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Author Topic: How to dismantled the awesome security of Bitcoin network in 4 simple steps.  (Read 2616 times)
DeathAndTaxes
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Gerald Davis


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October 28, 2011, 05:40:49 PM
 #21

Exactly, therefore we need a solid 51% protection  Smiley

We already do.  A 51% attack against Bitcoin is prohibitively expensive. 

The ScamCoin schemes didn't increase the cost to engage in a 51% attack they decreased it.
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October 29, 2011, 09:27:05 AM
 #22

If you pay $15,000 for 1000000 coins and you attack it and it collapses.  Then, fine they start another chain with $15,000 of your cash in their pockets.  If it can be identified which node caused the problem, they could use the old block chain, and delete the attackers coins.
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October 29, 2011, 10:22:00 AM
 #23

We already do.  A 51% attack against Bitcoin is prohibitively expensive. 
You just need to attack one or two pools. I don't think it is that expansive...
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October 29, 2011, 02:11:46 PM
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If you pay $15,000 for 1000000 coins and you attack it and it collapses.  Then, fine they start another chain with $15,000 of your cash in their pockets.  If it can be identified which node caused the problem, they could use the old block chain, and delete the attackers coins.

1) Nodes don't have identification numbers.  If they did then it wouldn't be very useful as an anonymous currency.

2) The point wouldn't be to just take the network down.  One could use a tiny amount of money to double spend 10x, 20x, 100x that.  So spend $15K to steal $150K+ from victims of the flawed block chain.  Think those victims are going to jump on board for round 2?

They're already on round 2.  You mean round 3.   Grin

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October 29, 2011, 03:40:20 PM
 #25

You forgot what was pointed out during the ddos attack on the major pools.

1) knock out the 3 most major pools
2) run the 51% attack against a greatly reduced network before anyone has chance to react.

Must say tho if bitcoin watch figures can be trusted its nice to see such a large "others" wedge in the hashing pie chart.


Like today for instance....the pools are down but hashrate has increased...interesting.

Most miners give you and option to setup fallover pool.  Prior to last DDOS attack most miners were complacent and didn't use it.  They lost a lot of missed hashes.  Others stupidly clung on thinking the big 3 would be up in matter of minutes and lost hours more.  Today miners are more likely to either use auto-failover or manually point their rigs to a smaller pool.

I had my miners setup with a backup pool the problem was that during the DDOS my miners just kept running without generating anything from the pool.  To the miner it did not know the difference...as soon as I stopped the process and tried to restart it would not log in but until I did that there is no way it would have ever switched to the backup.
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October 30, 2011, 01:38:05 AM
 #26

I would rather trust solidcoin over bitcoin.  Once the mining value drops, who are you going to trust to maintain the network, a  node like deepbit?   They can double spend too.  At least with a 1,000,000 coin owner, they have a vested interest to keep the system going.  Why pay "protection" to a bunch of miners that are losing money. I guess deepbit, will not lose money since he is a pool.
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October 30, 2011, 01:49:53 AM
 #27

I would rather trust solidcoin over bitcoin.  Once the mining value drops, who are you going to trust to maintain the network, a  node like deepbit?   They can double spend too.  At least with a 1,000,000 coin owner, they have a vested interest to keep the system going. 
There are no 1,000,000 coin holders. And with the change to 5 coins/block, there aren't going to be any for many many years. So with solidcoin you are putting 100% of your trust in a single person. Why would you put any trust in a single person who can't keep promises?

Why pay "protection" to a bunch of mafia ridden miners.
Oh, you mean the built-in solidcoin "protection" fund? Yeah, why would you do that?

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