly erode the colluding miners percentage of the network.
Do you really believe that multi million dollar bitcoin miners aren't looking for ways to maximize profits? Maybe even deploying unethical tactics for doing so? Does this relate to why the miners aren't accepting solutions to blocksize?
1. Be a large miner.
2. Collude with other top miners to attack the network with spam/high fee transactions.
3. Solve blocks and return their own transaction fees.
4. Rake in the legitimate ultra high fee transactions first from users who desperately need confirmations during an attack.
5. Profit???
6. Rinse and repeat.
2. Collude with other top miners to attack the network with spam/high fee transactions.
3. Solve blocks and return their own transaction fees.
4. Rake in the legitimate ultra high fee transactions first from users who desperately need confirmations during an attack.
5. Profit???
6. Rinse and repeat.
Why recycle the fees and rewards you already earned when there are new rewards and new fees to collect every ten minutes? No, I think that fraud, collusion and racketeering are best left to the big banks.
OP is really just asking would this be possible as asking that question is usually the best way to think of ways to combat an attack. Personally, I don't think this would work in the least as you'd really have to collude with a pretty good amount of miners in order to make this is a reality,
A good majority of the people that run these huge mining farms and pools would probably have some amount of ethics and put these above any amount of profit, not all though. Greed could take over and this could work but I would hope that this would never occur.
1. Be a large miner.
2. Collude with other top miners to attack the network with spam/high fee transactions.
3. Solve blocks and return their own transaction fees.
4. Rake in the legitimate ultra high fee transactions first from users who desperately need confirmations during an attack.
5. Profit???
6. Rinse and repeat.
2. Collude with other top miners to attack the network with spam/high fee transactions.
3. Solve blocks and return their own transaction fees.
4. Rake in the legitimate ultra high fee transactions first from users who desperately need confirmations during an attack.
5. Profit???
6. Rinse and repeat.
Why recycle the fees and rewards you already earned when there are new rewards and new fees to collect every ten minutes? No, I think that fraud, collusion and racketeering are best left to the big banks.
1. Be a large miner.
2. Collude with other top miners to attack the network with spam/high fee transactions.
3. Solve blocks and return their own transaction fees.
4. Rake in the legitimate ultra high fee transactions first from users who desperately need confirmations during an attack.
5. Profit???
6. Rinse and repeat.
2. Collude with other top miners to attack the network with spam/high fee transactions.
3. Solve blocks and return their own transaction fees.
4. Rake in the legitimate ultra high fee transactions first from users who desperately need confirmations during an attack.
5. Profit???
6. Rinse and repeat.
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