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Author Topic: 51% attack is very unlikely  (Read 153 times)
LenaPetrova
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June 26, 2018, 03:53:54 PM
 #21

It is very unusual and crypto will face heavy loss if this happens. Some selfish people are ruining it for their own interest. I really hope that this is a fake news and any such thing is not gonna happen.   

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June 26, 2018, 06:33:00 PM
 #22

It is very unusual and crypto will face heavy loss if this happens. Some selfish people are ruining it for their own interest. I really hope that this is a fake news and any such thing is not gonna happen.   

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June 26, 2018, 06:41:07 PM
 #23

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.

Yes...thank you. And there were others, I know ZenCash got it. I think they can only do short term damage and it has to be for transactions executed during the attack. So, if they can hold the network long enough, they can hopefully get a few transactions to clear, but 51% is not really enough, it's barely enough. If transactions are hitting the 49% those transactions are rejected. But each of the blockchain networks are different.

In addition, since those 51% attacks, people are making changes so that those attacks can't actually work as well next time, like requiring 100 confirmations before an exchange will release coins being withdrawn, instead of the old 5. If I understand this correctly (which I probably don't) the more confirmations needed, the long the attacker would need to hold at least 51% of the network.

Do I have all this right? Would love to be corrected.
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June 30, 2018, 01:22:38 PM
 #24

i dont think its possible to happen. big investors will be hit so much,

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July 11, 2018, 09:34:20 AM
 #25

It's unlikely and even if it did the culprit would not be able to generate new money and they would be able to modify all past transactions other than a few blocks back. In general, potential damage is much smaller than most thought ...
Alex31207
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July 11, 2018, 10:03:53 AM
 #26

attack 51 is likely on other cryptocurrencies.It is not possible on bitcoin.No one will let you do it.Large enterprises make equipment for bitcoin mining.They would not benefit.

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July 11, 2018, 10:20:46 AM
 #27

51% Attack is possible but requires a huge calculation system! Only small altars with a small Hash Rate are at risk!
But there is also the risk for blockchain technology!

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July 11, 2018, 10:36:56 AM
 #28

51% of attacks may occur, there are times when revolutions can occur including in blockchain technology. but I'm sure blockchain technology including bitcoin will never die.

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July 12, 2018, 03:31:50 PM
 #29

In large and popular crypto currency, the probability of an attack of 51% is really unlikely. But the situation with small altcoins is completely different and they will easily succumb to such an attack.

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virendarnagpal
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July 12, 2018, 04:36:16 PM
 #30

A group of miners who is in control of more than 50% of total mining hash-rate and try to prevent new transactions from gaining confirmations, with a view to halt payments for all the users or some of them. it is 51% attack.

I think 51% attack will not be in reality because in those circumstances miners will not be able to mine new coins ; so why shall they give loss to themselves.

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kingdom2710
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July 15, 2018, 04:29:04 AM
 #31

They did the cost of such attacks. This will not happen, because even whales have their own opinions and views on issues that they will never allow anyone to hold a large share of the market, so take care of the bot. about this
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July 15, 2018, 04:46:46 AM
 #32

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.
Probably you have a point to that but what if they are the one who dump that is why price are continuously fall. big holders are not holding forever they are also slowly sell their coins for profit taking and buy back to a much lower price.

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July 15, 2018, 04:56:05 AM
 #33

It could happen, bitcoin is very easy to manipulate. If anyone really intent to destroy bitcoin, then bitcoin can be destroyed.
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