The "51% attack", what is it exactly ?

[safeminer]

Hello,

Last days I keep reading absurd claims like bitcoin is broken because of some possible 51% attack. From what I read a pool that reaches 51% could create blocks that shouldnt be there, but as far as i know a bitcoin pool still consists of hundreds if not thousands of individual miners ?

Can anyone explain this to me ? and why this is BS if it is ?

Thanks 

[Liquid]

It would cost this much to pull it off that is all

http://coinometrics.com/bitcoin/brix

cant be asked explaining feeling lazy lol

[safeminer]

oh well this sheds some light to it, but I really would not want to call Bitcoin broken over this lol

[jbreher]

Bitcoin without Satoshi is like Apple without Jobs.

...which continues to rack up ever-higher record profits due to the continued release of fine products the public snaps up on droves.

[franky1]

oh well this sheds some light to it, but I really would not want to call Bitcoin broken over this lol

Even though it's a little taboo to mention, the truth is: Bitcoin's developer abandoned the project years ago and disappeared into thin air. If he was still around he would be actively evolving the coin and addressing issues like this one in a clever manner. Bitcoin without Satoshi is like Apple without Jobs.

To my understanding, the only coin actively developing a 51% defense is Goldcoin whose developer is actively building upon Satoshi's unfinished work.

i see that you are highly invested in gold. which might explain your incessant need to debunk bitcoin with false information. if you recently watched the movie about steve jobs starring aston kutcher then steve jobs is actually Gavin Andresen.. satoshi is steve wazniak..

watch the movie again. wozniak invented the first generation PC.. then jjobs took over and ... the rest is history.

satoshi started the idea but it is now gavin A and his team that are fully invested ( time and money) into programming and debugging bitcoin. so where do you get to say bitcoin has been abandoned and think that your statement is in anyway true?

you have no clue.. now go back to your gold investments

[jawnzer]

oh well this sheds some light to it, but I really would not want to call Bitcoin broken over this lol

Even though it's a little taboo to mention, the truth is: Bitcoin's developer abandoned the project years ago and disappeared into thin air. If he was still around he would be actively evolving the coin and addressing issues like this one in a clever manner. Bitcoin without Satoshi is like Apple without Jobs.

To my understanding, the only coin actively developing a 51% defense is Goldcoin whose developer is actively building upon Satoshi's unfinished work.

This just sounds ridiculous.

[theonewhowaskazu]

How the "51% attack" will play out in reality.

IN 2020
In the Federal Reserve...

Peeon 1: Sir, we've finished printing the latest boatload of money which will be used to "bail out" the holding company your associates created which owns all of those SBS (Server Backed Securities). We should gain control of the assets within days.
Federal Reserve Chairman: Very good.... all is moving forward according to plan.
Peeon 2: Also sir, may I interest you in High-Speed Internet for Businesses, by Comcast...

Meanwhile, in China...

Peeon 1: Sir, we've finished arresting the managers of the ASIC mining investment firms under charges of financial fraud. We should gain control of their assets within days.
Financial Enforcement Chairman: Very good... all is moving forward according to plan.
Peeon 2: Also sir, may I interest you in High-Speed Internet for Businesses, by Baidu...

Several months later, at the Federal Reserve...

Peeon 1: Sir, its no good, for some reason difficulty appears to be rising exponentially - no, I mean more exponentially than normal! Also, some researchers at NYU are becoming dangerously close to uncovering the source of the blackouts currently plaguing New York!
Federal Reserve Chairman: OH GOD DAMN IT

Meanwhile...

Peeon 1: Sir, its no good, for some reason difficulty appears to be rising exponentially - no, I mean more exponentially than normal!
Financial Enforcement Chairman: OH MAO DAMN IT

[kerogre256]

Hello,

Last days I keep reading absurd claims like bitcoin is broken because of some possible 51% attack. From what I read a pool that reaches 51% could create blocks that shouldnt be there, but as far as i know a bitcoin pool still consists of hundreds if not thousands of individual miners ?

Can anyone explain this to me ? and why this is BS if it is ?

Thanks 

I little exaggerated here but is like tunneling effect in physics, electron do it all the time but try do it with 1000 of them in the same time and problems starts, In theory if you throw ball it have chance to go through wall, but good luck with that...

[EccLipSe]

So if someone play big with a super computer etc. and make a trick then bitcoin will be unthrusted. Any goverment can to that. Maybe code has to be updated?BTC going higher everyday and also stock is increasing. some big pools can be make a dirty agreement and make this trick too. So is bitcoin still safe?

[theonewhowaskazu]

So if someone play big with a super computer etc. and make a trick then bitcoin will be unthrusted. Any goverment can to that. Maybe code has to be updated?BTC going higher everyday and also stock is increasing. some big pools can be make a dirty agreement and make this trick too. So is bitcoin still safe?

As you can see, Bitcoin's "safety" (basically its difficulty) was growing as fast as, if not faster than, the actual Bitcoin price.



Its only recently that the Bitcoin price has rocketed above it, and when this happens I predict that either difficulty jump will be absolutely huge soon, or the price will eventually have to correct downward.