Dogecoin bubble..
- Thread starter Winston_McFail
- Start date
(O_o)
H̨̼̩͐̑͆̀̚&
You guys might have interest in it, but in about a week I'll be releasing a whitepaper on a real-world asset backed crypto similar to protoshares. Should have an extremely high ROI since the issuer (me) will be introducing a dividend payment scheme for every coin mined via fiat which then evolves to more later on.
The more I think about this, the more I think:
WTF makes you think you're impervious to dronestrikes?
(O_o)
H̨̼̩͐̑͆̀̚&
The more I think about this, the more I think:
WTF makes you think you're impervious to dronestrikes?
WTF makes you think that a government won't pony up the $500,000,000 required to 51% attack bitcoin?
You have a thing or two to learn about the hash rate, Padawan.
No one can buy 51% of the network... With all the money in the world, you can try and then you only get 5% of the network due to the nature of that awesomely-designed market.
Never underestimate Satoshi.
If it were even possible, it would probably take close to $1trillion to pull this off. The price of bitcoins would skyrocket if someone was trying to buy up that many of them.
Buying bitcoins has nothing to do with attempting a 51% attack of the network.
The former is affecting the supply / demand of bitcoins for dollars, the latter is how much it would cost to acquire enough mining hardware to manipulate the network.
The coins are issued at exactly the same rate. No matter how much mining equipment is thrown at the network, the last coin will still be minted sometime in 2140. The only thing that happens with more equipment is a higher difficulty rate for everyone involved in mining.
They wouldn't need to acquire that much mining hardware to pull off a trick.
https://blockchain.info/pools
They could do some serious damage by taking control of the 3 largest bitcoin pools. Afterall, bitcoin is not really that decentralized as people like to think.
The people who want control are already working towards centralizing bitcoin
https://blockchain.info/pools
They could do some serious damage by taking control of the 3 largest bitcoin pools. Afterall, bitcoin is not really that decentralized as people like to think.
The people who want control are already working towards centralizing bitcoin
Sure, but my point was that more mining power = more chance to manipulate the network.
Selfish mining attack, somewhere around 33%.
51% of current hashrate = ~5,100,000 GH/s
KNC Neptune ASIC = 3000 GH/s
Miners required for 51% of current hashrate (obviously once you start mining, it's a lower %, but selfish mining covers that): 1700
Cost of getting 51% of network hashrate, buying at $10k RRP (a stupid idea, with that money you could build something similar/better yourself): $17m
Cost of BP's logo: $211m
Ghash.io has 32%
BTCguild has 27%
Explain to me how it's impossible.
DDossing ghash and BTCguild aren't impossible to do , and if done would take down 59% of the total network hash rate immediately. If you had a self-mine go up with superior hashing rate, you would easily make thousands of doublespends which would destroy confidence.
Although most of the existing hardware for sale out there only accepts bitcoin for payment; I'd imagine if the NSA wanted to attempt a 51% attack they'd know better than to wait for private companies to ship to them and simply build their own ASIC factories... Which they can do with USD.
This was a big fear of the bitcoin dev community for a while, but they figured out a way around it by basically installing the equivalent of a silent alarm button for each of the big pool operators... If any government tries to take them over, no matter how silently, the pool operator can simply do one small action (I have no clue what the action is; perhaps just a twitter tweet) and suddenly their whole community is warned about the compromise.
Even if they can't do the action; Miners have the most to lose from a government attempt at a 51% attack... So as soon as they see the consolidation of any one pool grow too close to 50%, members of that pool will bail, plain and simple.
In fact members bail from the biggest pools NOW on a daily basis. There's no one any one will get close to 51%.
Lol... Selfish mining is no threat.
Is bitcoin broken? Gavin Andresen responds to mining vulnerability paper
Well I'll try... It's a big subject though with hundreds of threads devoted to it on bitcointalk... But in a nutshell, the mining community isn't blind.
What I told Jacky8 above explains half the problems with a 51% attack; you certainly couldn't go through the pools... But let's say you were uncle sam and had a trillion bux to spend on this project... Here's what they think would happen:
1. A huge factory is created to make and assemble ASICs. It would clearly have to have a capacity at least 2x or more larger than all other ASIC manufacturers put together at a very minimum. 10x the size of the existing industry gives them more of a real chance. 100x might be a sure-thing, if they build it very quickly. (Of course such a factory would take up a whole state, but I digress...)
2. As they bring these new miners online, the hash rate goes up by the amount they've added, and miners will have to adjust their calculations.
3. Since the known output of all GHs produced by existing miners is already known and reported on; all this new hashing power coming out of nowhere might as well be wearing a clown suit with a giant red target on it.
4. Responding to this imminent threat, the Devs will code up something for the miners that will have them whitelist each other.
Boom; no more gov mining allowed on the blockchain.
Just like that, the government wastes $1 trillion, and looks like an ass to the world.
(So you know, like normal.)
