Post
Topic
Board Bitcoin Discussion
Re: [ATTN!!] Bitcoin Security nearly Breached
by
Steve
on 06/07/2011, 23:42:15 UTC
It might be a good idea to go with a less alarmist title.  This is a situation that might warrant asking miners switching to a different pool, but to say the security of bitcoin was nearly breached is an extreme over reaction and false.  The pool operator does not control the hardware of the members of the pool.  If the operator started monkeying with the transactions in the blocks it created...or tried to withhold some blocks in order to effect a double spend, I think it would get noticed in short order and the pool operator would find themselves swimming alone very quickly.  In fact, if the pool participants would simply announce any blocks they find directly on the network, it would eliminate the attack where the operator could withhold blocks in order to double spend.  There was also a proposal a while back for a way to operate a pool, but still allow the decision regarding which transactions go into a block to be controlled by the mining participants, not the operator.  And that would completely eliminate any issue with a powerful miner.

Still, it is good to encourage people to switch pools.