Bitcoin Forum

In order to better secure a big chunks of BTC, I'd say it should be a good idea to check your own wealth by running

1. your own node, with some software on top that very regular checks if your stake is still yours (big business like exchanges are hopefully doing that, correct?).  Costs of that is minimal.

2. ... ? I can only think of running a big mining pool (5-10% of hashpool might be ok) is the most secure way of keeping things yours, but that is most expensive Option, but could also pay back, if you can get cheap Power!

Is there sth. else one could do?

I was just thinking about getting around the decentralisation issue by bringing in 'big' players and really with point 2. AND big money the system gets safer and shared better (than just right now, where about 60% of mining power is concentrated).

If just 10-20 big players (home offices, Magnetes, ...) would do so - each separately- BTC would do really well.

Anyone can calculate what minimum cash (buy Miners) would be needed for ensuring all that?

Next, who might be those big ones?

...better than what?


Sounds like an online solution, any particular reason for that?


Mining? How is that adding to the security of the coins?

Create a wallet on an OFFLINE COMPUTER.

Destroy hard drive it was created on...

The best bet would be to make a faridi cage, create in there and destroy everything before leaving(use a Rasp-pi it's cheap) except the ENCRYPTED private key and your public key.   Make copies. Write down the pass, never type it onto a computer. 

Yes, that was supposed to be basic. I'm more interested of fixing attacks from miner side (51% attack) or similar things.

If you have more than 50% haspower, its secure for you.

If your idea of "security" is "complete control over the network" you might have a hard time with bitcoin and security.

I'm pretty sure obtaining 50% network hash power costs way more than 20 million, like a lot more!

BTW, 51% attack not really a problem.

Monitoring your coins with full node to checks if your coins are still yours is easy but you cant do anything when you detect there is transaction which spending your coins, even 5-10% of hashpower can not guarantee such transaction is not added to blockchain.

But running full node or mining is helping Bitcoin security, so wise for any holder to help this way Bitcoin a bit.

Since we've seen buddys come 'all' round-tableing together on a real issue (and this is one!), I'd strongly assume - that's gonna hapen exactly in such a case again.

You've just to put on spot & make a big noise - and trust might be gone for all.

So you can simply secure a bunch of money with another bunch - always - nothing new.

I don't understand what are you trying to say.

If you want to secure your funds, use a paper wallet, or hold funds on your own computer, disconnected from the internet.

Your other  stupid ideas are completely bad to be honest.

Sorry - I'm not thinking of stealing coins by grabbing your private keys - rather by doing a 51% hashpower attak / selfish mining and modify the block-chain to what you'd like to and steal the coins that way.

So the only way I see to get around that is breaking up the existing hashpower concentration by mining  yourself, ideally own 50%.

That's not really possible so I think 5-10% should be fine and 10 - 20 such big players should do so. I'm not saying that that's not already the case.


One of those players could be some Fonds that now can advertise by having their own mining showing that they are looking at securing wealth in BTC.
I'd rather invest only in such ones.

Funds cannot be stolen in 51% attacks.

The majority can simply do double-spends, waiting enough confirmations solves this problem.

On a selfish mining + 51% attack you might wait for 'ever'....

51% attack cannot be done forever.

Is there any case study of a 51% attack successfully done on any cryptocurrency ever?

This seems a little extreme to me. I don't see the need to "destroy" everything. Unless you are worried about someone kicking in your door and stealing all your hardware, and if so....you have other issues that need to be addressed.

Big amounts and small amounts are kept safe in the same way.
If you make yourself a good number of paper wallets and fill them with random amounts, it's already a good start.
If you own a lot of BTC, you can afford the best hardware wallet for the daily expenses.

I suggest you read (a lot) more on this subject, since your questions show that you are complete newbie.


Actually any deleted file in normal ways is still there on HDD for quite some time and somebody can retrieve it if he has access to the computer.
However, nowadays there are virtual computers you can make, use, then destroy and it's just fine.
Of you can just wipe the free space after deleting the files.

The 51% attack is a myth conjured up by the Bitcoin shills.  ::) It is in nobody's interest to do that, and even if they managed to do that, they would not succeed for a

long time, people will simply leave those pools, if it was a problem. So far this strategy worked and people can see that it would be stupid to execute a 51% attack and

have people losing confidence in the technology and selling their coins. In the end you will sit with worthless coins, if everyone else left. The developers also said, they

have other counter measures to prevent such an attack...  ???

I know that erased data can be recovered. But someone needs access to the hardware to recover it. If you use a offline computer that you decide to never give online access again, I do not see the need to physically destroy anything. I really doubt someone is going to kick in my door and say "give me all your hard-drives". And if they do......lets just say I have something waiting for them.

It's difficult to compete with the Chinese miners. I think their government is building 170 new coal fired generators, and they are increasing non-fossil fuel generation ( mainly hydro and nuclear I believe). They don't need that electricity, but the government guarantees the purchase price, and it is sold at low prices. Electricity is a major cost for mining groups.

Yes, but you will cry if in a couple of years your son will see some dusty HDDs and will sell them to buy some booze, you know... :)
That's why best is to wipe your data before you forget about that.

One thing is do one time succesfull 51% attack to doublespend your coins only one or few confirmations back which will not make huge impact on Bitcoin price. But if it was continuous attempt to mine all blocks for yourselves with 51%+ and refusing adding on top of other blocks or double spending often at will any number of confirmations back, then this would crash Bitcoin price a lot - so the attacker will have worthless coins, but I can see why someone could attack Bitcoin for ideological reasons this way especially when he could take control over the mining equipment basically for free like China government.

So yes, if you have few coins stored, consider running one ASIC rig even at financial loss at very small nonChina pool or P2Pool.

................. .............................

I have a feeling you are not here to help BTC out one bit....

In fact  I believe you are attempting to do the complete opposite.

The most critical event is if the attacks are combined with a big (short-) selling action.

So If anybody here knows proper risk evaluation & modeling processing (not only market-risk !) you'd see what I'm about here.

Any risk that you see front up you need to calc & minimize properly -> that combined one is the biggest I see, but looks like one can fix it. I do NOT know how much money you Need in order to do.

PS: Everybody here needs to do own risk management.

Great - you are hired for that open risk job!

First Task: Read full thread. ::)

GHASH.IO reached more than 51% of total hashrate one day and nothing bad happened.

even if anything bad was supposed to happen you could just wait for more confirmation to be sure there is no double spend.

or buy some hardware wallets and split your bitcoin there and to desktop core wallet with very good password. Then you will nothing to afraid about your bitcoin. You can see the trezor hardware wallet or better in my opinion and much cheaper the ledgerhardware wallet