|
Title: Proofread 51% attack article Post by: virtfund on September 23, 2014, 10:54:52 PM I'm setting up an area at virtfund.com (http://virtfund.com) where those new to cryptocurrencies can learn about the important things before they invest a ton of time and money into something that isn't worthwhile ( hint, hint: shitcoin). I just finished an article on the possible effects of a 51% attack and I'm hoping some of you will help me out by making sure there aren't any information mistakes (grammar mistakes too if you have time but Ive tried to find those myself already)
You can find the article here: http://www.virtfund.com/51-attack.html (http://www.virtfund.com/51-attack.html) Thanks for your help! Title: Re: Proofread 51% attack article Post by: subSTRATA on September 25, 2014, 11:02:22 AM Technically speaking, 51% attacker can not prevent anything. He can not prevent me from sending transaction, finding block nor he can prevent someone from finding block and
adding my transaction in it. What 51% attacker can do is double-spend, delay transaction confirmations and cause monetary loss via orphaning blocks found by other miners but serious damage can be done only if attacker has massive advantage over all other miners - 51% hashrate is minimum required to do some damage but not serious one. There is very well written whitepaper on the matter, check for it around (I think it was written by Meni Rosevelt or something like that). |