Post
Topic
Board Development & Technical Discussion
Re: 51% Attack
by
mikeywith
on 16/02/2020, 20:16:35 UTC
You're underestimating the power of the US and its influence, and this comes from an EU citizen, not some 2nd amendment freak.

I am not sure if I am underestimating their power or you are overestimating it, the U.S has been slapping sanctions on Russia, North Korea, Iran, China, Syria, well you name it, and the results are not as bad, the earth has not stopped spinning.



The projected results are even worse



But what do I know? I might be really "underestimating the power of the US"

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Let's cut China out of the picture because you know that if the US sees BTC as a threat the Chinese would have gone with the ban already.

BTC could be more like a threat to the U.S dollar, this does not mean it has to be at the same level of threat to any other economy.

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And since we're at 51% scenario, imagine how this "ban" or whatever it is called would affect the chain security...
We would be lucky if we would drop only to 1k in the first phase.

So you really think if the U.S bans bitcoin mining for an example, the rest of the world will do the same? Also, I would like to hear your comment about how would the U.S government go about banning bitcoin anyway, does their constitution give the government enough rights to do that?

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How can you be prepared for this? Grin

First of all by admitting that a 51% attack on BTC is very possible, and is IMO the most powerful way to fight bitcoin, way more effective than simply trying to ban it.

As far as being technically prepared for such an attack, well I might be the worst person to be asked  Grin, but some interesting idea's like "the delayed block submission penalty." or "Komodo’s Delayed Proof of Work".

Other methods like increasing confirmations required by merchants and individuals, perhaps someone might make an automated system that sensors the migration of a large enough portion of hashrate (assuming the hash power that is used to perform the 51% has already been on the main blockchain),  community consensus to change the mining algothroim to a GPU-Only algthorim so if the attack happens it won't last long.

I don't know, those are off the top of my head, I am sure more intelligent people like yourself have better ways to prepare for such an attack rather than thinking that it simply won't happen:Smiley