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Author Topic: 51% attack is very unlikely  (Read 162 times)
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June 04, 2018, 03:19:09 PM
 #1

If it happens, the confidence and price of the coin will collapse. People holding the largest amount will suffer the most. Therefore it wont happen.
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June 04, 2018, 06:31:39 PM
 #2

The people who attempt taking that kind of control probably don't care for the the public's perception or confidence in the coin, they are looking out for their own gains. That said, you are correct, it is unlikely to happen and even if it did the perpetrators wouldn't be able to create new coins nor would they be able to modify all past transactions other than a few blocks back. Overall, the potential damage is much smaller than most think...

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June 04, 2018, 07:01:19 PM
 #3

The people who attempt taking that kind of control probably don't care for the the public's perception or confidence in the coin, they are looking out for their own gains. That said, you are correct, it is unlikely to happen and even if it did the perpetrators wouldn't be able to create new coins nor would they be able to modify all past transactions other than a few blocks back. Overall, the potential damage is much smaller than most think...

This. They would simply cash out, and likely do it VERY slowly. I'm talking years here. If they dumped 51% all at once then the price would indeed become a factor.
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June 07, 2018, 10:11:59 AM
 #4

Basically this news is very disappointing for investors who invested money in crypto market based on this org. will earn lots of profit but they should think about customers who are related with business I mead other stake holders based on this if it happen this market will be in danger.
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June 07, 2018, 10:30:08 AM
 #5

If the 51% attack is successful you can say goodbye to bitcoin and all the alt-coins. But I think it's only possible with those.


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June 07, 2018, 10:35:05 AM
 #6

But it is said to be unlikely going to happen.
Basically this news is very disappointing for investors who invested money in crypto
This isn't a news, this has been hypothetical and in the web, you can know more about 51% attack by using google.



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June 07, 2018, 11:13:50 AM
 #7

If it happens, the confidence and price of the coin will collapse. People holding the largest amount will suffer the most. Therefore it wont happen.

with that logic 51% attacks should not have happened in all these small altcoins that experienced multiple attacks throughout the years! but they did. it doesn't matter if someone holds a lot of the coin or if the price collapses or not, 51% attacks are a plausible one when it comes to small altcoins with little hashrate to secure the network.
in the end it will all come down to cost of such attacks. for example it is extremely high for bitcoin which makes it impossible to pull off but it is super easy in altcoins such as BTG and Verge both of which had 51% attacks recently.

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June 07, 2018, 11:29:52 AM
 #8

If it happens, the confidence and price of the coin will collapse. People holding the largest amount will suffer the most. Therefore it wont happen.
if it happen it will be a good time to buy and hold it, even the big holder will have profit because the more they will hold the more that they can earn.
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June 07, 2018, 11:48:24 AM
 #9

The people who attempt taking that kind of control probably don't care for the the public's perception or confidence in the coin, they are looking out for their own gains. That said, you are correct, it is unlikely to happen and even if it did the perpetrators wouldn't be able to create new coins nor would they be able to modify all past transactions other than a few blocks back. Overall, the potential damage is much smaller than most think...
This wont happen,because even whales has their own perspectives and outview about matters they will never let anyone to hold the majority of  the market so bother bot about this

And besides we the small holders have good percentage among them thproblem is we are not bined with one stand thats why when price moves we have different actions

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June 07, 2018, 12:02:06 PM
 #10

Creating a 51% attack against bitcoin would simply be a suicide, especially to the perpetrators knowing that they'll shake the market's confidence therefore creating a panic selling scenario wherein everyone and their mothers would be selling. The effort would be a dire one knowing that they'll just lose money in the process without gaining anything, except for destroying the bitcoin market and ecosystem. If hashing power and power alone is cheap, I'm pretty sure someone would do this for their personal reasons, but with so much money invested on bitcoin? I don't see any dumb individual/organization would do this for the sake of 'learning'.

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June 09, 2018, 11:44:25 PM
 #11

I this it is not acceptable and in recent times their transaction also take some times. If 51%dump then it will be affect their project.
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June 09, 2018, 11:57:21 PM
 #12

51% attack on bitcoin is almost impossible but other bitcoin and ethereum forks has been gone through such attack before leading to multiple other forks of those coin and also complete shutdown (eg. KRYPTON).

With increasing mining capacity of single device any new coin forked from old coin are vulnerable to this attack thats why we only have ETH based token rather than standalone coin these days.

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June 10, 2018, 04:21:01 AM
 #13

If it happens, the confidence and price of the coin will collapse. People holding the largest amount will suffer the most. Therefore it wont happen.

Your logic only holds true as long as the Miners are the ones holding the largest amounts as they are the ones that can 51% attack bitcoin.
A collusion of just Chinese miners has had more than 51% combined for over 2 years now.

If the Miners decide another coin benefits them more than bitcoin, then they could potentially dump bitcoin and then 51% attack it to destroy it and point to their other coin as the #1 coin gain profit as the non-miners jump to follow their lead.
Things the Miners can do and no one can stop them.
1. Miners could collude to raise the transaction fees to insane rates , users have no options but accept or let their coins sit frozen.
2. Miners could just refuse to add new transactions to blocks , and users are powerless to stop them.
3. All the Miners could just mine another coin and let bitcoin freeze up in a death spiral.

People just holding bitcoin and are not miners are really just minions of the miners , as the miners are the ones with all of the power in a Proof of Work coin as Bitcoin.

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June 10, 2018, 05:01:23 AM
 #14

If it happens, the confidence and price of the coin will collapse. People holding the largest amount will suffer the most. Therefore it wont happen.

That has always been the assumption, but it just isn't always true.

Bitcoin Gold suffered a 51% attack in May and its price has not been affected.
ZenCash suffered a 51% attack last week and its price has not been affected.
Verge has suffered several attacks over the last couple months, and its price has not been affected.
Monacoin suffered a 51% attack last month and although the price dropped temporarily, it returned to normal.

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June 10, 2018, 05:04:33 AM
 #15

it seems impossible because many try to block bitcoin by making a buy order at the lowest price and try to buy when many people panic so they buy as much as buy at a cheap price and bitcoin will not be able to collapse in a rough.

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June 10, 2018, 07:27:04 AM
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I don't think this will happen. If that happens, the people holding the coins will be at loss. Let's see what happens!
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June 14, 2018, 08:33:15 PM
 #17

Yes agreed with you. If this happen. total system will collapse and people will lose their confidence in crypto. However, we believe that it won't happen.
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June 14, 2018, 08:36:45 PM
 #18

If it happens, the confidence and price of the coin will collapse. People holding the largest amount will suffer the most. Therefore it wont happen.

wrong a 51% attack will be common, as bitcoins design is doomed to get a miner cartel in the industry,

stake systems will continue or coexist

https://www.cryptoproductivity.com/single-post/2018/06/07/The-Systematic-POW-doom-and-the-inevitable-emergence-of-a-POW-Monster-in-the-Cryptoindustry

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June 14, 2018, 08:53:18 PM
 #19

51% attack is almost impossible, for this you need such a huge computing power that nobody could organize. Hypothetically, an enormously rich investor could buy power from the mining pools, but as a result it wouldn't pay off. People would start to pay their Bitcoins on stock exchanges and the BTC value would fall to such a degree that it would be undoubtedly unprofitable.

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June 14, 2018, 09:12:24 PM
 #20

btc's UASF, segwit other events of august 1st was a 51% attack.. technically it was a 35% attack because core only had 35% before the group rallied the core supporters to reject blocks that dont comply to cores roadmap

this is why core should now publicly announce they will never again allow a mandatory bilateral split vent purely to get a feature enabled that didnt reach 95%.. nor even 50% of true consensus.

as long as core want to continue thinking that mandatory consensus bypasses are a tool. then 51% attacks will happen.. but silly fools will say its ok because it benefits core (but breaks the purpose of the decentralised consensus mechanism)

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