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Author Topic: How developers can protect their services against 51% attack?  (Read 780 times)
rPman
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October 02, 2011, 12:45:27 PM
 #1

Today bitparking i0coin and ixcoin exchange market closed due attack.

What others can to do to protect from it?
For example - take longer time to confirm transactions, depending on the amount this transaction or all transactions to service at time? Let this time will be 3 times longer than it takes to get this amount of coins across the network.
120k i0c ~ 40 hours.

What you think about it?

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MaGNeT
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October 02, 2011, 01:03:01 PM
 #2

The coin should be fixed, not the exchange.

DoubleC lost 198 BTC, I think it's enough... I still have 18,000 i0coins but I consider them "lost"... No place to sell and no future for i0coins unless someone fixes the code...
d.james
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October 02, 2011, 11:49:30 PM
 #3

you can give those i0coins out as a bounty so people will fix that code.
but then again you won't have any coins left once the code is fixed.
also people might not take your bounty because it doesn't worth anything, until the codes are fixed...

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doublec
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October 03, 2011, 01:24:18 AM
 #4

The coin should be fixed, not the exchange.
I agree. Without a trusted miner/pool giving a huge amount of hash power all new chains are exploitable in this regard. Would having the coin reject attempts to do a block reorganization  further back than a certain number of confirmations be enough? Exchanges can then have their deposit limits set sometime beyond that limit. What are the downsides to that?
bulanula
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October 03, 2011, 08:43:34 AM
 #5

PS Yes this means that if the US Government or any other rouge entity wanted to wipe out Bitcoin, all they would have to do is drop a couple of million in hardware and kiss Bitcoin goodbye. It's that simple really.

Or to put it another way drive the price down far enough for the miners to quit then easily attack the weakened network without spending any dime on ATi cards
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