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Title: Risks of a Nation(s) Attempting a 51% Attack Post by: 3rd layer money on February 12, 2020, 12:13:02 AM A question on what if and what are the consequences.
I want to start a thread that talks about (or if possible) the risks, consequences and implications if a nation(s) attempts a 51% percent on bitcoin. Look at it this way, a nation can set up a mining rig with billion of dollars and take down the BTC network. If they feel hostile, they can do this just to destroy bitcoin. Yes, there will be a lot of people affected worldwide and a lot of negative consequences. Any nation, if they feel hostile can attempt to do this. I know the consequences will be radical and crazy but what are your thoughts ? I created this post because I want everyone’s opinion and take on this. I personally think, if this happens hence wealth will be diminished and possibly war between nations or The BTC community against nations if the BTC community is as big as a nation. Please share Title: Re: Risks of a Nation(s) Attempting a 51% Attack Post by: JackMazzoni on February 12, 2020, 02:56:29 AM With a country like USA which have unlimited resources and manpower, 51% attack against bitcoin is no brainer. First totally outlaw bitcoin, declaring anyone who uses or deals with bitcoin a terrorist. Close the exchanges or influence other countries to close business related to bitcoin or risk being sanctioned. This will make the price of bitcoin very low. And many miners would stop mining bitcoin. And thus ripe for 51% attack. Then hack the biggest mining farms to be use for 51% attack. Bitcoin back to $0.001 each.
Title: Re: Risks of a Nation(s) Attempting a 51% Attack Post by: TECSHARE on February 12, 2020, 06:27:31 AM I anyone has the power to do this at the drop of a hat, it is China.
Title: Re: Risks of a Nation(s) Attempting a 51% Attack Post by: Cnut237 on February 12, 2020, 09:18:03 AM I anyone has the power to do this at the drop of a hat, it is China. Drop of a bat is surely more topical for China? I really can't see a nation mounting a 51% attack. It would cost a hell of a lot of money for a start, and I don't see what they'd gain. If you want to shut down crypto within your own borders, then you can do this through legislation. It might not stop it entirely, but it would have a big enough effect to drive it so far underground that it's no longer a concern to the economy. Forcing exchanges to give out the details of their users for example, and then going after those users might be enough of a step by itself. The only reason for a nation to mount a 51% attack would be to shut crypto down entirely, globally. Whether that would be effective or not is difficult to say. Whether such an attack would be mounted however is maybe easier. I don't think there's much chance. The reason being that although crypto may cause some fear and concern for governments, it also offers the allure of huge benefits through increased efficiency, reduced costs and indeed surveillance through the immutability of the blockchain. Nations may posture and bluster about crypto being a problem, but I think the chances are everyone will adopt it in the end... and I think this conclusion is lent weight by the fact that more and more countries are now investigating the potential of digital versions of their national currencies, even the US is getting involved (https://www.computerworld.com/article/3514564/former-us-regulator-leads-effort-to-create-digital-dollar.html). Title: Re: Risks of a Nation(s) Attempting a 51% Attack Post by: TECSHARE on February 12, 2020, 05:20:00 PM I anyone has the power to do this at the drop of a hat, it is China. Drop of a bat is surely more topical for China? I really can't see a nation mounting a 51% attack. It would cost a hell of a lot of money for a start, and I don't see what they'd gain. If you want to shut down crypto within your own borders, then you can do this through legislation. It might not stop it entirely, but it would have a big enough effect to drive it so far underground that it's no longer a concern to the economy. Forcing exchanges to give out the details of their users for example, and then going after those users might be enough of a step by itself. The only reason for a nation to mount a 51% attack would be to shut crypto down entirely, globally. Whether that would be effective or not is difficult to say. Whether such an attack would be mounted however is maybe easier. I don't think there's much chance. The reason being that although crypto may cause some fear and concern for governments, it also offers the allure of huge benefits through increased efficiency, reduced costs and indeed surveillance through the immutability of the blockchain. Nations may posture and bluster about crypto being a problem, but I think the chances are everyone will adopt it in the end... and I think this conclusion is lent weight by the fact that more and more countries are now investigating the potential of digital versions of their national currencies, even the US is getting involved (https://www.computerworld.com/article/3514564/former-us-regulator-leads-effort-to-create-digital-dollar.html). I could see them maybe launching their own state run coin, and attacking the BTC network to drive liquidity into it potentially. They have already announced plans for such a system. Title: Re: Risks of a Nation(s) Attempting a 51% Attack Post by: squatz1 on February 13, 2020, 02:07:24 AM I anyone has the power to do this at the drop of a hat, it is China. Drop of a bat is surely more topical for China? I really can't see a nation mounting a 51% attack. It would cost a hell of a lot of money for a start, and I don't see what they'd gain. If you want to shut down crypto within your own borders, then you can do this through legislation. It might not stop it entirely, but it would have a big enough effect to drive it so far underground that it's no longer a concern to the economy. Forcing exchanges to give out the details of their users for example, and then going after those users might be enough of a step by itself. The only reason for a nation to mount a 51% attack would be to shut crypto down entirely, globally. Whether that would be effective or not is difficult to say. Whether such an attack would be mounted however is maybe easier. I don't think there's much chance. The reason being that although crypto may cause some fear and concern for governments, it also offers the allure of huge benefits through increased efficiency, reduced costs and indeed surveillance through the immutability of the blockchain. Nations may posture and bluster about crypto being a problem, but I think the chances are everyone will adopt it in the end... and I think this conclusion is lent weight by the fact that more and more countries are now investigating the potential of digital versions of their national currencies, even the US is getting involved (https://www.computerworld.com/article/3514564/former-us-regulator-leads-effort-to-create-digital-dollar.html). I could see them maybe launching their own state run coin, and attacking the BTC network to drive liquidity into it potentially. They have already announced plans for such a system. Could happen but like, what's the benefit here to destroying the BTC chain. That destroys the confidence in the chain with the most trust in the entire bitcoin space, if you kill it the rest of the coins go with it and you're probably going to set crypto back another 20-30 years because of the lost of (actual) confidence. All the other coins are going to be dead without bitcoin. No one (except people that are forced by the chinese regime) is going to use the chinese stablecoin (based on chinese yuan) Title: Re: Risks of a Nation(s) Attempting a 51% Attack Post by: 3rd layer money on February 13, 2020, 05:15:06 AM I just thought of this but if this were to happen then this will prove the point on why bitcoin was created “to have a decentralized system to avoid corruption in centralization” Which is why there hasn’t been an attempt to attack BTC by a nation. This will prove how corrupted a government can be in the public eyes. Then again, I wouldn’t be surprise if they do this in the background.
There’s an article that was just release today on BAE systems. BAE Systems is military private contractor. They currently have or had a position open for a cryptocurrency expert. The company produces weaponary systems. I wouldn’t be surprise if this what they are looking for- to create some sort of evil plan |