Bitcoin 51% attack is a theoretical attack that can be caused by someone who possesses 51% or more of the hashing power in the network. Today we talk about exactly what this attack is and how it can be executed.
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Ivan on Tech by Ivan Liljeqvist
Hi Ivanli! :)
I noticed that you still have a lot of Steem Dollars.
You Should be aware of what right now is happening of SBD (mostly on bittrex)
SteemDollars are design/construct in a way to keep a peg with USD. But when a lot of Koreans decided to buy every new coin which was added to upbit, then they by mistake(?) pumped SteemDollar as well.
Something similar already happen in the past in June 2017:
And afterJune peg was successfully recovered after some time. I cannot tell why, but eventually SBD should return back to exactly $1.
That means, that right now it is a perfect time to sell SBD. For what? You can sell it for BTC/ETH/EOS/whatever, but you can also use internal market to buy some Steem: https://steemit.com/market (internal market is not very deep, so you would need to do that in few steps).
With 1176 SBD you could buy ~7077 STEEM. If you would power-up that, your single vote would be 8 times stronger, and worth more than $1 :)
Dude you do such a good job of explaining things, thanks.
very important issue, nice video
Great explanation. Thanks Ivan!
Great video as always!
@ivanli Somebody just copied you post... : https://steemit.com/bitcoin/@kingbrianboru/do-you-really-understand-bitcoin-51-attack-programmer-explains
This is great. I am new to cryptocurrency, but i am trying to get as much knowledge as possible, and this is definetely very informative. Thank you :)
Same here, the more I find out about it, the more I like the concepts.
No I didn't understand how it works, but thanks to you, I have a whole hell of a lot better understanding. So much gratitude for sharing this. Two different versions of the truth? Who can process that? Thank you so much.
Really before i don't know about your post.Your explain is best.I like your explain.
51% is a shot in the attacker's own toe. That was very educational and I learned a lot. Thank you @ivanli
I am excited to read this book
thanks for this amazing content, great explanation as well of the principals involved. Question tho, in the event of said 51 percent attack, if the network realizes it is under attack, would not the network simple fork away from the said attack. So if 51 percent is creating one version would not the other 49 percent of the network simple fork into its own network and then exclude the 51 percent attack, I.E. a reverse attack, the BTC fork which has been quite profitable at this point for the value of BTC as a whole? keep up the great work brother!!!
damn those lights are bright :) thanks for explaining. heard about it but not a clue how it worked. i kinda guessed it was something similar to the way a business owner and partners has 51% sway of a business so thanks for that!
Great, Nice explanation . Thank you
great insight on what 51% attack will do to blockchains. This is happening a lot lately to new and low overall hashrates of many coins. Electroneum is a good example where someone or group buys a massive amount of hashrate for a short term to interrupt the overall blockchain. Either making it stuck at a specific block or ruining the pow of the coin. I think their incentive of doing this is so they can get more of the coins initially before the coin hashrate explodes as more people get involved.
Your post always good and helpful I like it your post. Thank you so much!
The 51% Attack is quite achievable. Like you suggested, if a country feels threatened by BTC they can launch this attack, cripple BTC and then come up with theirs so as to control their economy and have a controlled decentralized network.
Thanks @ivanli, I'm a great fan of yours.
At this point they would have to attack every crypto I think because people would just switch the value to one of the other chains? DASH for example.
Thanks for posting!
Good job. Such Informative video!
ivan gracias por dar información,, pues la verdad entendí poco a poco el ingles me da un poco duro,,, ;)
cualquiera se sentiría amenazado con esas alas que tiene el btc.. xd
It is known in the crypto world that 40% of the bitcoin block chain is owned by only 1000 wallets. However, it is also known that most of these wallets have been inactive for a very long time. No one knows who owns these wallets. For all we know, it could be one person/entity who owns it all. I will now try and connect the dots and perhaps bring some conspiracy to light. As my dear colleague and friend , Dr.X, and I look into the future of cryptocurrency we only like to consider the best possible scenario available to what is known information to the public world.
Before I commence with Dr.X's controversial opinions, let us ask ourselves, Who is Satoshi Nakamoto, how much bitcoin did he give himself? Is it in fact possible that these inactive Bitcoins are owned by the creator/creators. That is up for debate, however, we must not give in to the hype without doing our due diligence.
The world has decided! Bitcoin is the candidate to become the global currency surpassing all other currencies, most importantly the US Dollar. The value of all commodities will be measured with Bitcoin replacing USD; as it is right now the case with other cryptocurrencies.
I am working with some of the brightest minds in the known world to shed some light in this black and white market. If you guys want to understand Dr.X's mind further follow me to keep up with the most recent updates as I pick his brain more in our "World" or is it ours?
good post
precious
i follow you vote you and resteem .
plz follow back me
I start today my post.
Just begining
here my post
https://steemit.com/steemit/@kyawswar/introduction-myself
Saw a picture of you on another blog. They didn't seem to mention you though.
https://steemit.com/cryptocurency/@widia/you-must-know-what-s-51-attack-in-crtocurency