Bitcoin Forum

If it happens, the confidence and price of the coin will collapse. People holding the largest amount will suffer the most. Therefore it wont happen.

The people who attempt taking that kind of control probably don't care for the the public's perception or confidence in the coin, they are looking out for their own gains. That said, you are correct, it is unlikely to happen and even if it did the perpetrators wouldn't be able to create new coins nor would they be able to modify all past transactions other than a few blocks back. Overall, the potential damage is much smaller than most think...

This. They would simply cash out, and likely do it VERY slowly. I'm talking years here. If they dumped 51% all at once then the price would indeed become a factor.

Basically this news is very disappointing for investors who invested money in crypto market based on this org. will earn lots of profit but they should think about customers who are related with business I mead other stake holders based on this if it happen this market will be in danger.

If the 51% attack is successful you can say goodbye to bitcoin and all the alt-coins. But I think it's only possible with those.

But it is said to be unlikely going to happen.
This isn't a news, this has been hypothetical and in the web, you can know more about 51% attack by using google.

with that logic 51% attacks should not have happened in all these small altcoins that experienced multiple attacks throughout the years! but they did. it doesn't matter if someone holds a lot of the coin or if the price collapses or not, 51% attacks are a plausible one when it comes to small altcoins with little hashrate to secure the network.
in the end it will all come down to cost of such attacks. for example it is extremely high for bitcoin which makes it impossible to pull off but it is super easy in altcoins such as BTG and Verge both of which had 51% attacks recently.

if it happen it will be a good time to buy and hold it, even the big holder will have profit because the more they will hold the more that they can earn.

This wont happen,because even whales has their own perspectives and outview about matters they will never let anyone to hold the majority of  the market so bother bot about this

And besides we the small holders have good percentage among them thproblem is we are not bined with one stand thats why when price moves we have different actions

Creating a 51% attack against bitcoin would simply be a suicide, especially to the perpetrators knowing that they'll shake the market's confidence therefore creating a panic selling scenario wherein everyone and their mothers would be selling. The effort would be a dire one knowing that they'll just lose money in the process without gaining anything, except for destroying the bitcoin market and ecosystem. If hashing power and power alone is cheap, I'm pretty sure someone would do this for their personal reasons, but with so much money invested on bitcoin? I don't see any dumb individual/organization would do this for the sake of 'learning'.

I this it is not acceptable and in recent times their transaction also take some times. If 51%dump then it will be affect their project.

51% attack on bitcoin is almost impossible but other bitcoin and ethereum forks has been gone through such attack before leading to multiple other forks of those coin and also complete shutdown (eg. KRYPTON).

With increasing mining capacity of single device any new coin forked from old coin are vulnerable to this attack thats why we only have ETH based token rather than standalone coin these days.

Your logic only holds true as long as the Miners are the ones holding the largest amounts as they are the ones that can 51% attack bitcoin.
A collusion of just Chinese miners has had more than 51% combined for over 2 years now.

If the Miners decide another coin benefits them more than bitcoin, then they could potentially dump bitcoin and then 51% attack it to destroy it and point to their other coin as the #1 coin gain profit as the non-miners jump to follow their lead.
Things the Miners can do and no one can stop them.
1. Miners could collude to raise the transaction fees to insane rates , users have no options but accept or let their coins sit frozen.
2. Miners could just refuse to add new transactions to blocks , and users are powerless to stop them.
3. All the Miners could just mine another coin and let bitcoin freeze up in a death spiral.

People just holding bitcoin and are not miners are really just minions of the miners , as the miners are the ones with all of the power in a Proof of Work coin as Bitcoin.

That has always been the assumption, but it just isn't always true.

Bitcoin Gold suffered a 51% attack in May and its price has not been affected.
ZenCash suffered a 51% attack last week and its price has not been affected.
Verge has suffered several attacks over the last couple months, and its price has not been affected.
Monacoin suffered a 51% attack last month and although the price dropped temporarily, it returned to normal.

it seems impossible because many try to block bitcoin by making a buy order at the lowest price and try to buy when many people panic so they buy as much as buy at a cheap price and bitcoin will not be able to collapse in a rough.

I don't think this will happen. If that happens, the people holding the coins will be at loss. Let's see what happens!

Yes agreed with you. If this happen. total system will collapse and people will lose their confidence in crypto. However, we believe that it won't happen.

wrong a 51% attack will be common, as bitcoins design is doomed to get a miner cartel in the industry,

stake systems will continue or coexist

https://www.cryptoproductivity.com/single-post/2018/06/07/The-Systematic-POW-doom-and-the-inevitable-emergence-of-a-POW-Monster-in-the-Cryptoindustry

51% attack is almost impossible, for this you need such a huge computing power that nobody could organize. Hypothetically, an enormously rich investor could buy power from the mining pools, but as a result it wouldn't pay off. People would start to pay their Bitcoins on stock exchanges and the BTC value would fall to such a degree that it would be undoubtedly unprofitable.

btc's UASF, segwit other events of august 1st was a 51% attack.. technically it was a 35% attack because core only had 35% before the group rallied the core supporters to reject blocks that dont comply to cores roadmap

this is why core should now publicly announce they will never again allow a mandatory bilateral split vent purely to get a feature enabled that didnt reach 95%.. nor even 50% of true consensus.

as long as core want to continue thinking that mandatory consensus bypasses are a tool. then 51% attacks will happen.. but silly fools will say its ok because it benefits core (but breaks the purpose of the decentralised consensus mechanism)

Yes...thank you. And there were others, I know ZenCash got it. I think they can only do short term damage and it has to be for transactions executed during the attack. So, if they can hold the network long enough, they can hopefully get a few transactions to clear, but 51% is not really enough, it's barely enough. If transactions are hitting the 49% those transactions are rejected. But each of the blockchain networks are different.

In addition, since those 51% attacks, people are making changes so that those attacks can't actually work as well next time, like requiring 100 confirmations before an exchange will release coins being withdrawn, instead of the old 5. If I understand this correctly (which I probably don't) the more confirmations needed, the long the attacker would need to hold at least 51% of the network.

Do I have all this right? Would love to be corrected.

i dont think its possible to happen. big investors will be hit so much,

It's unlikely and even if it did the culprit would not be able to generate new money and they would be able to modify all past transactions other than a few blocks back. In general, potential damage is much smaller than most thought ...

attack 51 is likely on other cryptocurrencies.It is not possible on bitcoin.No one will let you do it.Large enterprises make equipment for bitcoin mining.They would not benefit.

51% Attack is possible but requires a huge calculation system! Only small altars with a small Hash Rate are at risk!
But there is also the risk for blockchain technology!

51% of attacks may occur, there are times when revolutions can occur including in blockchain technology. but I'm sure blockchain technology including bitcoin will never die.

In large and popular crypto currency, the probability of an attack of 51% is really unlikely. But the situation with small altcoins is completely different and they will easily succumb to such an attack.

A group of miners who is in control of more than 50% of total mining hash-rate and try to prevent new transactions from gaining confirmations, with a view to halt payments for all the users or some of them. it is 51% attack.

I think 51% attack will not be in reality because in those circumstances miners will not be able to mine new coins ; so why shall they give loss to themselves.

They did the cost of such attacks. This will not happen, because even whales have their own opinions and views on issues that they will never allow anyone to hold a large share of the market, so take care of the bot. about this

Probably you have a point to that but what if they are the one who dump that is why price are continuously fall. big holders are not holding forever they are also slowly sell their coins for profit taking and buy back to a much lower price.

It could happen, bitcoin is very easy to manipulate. If anyone really intent to destroy bitcoin, then bitcoin can be destroyed.