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Author Topic: Majority is not Enough: Bitcoin Mining is Vulnerable  (Read 50330 times)
onedeveloper
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November 10, 2013, 08:32:22 PM
 #201

The main problem is the BTC loosers, the people that had a sizeable amount of BTC stored and that now have nothing. It will then be time to steal it or to sell them anything for BTC or to retaliate somehow. So no, Bitcoin mining is not vulnerable. Bitcoins are a risky investment.
I don't think even the authors claim this attack can be used to take bitcoins away from those who already have them.

Then it's even less of a problem!  Grin

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tacotime
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November 11, 2013, 04:48:12 PM
 #202

You're wrong: nobody does that

I think you mean you don't do that.



Quote
E.g., take
the one whose last block hash is smaller. This way all miners choose the
same chain, and the guarantees of our solution hold.

This is not a new idea at all.  As far as public postings, it's been on this page on the bitcoin wiki for at least six months, and there was definitely a mention of it on bitcoin-dev about a year ago (I will post the reference when I find it).  And, as I've mentioned, it's pervasive in the modified clients used by large mining operations, although those are not public so you're welcome to shout "liar liar pants on fire" all you like and I won't get upset Smiley



I think the people who wrote this paper took Satoshi's original whitepaper too literally:

Quote
Nodes always consider the longest chain to be the correct one and will keep working on extending it. If two nodes broadcast different versions of the next block simultaneously, some nodes may receive one or the other first. In that case, they work on the first one they received, but save the other branch in case it becomes longer. The tie will be broken when the next proof- of-work is found and one branch becomes longer; the nodes that were working on the other branch will then switch to the longer one.

Mining strategy has evolved and adapted, as it must in any incentive-driven system.  For example, Satoshi's whitepaper predicted that transaction fees would be a meaningful incentive, and it's pretty obvious it hasn't turned out that way.

This has been proposed for MC2 for a very long time too.. when you have a hybrid PoW/PoS system there needs to be strongly deterministic means of blockchain selection, but I guess this now benefits the chain in a different way.

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David Rabahy
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December 22, 2013, 04:07:08 PM
 #203

So this is more of a miners issue right?  How are orphan block rewards handled now?  What I mean is if I solve a block and get the reward and go gamble it at satoshi dice immediately does this "attack" somehow nullify that block reward afterwards and basically I succeeded at a double spend?  Or the block never hits the blockchain and the "attack" is designed for me to waste my hashing power?
As I understand it, the block reward cannot be spent right away.  There have to be a certain number of blocks built upon it, 6?, before it can be spent.
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December 24, 2013, 06:08:33 AM
 #204

As I understand it, the block reward cannot be spent right away.  There have to be a certain number of blocks built upon it, 6?, before it can be spent.

100 by protocol.  120 by convention.

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July 05, 2015, 06:34:37 AM
 #205

1: If the solution were to randomize what chain to work on in a tie, why wouldn't the selfish pool
try to create multiple chains by having subpools work on finding hashes for separate blocks?

Doesn't work.  They need double the hashing power.  If they have that, the selfish mining strategy would work much better with one chain.    Basically, the subpools would attack each other.

2: In general, holding on to a block for some period after finding it, looks like a potential advantage
is working on the next block.  Why not have all the nodes do this as normal operation?

Holding one block for some period is not good for a miner.  Selfish miners lose some blocks by doing this.   What makes selfish mining profitable is that as soon as they get two blocks ahead they will always win and can wait until the remaining network catches up to kill all the blocks that the honest miners produced.

A selfish mining attack is clearly visible.  You get forks that are several blocks long.  Bitcoin users can no longer trust confirmed transactions. A miner with enough hashing power to make such an attack should hopefully realize that the damage to Bitcoin and the resulting price drop will make him earn less and make his huge investment in mining hardware almost worthless.  Even if they just rented the equipment and would try to monetize their profit fast, it wouldn't work.  They only profit after two weeks when the difficulty is adjusted.  Before that, they would only lose a lot.

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dbeberman
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July 06, 2015, 05:30:08 PM
 #206

Thanks for the response.
Clears it up very well.

Cheers
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