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Showing 6 of 6 results by soulmates
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Board Bitcoin Discussion
Re: The attack is 51%. The Bitcoin killer.
by
soulmates
on 26/07/2021, 19:41:31 UTC
Quote from: MusaMohamed on Today at 05:15:58 PM
Quote from: soulmates on Today at 08:56:55 AM
That is, simply storing 51% of the total amount of Bitcoins on the wallet will not help to make an attack? Do you need exactly 51% of the capacity of bitcoin, computing machines that ensure the operation and security of the network?
Miners need to own 51% of hash power on the network and maintain it for a while in order to do 51% attack. It is very costly if you have to hire hash power from any source and many full nodes will detect suspicious things. They will switch to other pools and the community will have solutions to stop the attack.

You are wrong because hash power is needed to run attack. Not Bitcoin. Miners need of have ASICs, and they don't need to have Bitcoin to confirm Bitcoin transactions. Same, they don't need to have Bitcoin to do 51% attack on Bitcoin network.
How exactly will the capacity be transferred to other pools? Do they automatically do it or am I misunderstanding something?

The system is completely transparent and decentralized.
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Topic
Board Bitcoin Discussion
Re: The attack is 51%. The Bitcoin killer.
by
soulmates
on 26/07/2021, 08:56:55 UTC
Quote from: MusaMohamed on Today at 06:29:32 AM
Quote from: soulmates on Today at 06:24:44 AM
I don't think that if a 51% attack happens, then the coins in addition to Bitcoin will live, immediately a panic will start in the market and everyone will sell Bitcoin, because no mistakes should occur, and canceling transactions is quite the opposite of what Bitcoin was created for.

Of course, maybe in the future there will be a new coin that will be protected from such manipulations, but it will take at least 5 years to restore trust for people, I think so
The Hash Power Migration since China crackdown causes a drop of more than 51% of total hash power from the peak. If any corporations, person can collect all those hash power, it would give that entity enough hash power for 51% attack.

It is impossible to collect all those ASICs into one entity. In the past, there are pools from same owners that had more than 51% hash power but they did not do any attack on the network. Because it will cause harm for Bitcoin and for everyone. It is stupid to run 51% attack.
That is, simply storing 51% of the total amount of Bitcoins on the wallet will not help to make an attack? Do you need exactly 51% of the capacity of bitcoin, computing machines that ensure the operation and security of the network?
Post
Topic
Board Bitcoin Discussion
Re: The attack is 51%. The Bitcoin killer.
by
soulmates
on 26/07/2021, 06:24:44 UTC
Quote from: ranochigo on Today at 03:37:44 AM
This topic has been discussed so rigorously and the conclusion is always that no reasonable state or adversary would spend so much resources on trying to stop something so insignificant. Unless you're looking for any sorts of profits, 51% won't work. You are bound to spend a few billions in both the hardware, facilities, electricity and various other miscellaneous costs for such an insignificant attack. The money could be better used in other areas. You COULD diminish the confidence that people has in Bitcoin but another crypto would simply rise again and the cycle continues. Not to mention that ASICs are not that easy to obtain or operate in bulk.
I don't think that if a 51% attack happens, then the coins in addition to Bitcoin will live, immediately a panic will start in the market and everyone will sell Bitcoin, because no mistakes should occur, and canceling transactions is quite the opposite of what Bitcoin was created for.

Of course, maybe in the future there will be a new coin that will be protected from such manipulations, but it will take at least 5 years to restore trust for people, I think so
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Topic
Board Bitcoin Discussion
Topic OP
The attack is 51%. The Bitcoin killer.
by
soulmates
on 25/07/2021, 21:45:00 UTC
Every self-respecting crypto enthusiast has heard about the 51% Attack, in which an error can occur in the Bitcoin code and I think you understand how this will end.

And so, the capitalization of Bitcoin at the moment is about $ 700 billion, if the United States in conjunction with other states wants, they will be able to easily attack Bitcoin and stop its existence.

Or do they want to start using this market themselves to extract their own profit and earn money? Maybe they are trying to limit only ordinary citizens, and they have been sitting on the market for a long time?

There are a lot of incomprehensible questions, a topic for reasoning, what do you think?
Post
Topic
Board Bitcoin Discussion
Re: Buying BTC from KYC exchange
by
soulmates
on 25/07/2021, 21:36:16 UTC
Quote from: brainactive on Today at 02:51:18 AM
Up until now, I thought the only way to convert fiat to BTC is through KYC exchanges. It seems like there are alternatives such as Bysk. Did I shoot myself in the foot by purchasing through KYC exchanges? 
There are a lot of exchangers where you can exchange cryptocurrencies for fiat. Also, there are p2p exchangers where you can even be offered to meet a person in real life to cash out funds. and do not pay taxes!

There are a lot of ways to do this without KYC!
Post
Topic
Board Bitcoin Discussion
Re: Why green bitcoin mining has become a trend?
by
soulmates
on 25/07/2021, 21:23:04 UTC
Quote from: datguyian on Today at 08:10:57 PM
Quote from: Sithara007 on Today at 04:37:13 AM
The fault lies with the Bitcoin users. As the OP has rightly pointed out, only 0.117% of the global energy use is devoted to Bitcoin mining. The arguments put forward by the critics don't have any face value, and they themselves know that. But at the same time, Bitcoin users have fallen in to the trap that the critics have set for us. Rather than pointing out that our energy usage is minimal, everyone here has been busy finding excuses such as "green energy" proportion in mining is increasing. Satoshi won't be happy with this. He designed Bitcoin as a decentralized currency, that can't be manipulated. And here we are getting manipulated by those people who hate BTC.

To be honest I am certain neither argument would have calmed the anti-bitcoin party down. Whether you claim the energy is green or whether you claim it is not a lot, it doesn't fit the agenda of those against Bitcoin either way. Also, belittling an overall usage of 0.117% could be a dangerous strategy. If today you say that's not much and then it doubles within a year because Bitcoin prices go up and mining power goes up, the message in the media would be that electricity usage increased by a 100%. No matter what you say, they'll put it the way they want anyway.
It has long been stupid to believe the media. They say only what is beneficial to the state. They want to cover up mining, because they understand how much this will affect the course and stability of Bitcoin. Of course, they do not want people to use it, when they find a way by which they can control our actions even more, they will do everything to convince us of the "usefulness" of Bitcoin.