51% Bitcoin Attack
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7 years ago in #bitcoin by joanstewart (65)
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51% Bitcoin Attack
View this post on Hive: 51% Bitcoin Attack
Its less likely now more then ever however ASIC miners are making it a bit easier as they continue to pump out hardware that outperforms the last. The coins you should be really worried about are the ones not ASIC proof then run just like bitcoin. Their mining power is so low they could be overtaken with less then $1,000!
Keeping ahead of the problems appears to be the name of the game at the moment @bitcoinflood my reason for continuing to support Bitcoin is that they take the brunt of attacks. Onus is on them to iron out problems, then others follow. Dumping when on down trend feels like you abandon the idea before it has started.
Supporting cryptocurrency taking the initiative to protect from ASIC miners, well that is why I support @superiorcoins development team and community always on the look out for unwanted attacks, sharing immediately in https://www.facebook.com/groups/superiorcoinmining/ or in https://t.me/SuperiorCoin
before i kinda confused about cryptocurrency but with the help of people and some research I figured it out, just hope that this would be long last and help more, I like how bitcoin move no goverment control, its just like dont invest in crypto the ammount you can't afford to lost!
Where governments go will be interesting to see, as for blockchain technology I feel confident it is here to stay, learn now for the future.
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I think bitcoin has traveled past the point of getting a 51% attack on the network some time ago. The costs and just the ability to build enough computers to brute attack the bitcoin network is long gone. And any current miner knows that it is makes more economic sense to mine, instead of attacking. Look at smaller chains like BCH, there is easily enough hashing power available to 51% attack it, yet it is not. It would cost too much in lost profits to do it. Although on really small chains like bitcoin gold, the hashrate is small enough that it could be worth it to attack.
joe@uvas23 from Kryptonia, spreading some love.
Agreed, original Bitcoin has so many mining worldwide it would be impossible (or stupid) to outlay for an attack on this coin.
The thought behind this is sound considering governments wishing to have their own blockchain facilities, who will mine them, who will support them?
Those wishing to attack, this indicates approximate cost involved for all to ponder before making such a decision (wise or stupid) https://www.crypto51.app/
Your post was resteemed by @resteemza
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it would take you millions of $ to get half of the entire hash. theoritcally its possible but i guess its a stupid idea to do so for it wouldnt be beneficial even for the attacker bcoz people will loss trust to the network and price would certainly drop. It would be waste having alot of bitcoin but no buyers/traders 😁😉
We can never underestimate the greed of people, plus stupidity.
i agree!
The media plays a big part when talking about cryptocurrency and bitcoin,like we all know bitcoin is always the first coin on the list and it has faced a lot of attacks from the government and some rich individuals.
Most people don't want to accept the revolution because they are afraid of getting hurt and losing money but I am sure in the future there will be mass adoption and it would face less attacks by then
Media inflates everything out of proportion, be it good or bad. One comment from someone already well known, article is written with media responding (story always get bigger in the telling). End up with news that needs to be continuously researched for integrity.
Crypto is new to me. I still have to learn and read more to understand it better. Thank you for the informative posts you always brought us.
Always a pleasure sharing information @rubelynmacion
Se agradece siempre sus informaciones tan educativas sobre todo, para los que recientemente hemos entrado en este mundillo @xintoe
Thanks for posting I don't really know much about bitcoin but the coin is already low now