MIner Question - page 5. | Bitcointalksearch.org

nc50lc

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Quote from: QEHedge on December 17, 2019, 09:51:23 PM

What would stop them from colluding and trying to 51% attack the network?

The cost and the total available hardware.
The cost might not be a huge problem for a state but after the attack, what will they do to those ASICs that they've used for the attack?
But before that, where will they get the necessary hardware to gain 51%+ of the current network hashrate? Produce their own?

(They will be needing more than half of the current hashrate since their own hash power will be added to the total).

Forcing the Pools (not the miners) is more effective and cheaper than than "setting up their own farm" but a lot harder to pull off.

ranochigo

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Quote from: QEHedge on December 17, 2019, 09:51:23 PM

If a few miners were to control a majority of the hash rate (say over 51% of the network)

What would stop them from colluding and trying to 51% attack the network?

Nothing. They can attack the network by mining on the same fork. The attackers just need to be in agreement.

Quote from: QEHedge on December 17, 2019, 09:51:23 PM

What if the nation states try to stop Bitcoin by setting up their own farms and forcing the miners to adhere to their rules otherwise face death?

Nothing that they can do. With 51% attacks, you can't change the network rules. You would mainly only affect the transaction's confirmation and the ability to double spend.

Quote from: QEHedge on December 17, 2019, 09:51:23 PM

Is there a backup plan for if Bitcoin goes down due to collusion? Or is BTC screwed?

It'll be pretty screwed. If BTC somehow gets attacked, the main damage would probably be done with the first double spend. Subsequently, people would probably realise that it is under attack and people would switch to another coin which has a different algorithm. This could render the attack pretty useless but it'll still cripple bitcoin.

QEHedge

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If a few miners were to control a majority of the hash rate (say over 51% of the network)

What would stop them from colluding and trying to 51% attack the network?

What if the nation states try to stop Bitcoin by setting up their own farms and forcing the miners to adhere to their rules otherwise face death?

Is there a backup plan for if Bitcoin goes down due to collusion? Or is BTC screwed?

Thanks guys.

Topic: MIner Question - page 5. (Read 1781 times)