Post
Topic
Board Bitcoin Discussion
Re: 51% attack
by
thecodebear
on 31/07/2023, 21:09:11 UTC
Not many people were mining with high-tech mining machines when Bitcoin was released (2009, if I'm not mistaken).
Thus, bitcoin was vulnerable to a 51% attack by a big company or an individual with huge resources.

But was there any such attack on Bitcoin around that time?



Nobody knew about Bitcoin in 2009. In early 2009 there was one person on the network (Satoshi), and then there were two (Hal Finney I believe). I would assume by the end of 2009 there were probably at most a few thousand people in Bitcoin, maybe only a few hundred.

And all these hundreds or at most few thousand people that were mining were mining with CPUs, "high-tech mining machines" didn't exist for years after this. I think GPU mining didn't even start until sometime in 2010? You're asking if companies or wealthy people attacked Bitcoin in 2009...nobody knew that Bitcoin existed in 2009. Probably only a few thousand people had even heard of Bitcoin. A 51% attack back then could have only been performed by one of the very few people that knew about Bitcoin back then and was actively engaged in Bitcoin, which means they had no incentive to do it. Also Bitcoin had no market value at that point either, it was still just an experiment back then so why would those few people involved with it bother to attack it?

It's sort of like asking if people were hacking ARPANET back in like 1970 when all it did was connect like 4 universities and nobody else knew about it.

Companies and wealthy individuals getting involved in mining or even just Bitcoin in general didn't happen until years later.