Is a 51% attack on Bitcoin possible?
In theory it is and could be done for about $7 billion. This would have to be pulled by someone with deep pockets like a nation-state. Antonopolis doesnt seem to think it would be permanent though.
A very good article and makes you think how much more cryptocurrency needs to spread out.
https://ambcrypto.com/can-an-adversary-one-with-7-billion-dollars-take-down-bitcoin-in-51-attack/
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If a group takes over Bitcoin because of a 51% (Sybil) attack, won't people just fork the Bitcoin blockchain again (like Hive which emerged when Steemit becoming centralized)? 🤔😀
@jfang003
It happens. There already have been lots of forks from Bitcoin.
Ethereum also had a fork, Ethereum classic. Will there be another one due to the pending EIP? Only time will tell.
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I should have put the word "again" beside "fork Bitcoin". 😁
Bitcoin Cash is my preferred cryptocurrency for paying online. 🙂
I don't think that Ethereum Classic is the fork, since it is the original Ethereum blockchain before the fork occurred, hence the name "Classic". 🤓
I stand corrected! 😉
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With the politics involved, that is possible.
I havent read anything where that is seriously being discussed.
Is that a viable option that some are putting forth? I can imagine the miners are not too happy with the switch to POS.
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They could do that but would it have the same value. There were a number of forks of BTC, and none of them have the value of Bitcoin.
Plus, a fork means basically starting all over again. That is why it is vital to keep expanding these systems. Bitcoin can get more resilient with further decentralization.
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At least, the fact that a blockchain can be forked after it has been successfully taken over (by a Sybil attack) would already deter those who plan to attack it. 🤔
Well they might be able to fork it but I don't know how things would work. It would probably be named something else entirely and no longer be the BTC we know about.
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At least, that is an option worth having that would hinder those who want to attack the blockchain. 🕵️♂️🤔
7 billion is not that much for somebody that is very determined to bring bitcoin down, like Turkey for example. Not saying they are that desperate but I'm sure they would think about if they would consider their oligarchy/cleptocracy/theocracy threatened
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When you think about it, it really isnt. That is scary, if the numbers are accurate, that it can be that little to take control.
Of course, how hard would it be to get enough miners to stage a 51% attack? And how many others would step in to counteract that?
It is an interesting thought experiment.
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I have faith in those guys lol
But you are right. This mental exercise is scary, although very interesting.
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it would be an epic battle that's for sure :)
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Yea I think he would be correct that it would probably not be permanent. There are just too many tokens gone forever. So they need to keep buying more tokens to ensure that they are above the inflation rate as well.
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I cant imagine that people would stand back and let it persist. People would jump in and make necessary arrangements. This would entail getting more miners going and online.
The more CPU, the harder it is to 51% attack.
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