I forget guys, can 51% attacks enable double-spends for their friends in addition to themselves? Counterfeit Incorporated?
Forgive me, I'm waking up still
Discussion
Can:t this happen to Bitcoin as well?
The hashrate on btc is astronomically larger so its nearing impossible right now. The current insider threat we have going on within the bitcoin community is a much more serious threat right now. ie. Bitcoin core and spam
It's actually fully possible with F2Pool or whatever, assuming that that pool can withhold its blocks. It's just not profitable for them to do so in the mid or long term.
Wrench attacks can also be defensive
Yes, this is from AI
🔍 What is a 51% Attack?
A 51% attack refers to a situation in blockchain networks, particularly those using proof-of-work (PoW) consensus mechanisms, where a single entity or group of entities gains control of more than 50% of the network's mining power. This control allows them to manipulate the blockchain in various ways, undermining its integrity and security.
⚙️ How It Works
Mining Power Control: In a PoW system, miners compete to solve complex mathematical problems to validate transactions and create new blocks. If an attacker controls over 50% of the total mining power, they can outpace other miners.
Double Spending: The attacker can reverse transactions they made while in control, allowing them to spend the same cryptocurrency multiple times. This is known as double spending.
Block Manipulation: The attacker can prevent other miners from confirming transactions, effectively censoring transactions or blocking specific users from making transactions.
Forking the Blockchain: The attacker can create an alternative version of the blockchain, which can lead to confusion and loss of trust in the network.