Bitcoin Forum

so bitcoin is very hard to attack in this method. (51%)

but other cryptocurrencies are very vulnurable to such attacks.
so attacker can steal other currencies and then buy with them bitcoins...

how can this problem be solved?

fighting thieves is not something we can do. it is the law enforcement's duty to battle thieves and thievery be it in form of digital or physical.


the attacker can also go out and put a gun or knife to people's head/throat and takes their cash, jewelry, even shoes and sells them to buy bitcoin with the money!

Many cryptocurrencies have more than 51% supply in one hand (see the case of QuarkChain) of the team or a pultiple addresses for one holder (pool) but this may not give them the opportunity to cash them out (selling big amounts will automatically drop the price and warn alerts for community about the attack. If someone would do this, he may take a long time to make its fortunr brfore getting tracked. This still remain as problem for bitcoin and most other mined cryptocurrencies.
As programmers fight against monopolizing bitcoin, i read about China having more than 51% of existing bitcoins with the large number of mining pools.

In crypto market there are lots of facilities also lots of threats based on this in market there is also thief and scam with this people attact people to stole their money that’s why mainly govt wants to regulate this currency but because of some restriction they are not doing this.

where did this figure come from, 51%? What kind of method?
Please enlight me.

Why so sure that other cryptos are very vulnerable to such attacks, once again, what kind of attacks?
The bad guy can do anything to steal cryptocurrencies, not always through online hacks, as there are some cases of "bitcoin rich" were kidnapped and demanded to be paid using bitcoin. More information here: https://cryptovest.com/news/criminals-move-from-hacking-to-kidnapping-disturbing-tales-of-latest-acts/
That's why, do not let others know that you posses so many bitcoins in your wallet, mix it with chipmixer :D and divide to some addresses.


This problem can't be solved, the evil will remain in this world until the end of the time.

I advise you to learn what is a 51% attack before posting non-sense, you clearly don't understand what people are talking about since you ask "what kind of attacks?"
Few cryptos have been victims from such attacks and it has been fixed since so I say YES the problem can be solved

It is not actually that easy to "solve this". Of course that it is posible but then you will have to tweak the codebase which means that some people might not like the idea of changing the POW aka proof of work algorythm which could lead to another fork and you who wanted to change this will get kicked out from the original chain and will create an altcoin as a result. Not all other cryptocurrencies are vulnurable  to such attacks, it mainly is the reason behind the algorythm that bitcoin uses and some other as well.

the problem is the spamvertisers compared bitcoin to shitcoins so much that some people started to believe them. so when some shitcoin was successfully attacked they started thinking bitcoin can be attacked in the same way also. but the fact is they are successfully attacked because they are shitcoins!

Bought account, or just didn't bother to learn the basics?


I honestly see no problem here. I would in fact argue whether doing such thing is illegal (iirc Bitcoin core dev, Luke jr performed 51% attack on some SHA256 altcoin in the past). But the bottom line is, if someone is willing to exchange their bitcoins for some vulnerable shitcoin, then it's their choice (and their loss).

Oh, thank you, I didn't know about it. Will read more about 51% attacks
More information:
51% attack refers to obtaining 51% of the bitcoin network's hashing power.
In theory, obtaining a majority of network power could potentially enable massive double spending and the ability to prevent transaction confirmations, among other potentially nefarious acts.
However, this would take a huge amount of expense and effort and, should a big double spend be attempted, the data would likely appear on the block chain for all to see.
Worse, such an attack could possibly destroy the integrity of the system as a whole, causing the price to crash. This is not something anyone with a vested interest in bitcoin would want – especially miners, whose profits depend largely on the price of bitcoin being high. Hence, there is no real incentive to attack the network.

https://www.coindesk.com/51-attacks-real-threat-bitcoin/

I guess 51% of attack when it comes to bitcoin will cost you billions of dollars while other cryptos depending on its value are millions worth. I don't really think that someone will risk this. Unless whales will have a consensus to put their wealth together and do the attack on a certain coin. I guess it is inevitable if someone will really do the attack. Maybe the devs are currently researching about it on how to prevent that to happen in the future.

Well Bitcoin has "solved" it by attracting absurd amounts of hashpower, so it's going to be more of the same thing for PoW coins.

PoS might be a little more resistant to 51% attacks depending on the variables, so that's another solution that may be considered. Either way, the goal is to make it economically unfeasible.

As for the problem of buying Bitcoins with coins obtained in a fraudulent way, well there's not much that can be done to stop it given Bitcoin's irreversible transactions. Victims of double spending, specifically, could probably take legal action though, so that could act as a deterrent for such attacks.

Basically btc is very much concern about this problem also if some coin is hacked and if someone sold those and buy btc what we can do basically there is nothing to do also it cant prevent this that why many company are there for regulation to prevent this problems.

Bitcoin is encrypted and very secured. People hardly can get into it so easily. I'll do more improvement to secure its technology further.

That's not how majority attacks work. You can't steal coins by having the majority of the hashing power on a network. You could double spend, and prevent certain transactions from confirming. The obvious answer to this is it's incredibly difficult to keep such an operation ongoing, and online 24/7. Plus, at the end of the day is it really work the expense to prevent certain things from happening?

The only reason I see people attempting majority attacks on a particular coin would be if they were competitors, and they strategically attacked it at the right moment to cause doubt within it's followers. Otherwise, I don't think it's beneficial to anyone.

Having just 51% isn't really a enough either. It would be much more effective the higher percentage of hashing power you have.

They are not so vulnerable to be stolen so easily I think. And attackers can steal anything. the usual currency too. This is not a problem at all which needs to be solved.

That’s not a good news. We cannot stop this theft incidences. We would need law enforcement team to stop this crisis.

BTW I was talking about the zencash 51% attack that occured 2 weeks ago.

someone stole 23000 zencash worth 500,000$ and bought withthem bitcoins...

If someone steals other crypto and then turns around and tries to buy Bitcoin with them, typically the market will correct itself so that the coins that were stolen are close to value-less and thus not worth trying to trade in the first place. There’s no way to solve the problem since there isn’t really a problem to begin with, unless you try to make some equivalence between Bitcoin going up in value and stolen coins pushing the value up being a bad thing.

it not a big problem and which we need to solve so urgently.

Fortunately, there are both short- and long-term countermeasures against network attacks. First, peer selections could be made routing-aware. Bitcoin nodes could, for example, aim at maximizing the diversity of the Internet paths seen by their connections to minimize the risk that an attacker can intercept all of them. Moreover, nodes could monitor the behavior of their connections to detect events like abrupt disconnections from multiple peers or unusual delays in block delivery. These events could serve as an early indicator of a routing attack and could, for instance, trigger the establishment of extra randomly-selected connections. Finally, solutions like end-to-end encryption would also help (especially against delay attacks). Yet, encryption alone would not be sufficient to protect against partitioning attacks as an attacker can still drop encrypted Bitcoin connections.

Unfortunately for now nothing can be done done to this . everyone needs to secure their wallet with everything they can to prevent hackers from stealing their assests.

Hinestly we cant do anything about these thieves and attackers but thr best thing we should do is to prevent these from happening; for instance you have invested a couple of bitcoins and then thats all the money you have since you wanted to gain interest more than you gain at the bank. You should always put a 2fa or save your coins on an offline wallet or hardware wallet so others wont have access to it other than you.

What are some best practices for securing your wallet?

actually this is easy to analyze. Smua altcoin I believe the encryption protection is strong because it is also formed from the algorithm. But if we want to go deeper, the theft happens in exchange or in a personal wallet. If it happens in exchange it means you've summed up your own answer  :)

It's up to the managers of those projects to secure their networks. Verge has been hit by the 51% attack more than once but people still buy that coin and give it value. If verge was dropped along with other insecure coins then it wouldn't be a problem

All crypto actually have enough security to be attacked by hackers. However, what often happens is hacking in an exchange service because the security in exchange is not equipped with an algorithmic encryption like the official wallet of each coin either bitcoin or altcoin.

I think the problem will take a long time, because the cryptocurrency market has now degenerated, maybe that's what it takes.

nodes could monitor the behavior of their connections to detect events like abrupt disconnections from multiple peers or unusual delays in block delivery. These events could serve as an early indicator of a routing attack and could, for instance, trigger the establishment of extra randomly-selected connections.

now this erros have solved, when they realize the attack, they defense it. if you scare this attack, you can hold some altcoin with stronger such as bitcoin, ETH, EOS, Wave, NEO... i think they can not attack with this method

A few years ago we had a close call with Bitcoin when Ghash.io mining pool became so popular that they nearly pulled off a

51% attack, but fortunately for us the Bitcoin community saw the threat and some miners moved their hashing power to

other mining pools. You can read more about it here :  https://en.wikipedia.org/wiki/Ghash.io  The problem with smaller

Alt coins is that they have less hashing power, so a bad actor with a lot of hashing power can attempt to do a 51% attack, if

he shifted that hashing power to mine that Alt coin. Most people/Pools do not do that, because it will destroy the value of the

coin, if it is detected.  ::)

Technically, 51 per cent attack doesn't make any sense while earning from it. The movement someone puts his resources for such an attack if he succeeds then such cryptocurrency will become worthless resulting in the loss of value of every coin in existence including the coins stolen by the attackers. In simple words, it is like the suicide attempt along with the resources involved in it.