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Author Topic: ASIC as a 51% "weapon"... Mmmm... I don't think so...  (Read 2685 times)
crazy_rabbit
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July 03, 2012, 05:14:18 PM
 #21

Exactly. The LTC chain was developed by ArtForz and used a deliberately crappy version of scrypt ( weak parameters ) so that it could be mined with GPU from the start while the rest of us idiots mined with CPU and all this was kept secret from the SHEEP by coblee, ArtForz and other knowledgeable people.

Problem is, it was more profitable to GPU mine BTC than GPU mine LTC. Sounds like a nice scam they had going doesn't it?

LTC is a joke and not a real alternative to BTC.

Yep, LTC's main function was to be GPU hostile, now that it isn't it has no point. There is nothing that LTC can do that BTC can't.

Note : BTC will be named BFLCoin sooner than later ...

Don't worry, people will probe BFL's ASIC's and make their own copies.

I doubt that. The price of making an ASIC is so high you probably have the expertise to design an ASIC from scratch. In which case you probably think you can do a better job of it then BFL and thus you go about making your own.

more or less retired.
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July 19, 2012, 05:44:06 PM
 #22

It only takes 1 person to do a 51% attack. It can be done with ~$200,000 worth of BFL's new ASIC's (3.5Ghash for $150). At this moment in time, BFL probably has the money and access to the ASIC's, there's nothing stopping them from doing a 51%.
Current network hash rate is 12.733 TH/s. In order to possess 51% of the network power you would need to add more hashing power than is already in the network (because your power adds to the existing network rate). About 13.3 TH/s. So that's $570,000 worth of BFL gear.
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July 19, 2012, 05:53:26 PM
 #23

It only takes 1 person to do a 51% attack. It can be done with ~$200,000 worth of BFL's new ASIC's (3.5Ghash for $150). At this moment in time, BFL probably has the money and access to the ASIC's, there's nothing stopping them from doing a 51%.
Current network hash rate is 12.733 TH/s. In order to possess 51% of the network power you would need to add more hashing power than is already in the network (because your power adds to the existing network rate). About 13.3 TH/s. So that's $570,000 worth of BFL gear.

Or you can get a 30%-50% free discount by ddosing 2-3 big pools at once, while powering up your 1 TH/s BFL gear at the same time.

BTC : 1GN81dxzxyFPQsyAtdocXr5S9Mcg4wcfFG
LTC : LgmYvXsYXc4xdjsMKXJWqtagxVvioK6iaw
FC : 6dpSnKMtttUUYzaRu1EB7Lu18PBRVHU3V7
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July 21, 2012, 11:22:40 PM
 #24

Ultimately I0coin was killed by a 51% attack. (The incentive was there to sell them multiple times on an exchange for BTC)

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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