Unavoidable Conclusion from Bitcoin Cash 51% Attack: ‘Bitcoin…has no value’

[skazzio]

This article has been written by Jason Bloomberg and published on https://dailyiconews.com, I just copy and paste it.

Earlier this month (May 2019), two mining groups joined together and mounted a successful 51% attack on the Bitcoin Cash (BCH) crypto.

Perhaps you heard about this news, or perhaps you didn’t (I found out about it via this Cointelegraph article).

The reason for the crypto community’s underwhelming response might be that the motivations of the 51% attackers were ostensibly magnanimous, as they apparently hoped to prevent an unidentified, presumably malicious third party from taking a bunch of ‘up for grabs’ coins that resulted from an oddly errant code upgrade.

Or perhaps this event didn’t have the explosive fallout across the crypto community one would expect due to the fact that understanding what really happened involves a lot of obscure technical jargon (which I’ll spare you. You’re welcome.)

The conclusions, however, are unmistakable. Proof-of-work consensus mechanisms are supposed to be resistant to 51% attacks because there are so many miners.

But this attack only required two miners. And if two miners can essentially rewrite the rules of crypto, that means they – and just about anyone else – can steal or double spend as much as they like.

And this problem doesn’t only afflict Bitcoin Cash. It affects Bitcoin as well.

As one astute developer concluded (see this Twitter thread): “Bitcoin value depends upon security. If it’s not secure, it has no value.”

That’s right. Bitcoin has no value. Sell while you can, and count yourself lucky if you get anything at all for your trouble.

None of the companies mentioned in this article are Intellyx customers. Jason Bloomberg neither owns, nor plans to own, any cryptocurrency or other crypto tokens, either long or short.

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[NeuroticFish]

And this problem doesn’t only afflict Bitcoin Cash. It affects Bitcoin as well.

As one astute developer concluded (see this Twitter thread): “Bitcoin value depends upon security. If it’s not secure, it has no value.”

So if some sport shoes maker makes crappy Abibos clone wannabes then the conclusion is that Adidas is a crappy company?
Sorry, but I can't really follow this logic.

Yes, many coins have weak PoW network. Yes, many coins are not as safe and decentralized as they claim. But can you prove it's the case for Bitcoin too? Do you know that Bitcoin network hash rate is 20x bigger than the one of BCash? (source: btc vs bch)

[philipma1957]

Attacking bch network is child’s play.

It uses the same machines that btc. Network uses.

Just point all of nicehash at bch and boom you are over 17%

You only need have access to two large farms and rent at nicehash.

Same as attacking ppc they use the same machines as btc.


Now to attack btc. You need 51% of the hash rate in your hands and nicehash only has




400ph which is about  1% of the btc network vs 17%

To attack btc you need 25,000,000,000gh and you would have enough

Good luck getting that. Since only 400,000,000 gh is for rent

There is a way to attack btc network.

Open a new pps+ pool offer 120% and hope you get enough people to reach 51% of the network

Since you are paying 120% maybe enough people come to your network.  Then proxy it out to a hidden pool and do your attack.

I estimate.  You need to pay 120% for more then a year to get enough hash on your pool

Since 144 blocks in a day is about 144 x 12.5 x 8700 is 3132000 your 20% premium would be 6,264,000

If everyone mined with you.  You only need 51%. So 3.2 million loss every day.

It would take a long time before enough people think your pool is worth mining on.

So say 300 days to ramp up to that 3.2 million and the network would grow to more but 300 x 4 million / 2 is around a 600 million dollar loss to get to a position to attack the network.

And we would all see the pool for the 300 days. So it is not that likely.