Newbie question about the 51% scenario.

YacLives

newbie

Activity: 56

Merit: 0

Quote from: usahero on June 10, 2013, 07:10:37 PM

In case of attacks, every site and every merchant should stop doing bussiness in that currency, also all the trade of the currencies on the market should immediately be halted. If network starts showing serious trouble, like in the case of FTC, everything trading in this currency should stop. If there come to unwilling block changes, the wallets should be restarted to pre-attacks balances. There should be standard set of "what to do" in case of 51% attacks. If a coin cannot apply to these standards (because of bad development team for example), that would impact its significance (aka label it shit coin in some cases). Possible legal prosecution of doers in countries where it is possible.

Games around 51% attacks could be moved to alt markets, where 51% attacks could stay legal, if that was what everyone would want.

Just my opinion of possible solution.

Yes thats a great idea to have a contingency such as this, great suggestion

usahero

sr. member

Activity: 434

Merit: 250

In case of attacks, every site and every merchant should stop doing bussiness in that currency, also all the trade of the currencies on the market should immediately be halted. If network starts showing serious trouble, like in the case of FTC, everything trading in this currency should stop. If there come to unwilling block changes, the wallets should be restarted to pre-attacks balances. There should be standard set of "what to do" in case of 51% attacks. If a coin cannot apply to these standards (because of bad development team for example), that would impact its significance (aka label it shit coin in some cases). Possible legal prosecution of doers in countries where it is possible.

Games around 51% attacks could be moved to alt markets, where 51% attacks could stay legal, if that was what everyone would want.

Just my opinion of possible solution.

YacLives

newbie

Activity: 56

Merit: 0

Quote from: Max Kagan on June 10, 2013, 06:42:49 PM

So it's a matter of multiple people competing with computing power?

Yes its mainly a danger when a new coin comes out and isnt yet established but once it does become established it is usually hard for a 51% attack

however any of the large mining pools can definatly create a cartel with other large mining pools and and take 51% but imo that is probable but unlikely to happen

however in saying this im am not 100% informed about 51% and its uses and im pretty sure a 51% from someone could not necesarily be out of malice but just to

make their coding life easier in such cases as using botnets

Max Kagan

newbie

Activity: 11

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So it's a matter of multiple people competing with computing power?

YacLives

newbie

Activity: 56

Merit: 0

Quote from: Max Kagan on June 10, 2013, 06:07:49 PM

What are some things we can do as a community to prevent an attacker gaining 51% probability?

Promote the coin keep it alive and keep people mining on p2pools and mining pools solo ect ect
keeping the coin popular and active makes it hard for one entity to own 51% or the network hash
because esentually if one does then its like a company it has more say in the how the company runs
and thats not fair in the application of a democratic currency

Max Kagan

newbie

Activity: 11

Merit: 0

If you read the "New to bitcoin" thread, https://bitcointalksearch.org/topic/new-to-bitcoin-start-here-7269

at the bottom there is "What is a 51% attack? And what is double spending? Discussion thread https://bitcointalksearch.org/topic/how-exactly-would-a-51-attack-work-52388"

Sweetrevenge

newbie

Activity: 54

Merit: 0

What do you mean 51% probability?

Max Kagan

newbie

Activity: 11

Merit: 0

What are some things we can do as a community to prevent an attacker gaining 51% probability?

Topic: Newbie question about the 51% scenario. (Read 513 times)