The 3 most important questions about Blockchain Tech.

[dylanlalonde_]

Hi, I'm new here.


I have some simple questions:

1. If I had the money, resources, connections and influence, could I pretend to be a bunch of 'individual entities' but actually control more than 50% of a blockchain network such as bitcoin?

2. If yes to the above, and I successfully pulled off a '51% attack' to perhaps 'double spend', would I be able to pull this off without the bulk of the blockchain network's community becoming aware?

3. If yes to the above, what could happen in a '51% attack' on a blockchain network such as Ethereum if the 'smart-contract' replaced the government of an entire human settlement, like Dubai?


I believe a truly decentralized future is possible. I believe humans are capable of creating it. I am grateful for you taking the time to answer my questions.
Thank you.

[dylanlalonde_]

Bump. Odd this isn't getting more attention?

[odolvlobo]

1. Yes.
2. Maybe.
3. Huh? What does a 51% attack have to do with a smart contract replacing a government?

[squatz1]

1. Yes completely possible, this is something that people think are even happening to this day even though it probably isn't the case, as they should have already taken control of the the network if they really had this.

2. No, the network would know as they're hyperactive as to this sort of stuff happening. Would probably trigger lots of indepent miners trying to fix all of this and remove you of the 50 percent that you'd be holding.

3. Yeah, not going to answer this one as it's insanely far fetched. Sorry!

[Jim001]

Thumbs up to the post above, you could get the half of power but everybody will be aware of the pull off and will be able to fix that fast. You can get some BTC but you'll lose a lot more to make it real.
And there is something in your words that makes me a feeling that there is something wrong in the last question.

[dylanlalonde_]

1. Yes.
2. Maybe.
3. Huh? What does a 51% attack have to do with a smart contract replacing a government?

Thank you for your response, Sir. I am referring to the news about Dubai aiming to be the first blockchain-powered city: https://cointelegraph.com/news/suddenly-dubai-aims-to-become-first-blockchain-powered-city-by-2020
The point I raise is in question 3 is not about stealing money or double spending, its about perhaps manipulating voting, identity theft, etc if an individual or individuals with enough influence over the network are able to pull off a sustained 51% attack, under the radar, while the rest of the network believes it is actually decentralized.

1. Yes completely possible, this is something that people think are even happening to this day even though it probably isn't the case, as they should have already taken control of the the network if they really had this.

2. No, the network would know as they're hyperactive as to this sort of stuff happening. Would probably trigger lots of indepent miners trying to fix all of this and remove you of the 50 percent that you'd be holding.

3. Yeah, not going to answer this one as it's insanely far fetched. Sorry!

In what way are the vast majority of bitcoin users able to know if someone is pulling off a sustained 51% attack? Taking control of the network, as in double spending, is one issue. The logic I've found is that the perpetrator has no reason to do so in a way that devalues the currency, because they'd lose their investment and the currency would be worthless. If, however, governments and large human settlements were to take this tech in as their governance infrastructure, what threats would the 51% attack enable, specifically if it was able to be continued, under the radar?

Thumbs up to the post above, you could get the half of power but everybody will be aware of the pull off and will be able to fix that fast. You can get some BTC but you'll lose a lot more to make it real.
And there is something in your words that makes me a feeling that there is something wrong in the last question.

please elaborate, thanks! (would genuinely love to know how to improve it))

[dylanlalonde_]

I guess no one here cares about these potential gaping holes in what's being touted as the future of decentralized currency.
INB4 this post gets swept underneath the rug of "MOOOOON" spam and senseless greed.
I expected better in this community.