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> The more miner, the more secure This isn't totally accurate. You need a lot of different miners and a high hash rate for security. The least secure place bit
by schmichael 10y ago
> The more miner, the more secure
This isn't totally accurate. You need a lot of different miners and a high hash rate for security. The least secure place bitcoin can be is when a single miner controls most of the hash rate.
- arnauddri 10y agoYou're perfectly right, thanks for clarifying!
- riprowan 10y agoThis is exactly correct. All the hashpower in the world provides zero security if 51%+ of it is not "honest". http://bitcoin.org/bitcoin.pdf http://bitcoin.org/bitcoin.pdf
- hasch 10y agogood point, but a mining monopoly would destroy the value and hence it's in the self-interest of miners to be diversified. that's an economical self-correcting mechanism on top of this technical mining/reward feedback mechanism.
- schmichael 10y agoAFAIK this is the conventional wisdom but not a proven fact. A smart 51% attacker could profit and go unnoticed: > And contrary to commonly-repeated assertions, a monopolist can engage in subtle attacks that are hard to detect. http://hackingdistributed.com/2014/06/16/how-a-mining-monopoly-can-attack-bitcoin/ http://hackingdistributed.com/2014/06/16/how-a-mining-monopo...