Taking over the network? | Bitcointalksearch.org

BuySomeBitcoins

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Quote from: -ck on November 15, 2016, 09:11:22 PM

Quote from: BuySomeBitcoins on November 15, 2016, 02:29:39 PM

Isn't this discussed many times ?

I fail to understand why open the same topic over again.

Because there are always new users to bitcoin, just like there are always sigspammers like yourself posting useless posts like yours to increase their post count.

Jumping to assumptions, bravo.

-ck

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Ruu \o/

Quote from: BuySomeBitcoins on November 15, 2016, 02:29:39 PM

Isn't this discussed many times ?

I fail to understand why open the same topic over again.

Because there are always new users to bitcoin, just like there are always sigspammers like yourself posting useless posts like yours to increase their post count.

BuySomeBitcoins

sr. member

Activity: 434

Merit: 253

Isn't this discussed many times ?

I fail to understand why open the same topic over again.

iram3130

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Well, the answer to your question would be YES. It is possible but not as how you have described.

Quote

DEFINITION of '51% Attack' 51% attack refers to an attack on a blockchain – usually bitcoin's, for which such an attack is still hypothetical – by a group of miners controlling more than 50% of the network's mining hashrate, or computing power.

Just putting what you could have found easily.

Holliday

legendary

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Quote from: BTC_Universe on November 12, 2016, 05:24:22 PM

Is it possible for someone to theoretically take over the bitcoin network and create their own Bitcoins if they own 100% of the hash power?

If you are 100% of the hash power of the network, you can do whatever you want (to any clients that connect to your network and abide by your rules).

I suggest you do a lot more reading about how Bitcoin works before asking further questions.

xdrpx

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When a 51% or more hash rate attack happens where in a miner who earlier was mining for the actual Bitcoin blockchain decides to fork this blockchain and run a forked version of Bitcoin in which he will be able to reverse transactions that he does by double-spending on this fork while at the same time spending on the actual Bitcoin Blockchain. The 51 % attack isn't very profitable for the miner doing so cause usually a profit seeking miner would focus on long term profits and would invest in costly hardware and equipment's. Also, if at attack did happen the value of Bitcoin would fall far below and thus cause panic in the Bitcoin markets leading to the attackers loss of values for the short gains that he had made. The only worry is if a large public mining pool happens to social engineer people into mining on his/her pool then it would be possible to run such an attack, but it involves a lot of social engineering knowledge and effort.

ranochigo

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Quote from: BTC_Universe on November 12, 2016, 05:24:22 PM

Is it possible for someone to theoretically take over the bitcoin network and create their own Bitcoins if they own 100% of the hash power?

Anyone who mines a block can get the block reward. However, the miner CANNOT include the amount that is more than the block reward and transaction fees in their coinbase transaction. Reference node would simply reject the block as being invalid.

However, they can potentially refuse to confirm any transactions, the user can reverse their own transaction that was created after the block checkpoint. In a sense, they are controlling which transactions can be confirmed and which won't.

JeffBrad12

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Quote from: cpfreeplz on November 12, 2016, 05:55:54 PM

Not exactly how you described it but essentially if a miner had 51% of the hashing power they could theoretically double spend their coins. It's called a 51% attack. Have a google!

It's mean if the political attack of bitcoin is possible to happen too.

cpfreeplz

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Not exactly how you described it but essentially if a miner had 51% of the hashing power they could theoretically double spend their coins. It's called a 51% attack. Have a google!

ThatRandom8543

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You should read https://en.bitcoin.it/wiki/Majority_attack

BTC_Universe

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Is it possible for someone to theoretically take over the bitcoin network and create their own Bitcoins if they own 100% of the hash power?

Topic: Taking over the network? (Read 1031 times)