Bitcoin Forum
April 19, 2018, 10:04:05 AM *
News: Latest stable version of Bitcoin Core: 0.16.0  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: How I learned to stop worrying and love the 51% attack.  (Read 1157 times)
cbeast
Donator
Legendary
*
Offline Offline

Activity: 1736
Merit: 1000

Let's talk governance, lipstick, and pigs.


View Profile
December 10, 2011, 01:25:39 PM
 #1

The fear mongering surrounding the 51% threat reminds me of the cold war. "Duck and cover" so the nuclear blast would not harm you. You can always pull the covers over your face so the bogeyman won't get you. Seriously, yes nuclear bombs are real and have been used. They may be used again someday, but civilization goes on. We've devised preventative measure to deter such threats. The same can be done with Bitcoin.

There are alert measures available in the protocol. IP addresses can be traced to nodes. There are many real world tactics for mitigating the 51% threat. Besides, even if someone has 51%, they can simply make more mining than anyone else without fear of retaliation. When Bitcoin becomes a viable currency, there will be real world terrorist counter-measures developed to deter such actions. If threats escalate, so can deterrence. Nothing is off the table.

Hyperbole, yes... Serious, not sure... Kubrick inspired, certainly...

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
1524132245
Hero Member
*
Offline Offline

Posts: 1524132245

View Profile Personal Message (Offline)

Ignore
1524132245
Reply with quote  #2

1524132245
Report to moderator
1524132245
Hero Member
*
Offline Offline

Posts: 1524132245

View Profile Personal Message (Offline)

Ignore
1524132245
Reply with quote  #2

1524132245
Report to moderator
1524132245
Hero Member
*
Offline Offline

Posts: 1524132245

View Profile Personal Message (Offline)

Ignore
1524132245
Reply with quote  #2

1524132245
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1524132245
Hero Member
*
Offline Offline

Posts: 1524132245

View Profile Personal Message (Offline)

Ignore
1524132245
Reply with quote  #2

1524132245
Report to moderator
ElectricMucus
Legendary
*
Offline Offline

Activity: 1610
Merit: 1001


God of the code.


View Profile WWW
December 10, 2011, 03:48:13 PM
 #2

I never began worrying about it in the first place, and I can't see why now. The only real threat could be an internal one, like if significant amount of people reject the planned reduction of the block reward next year.
MysteryMiner
Legendary
*
Offline Offline

Activity: 1008
Merit: 1000



View Profile
December 11, 2011, 01:41:41 AM
 #3

If they reject the block reward reduction, they will shoot themselves in a feet. The bitcoins will lose the value gradually, and after some time the 50 BTC reward will be worth less than 25 BTC reward, if the thing will continue as Satoshi laid out in his whitepaper. Will they increase reward to 100 or maybe 200 BTC in a future? This will lead to exponential inflation, just like real world fiat money.

Do I worry about 51% attack? No. The lulz will last for a few days maximum. They will not steal my coins, all they can do is double spend and denial of service, that's all. They will switch to profit after lulz ends.

1PG5HMwN51j8xYHKVFv9h1Tw4Jzc3fWXw3
cbeast
Donator
Legendary
*
Offline Offline

Activity: 1736
Merit: 1000

Let's talk governance, lipstick, and pigs.


View Profile
December 11, 2011, 01:45:58 AM
 #4

If they reject the block reward reduction, they will shoot themselves in a feet. The bitcoins will lose the value gradually, and after some time the 50 BTC reward will be worth less than 25 BTC reward, if the thing will continue as Satoshi laid out in his whitepaper. Will they increase reward to 100 or maybe 200 BTC in a future? This will lead to exponential inflation, just like real world fiat money.

Do I worry about 51% attack? No. The lulz will last for a few days maximum. They will not steal my coins, all they can do is double spend and denial of service, that's all. They will switch to profit after lulz ends.

If we can get their IP address, maybe we can get their GPS coordinates and launch a retributive bag of burning dog poo on their porch.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
westkybitcoins
Legendary
*
Offline Offline

Activity: 980
Merit: 1000

Firstbits: Compromised. Thanks, Android!


View Profile
December 11, 2011, 02:58:30 AM
 #5

If they reject the block reward reduction, they will shoot themselves in a feet. The bitcoins will lose the value gradually, and after some time the 50 BTC reward will be worth less than 25 BTC reward, if the thing will continue as Satoshi laid out in his whitepaper. Will they increase reward to 100 or maybe 200 BTC in a future? This will lead to exponential inflation, just like real world fiat money.

Do I worry about 51% attack? No. The lulz will last for a few days maximum. They will not steal my coins, all they can do is double spend and denial of service, that's all. They will switch to profit after lulz ends.

If we can get their IP address, maybe we can get their GPS coordinates and launch a retributive bag of burning dog poo on their porch.


Apparently that bag will have to reach China. Sad

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
...
In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
...
...
ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)
...
...
The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
BadBear
v2.0
Legendary
*
Offline Offline

Activity: 1652
Merit: 1005



View Profile WWW
December 11, 2011, 06:06:21 AM
 #6

If they reject the block reward reduction, they will shoot themselves in a feet.

Greed makes people do irrational things, clouds their perspective. 

1Kz25jm6pjNTaz8bFezEYUeBYfEtpjuKRG | PGP: B5797C4F

Tired of annoying signature ads? Ad block for signatures
Gabi
Legendary
*
Offline Offline

Activity: 1134
Merit: 1007


If you want to walk on water, get out of the boat


View Profile
December 11, 2011, 01:25:35 PM
 #7

If they reject the block reward reduction, they will shoot themselves in a feet. The bitcoins will lose the value gradually, and after some time the 50 BTC reward will be worth less than 25 BTC reward, if the thing will continue as Satoshi laid out in his whitepaper. Will they increase reward to 100 or maybe 200 BTC in a future? This will lead to exponential inflation, just like real world fiat money.

Do I worry about 51% attack? No. The lulz will last for a few days maximum. They will not steal my coins, all they can do is double spend and denial of service, that's all. They will switch to profit after lulz ends.

If we can get their IP address, maybe we can get their GPS coordinates and launch a retributive bag of burning dog poo on their porch.
The 51% attacker is saying to you:


Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!