51% Bitcoin Attack What is it
Andreas Antonopoulos - 51% Bitcoin Attack
Confident reply to Bitcoin Structure (may come over a bit cocky, but there you have it in a nutshell). Short video from YouTube under 2 minutes.
Ivan Liljeqvist - Do you REALLY understand Bitcoin 51% Attack? (Giving insight throwing light onto this topic) 11 minutes of your time on YouTube
What is a 51% attack?
In Proof of Work (PoW) cryptocurrencies, nodes typically are set up to recognize the blockchain with the most blocks (and therefore the most hashing power) as the correct version of history. Miners with > 50% of the network hashing power can take advantage of this by sending funds to one address on the main chain, while sending the same funds to another address on a forked copy of the blockchain that they are silently mining with more hashing power than the main chain.
Since other nodes only know about the main chain, they will see the first transaction as valid, and exchanges, etc will accept this transaction as valid. This malicious node can later release these silently mined blocks, and other nodes will accept this as the new 'correct chain' since it is longer. This will cause the original transaction to effectively dissappear, and nodes will recognize the funds as being sent to the address from the new chain instead. This is known as a 'double spend' attack.
Most bigger cryptocurrencies have sufficient mining capacity behind them, making it extremely expensive to acquire the necessary hardware to pull an attack like this off. Smaller cryptocurrencies have less hashing power securing the network, making it possible to simply rent hashing power from miners.
PoW 51% Attack Cost
This is a collection of coins and the theoretical cost of a 51% attack on each network. Click the link above to take a look if you are interested on estimatimated costs.
My Thoughts: Bitcoin being the forerunner I do understand how Andreas Antonopoulos feels, moving forward continuously having to combat all the Media Hype, at the same time trying to keep the Bitcoin Blockchain running smoothly.
I love this positive approach, since I questioned how are Corporate business going to build all their own "Blockchain" systems, who is going to mine them?
Listening to what Ivan Liljeqvist describes, explains what programmers are up against, really anyone with children I would consider programming as a subject.
Enthuisiats of cryptocurrency, learning is a must. Research, find out "what is fact and what is fiction", technology needs nurturing with a lot of growth on the horizon.
Comments and discussion always appreciated, clarifying points you may have more knowledge about, let others know (Social Media).
Its less likely now more then ever however ASIC miners are making it a bit easier as they continue to pump out hardware that outperforms the last. The coins you should be really worried about are the ones not ASIC proof then run just like bitcoin. Their mining power is so low they could be overtaken with less then $1,000!
Keeping ahead of the problems appears to be the name of the game at the moment @bitcoinflood my reason for continuing to support Bitcoin is that they take the brunt of attacks. Onus is on them to iron out problems, then others follow. Dumping when on down trend feels like you abandon the idea before it has started.
Supporting cryptocurrency taking the initiative to protect from ASIC miners, well that is why I support @superiorcoins development team and community always on the look out for unwanted attacks, sharing immediately in https://www.facebook.com/groups/superiorcoinmining/ or in https://t.me/SuperiorCoin
before i kinda confused about cryptocurrency but with the help of people and some research I figured it out, just hope that this would be long last and help more, I like how bitcoin move no goverment control, its just like dont invest in crypto the ammount you can't afford to lost!
Where governments go will be interesting to see, as for blockchain technology I feel confident it is here to stay, learn now for the future.
Congratulations @joanstewart ! You received a 35% upvote from @kryptoniabot & @kryptonia.
Remember to receive votes from @kryptoniabot
Run a task on Kryptonia.
*For those who want to join the growing community, get your free account here Kryptonia Account
Use the tags KRYPTONIA or SUPERIORCOIN in your Steemit post for max vote.
Steemit reputation score above 25.
If you would like to delegate to the Kryptonia Upvote Project you can do so by clicking on the following links: 10SP , 50SP , 100SP , 500SP , 1000SP , 5000SP.
Be sure to leave at least 50SP undelegated on your account.
Due to an increased amount of tasks, we have changed up the voting power to evenly spread out the Upvote amount.
I think bitcoin has traveled past the point of getting a 51% attack on the network some time ago. The costs and just the ability to build enough computers to brute attack the bitcoin network is long gone. And any current miner knows that it is makes more economic sense to mine, instead of attacking. Look at smaller chains like BCH, there is easily enough hashing power available to 51% attack it, yet it is not. It would cost too much in lost profits to do it. Although on really small chains like bitcoin gold, the hashrate is small enough that it could be worth it to attack.
joe@uvas23 from Kryptonia, spreading some love.
Agreed, original Bitcoin has so many mining worldwide it would be impossible (or stupid) to outlay for an attack on this coin.
The thought behind this is sound considering governments wishing to have their own blockchain facilities, who will mine them, who will support them?
Those wishing to attack, this indicates approximate cost involved for all to ponder before making such a decision (wise or stupid) https://www.crypto51.app/
Your post was resteemed by @resteemza
Please upvote this reply to help us grow
it would take you millions of $ to get half of the entire hash. theoritcally its possible but i guess its a stupid idea to do so for it wouldnt be beneficial even for the attacker bcoz people will loss trust to the network and price would certainly drop. It would be waste having alot of bitcoin but no buyers/traders 😁😉
We can never underestimate the greed of people, plus stupidity.
i agree!
The media plays a big part when talking about cryptocurrency and bitcoin,like we all know bitcoin is always the first coin on the list and it has faced a lot of attacks from the government and some rich individuals.
Most people don't want to accept the revolution because they are afraid of getting hurt and losing money but I am sure in the future there will be mass adoption and it would face less attacks by then
Media inflates everything out of proportion, be it good or bad. One comment from someone already well known, article is written with media responding (story always get bigger in the telling). End up with news that needs to be continuously researched for integrity.
Thank you for the interesting post. I learnt something new about Bitcoin!
Your post are always informative,,,and you vary ya information in different aspect.....
Thanks for the post. There really is so much said and written about it all that it`s hard to know what to believe . @bon-nom
Regular reading and research you start to get a feel on what makes sense and what doesn't @bon-nom
I really don't understand this that much, but what I get mainly is stay away from new alt coins that have not been thoroughly tested and approved by knowledgeable people. Of course finding the knowledgeable and honest people is the problem.
Find people who know more than you, people you like and trust, keep reading for yourself, with time it makes sense.
Crypto is new to me. I still have to learn and read more to understand it better. Thank you for the informative posts you always brought us.
Always a pleasure sharing information @rubelynmacion
Se agradece siempre sus informaciones tan educativas sobre todo, para los que recientemente hemos entrado en este mundillo @xintoe
Thanks for posting I don't really know much about bitcoin but the coin is already low now
Before has bitcoin has small value until it becomes big right right; i am confident that kryptonia will also go to the moon like bitcoin. i have 42,000 sup i think i will be going young millionare soon.
“ ‘Thank you’ is the best prayer that anyone could say. I say that one a lot. Thank you expresses extreme gratitude, humility, understanding.” —Alice Walker
this is your friend from kryptonia EDENJEVY C. OLIVEROS
Happy learning, sharing, growing together on @kryptonia
I learn t something new about Bitcoin thanks
A 51% attack is less than likely and the future of bitcoin is looking good. Its growth is only getting better along with the mining and difficulty. The difficulty could play a role in a 51% attack but then the attackers would lose.
kryptonia: blockgators
Agree, highly unlikely Bitcoin attack would happen. Patience in growth is where too many fall short, then they sell when any bad news hits the media.
Have had to deal with banks for about one year now and glad to see that they are doing anything in their power to defend their position and having very negative approach to crypto's. Really wish the crypto movement continues strong and one day I could just close my bank accounts. @damiana
Never know what is coming down the path of time @damiana that is what makes life exciting.
The market is keep going down , is it the start of the end for cryptos? or just the beginningRight now... Bitcoin is cheap! And if it gets cheaper still I'm happy about that because it gives me the opportunity to pick up more and reduce the over all cost of what I hold.
Great idea @asfi slowly grow once you have recouped original outlay.
As someone who has invested in the mining aspect of Bitcoin, and some other cryptocurrencies, it is always important that you keep the equipment up to date, in fact we look at adding new hardware on a monthly basis.... Unfortunately, I am no expert, I leave that to my business partner, who dollops my earnings in my wallet each month,