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You can easily 51% any and every coin for less than their market cap if you calculate just the cost of running/renting the hardware for a day. (Though really yo

You can easily 51% any and every coin for less than their market cap if you calculate just the cost of running/renting the hardware for a day. (Though really you don't even need it for that long) I'm not sure if you would run into the problem of availability of hardware at some point, but if you're spending ~$76 billion to rent servers for a day, I'm sure you can figure out the details later. Someone ran the calculations (From Aug 1st of 2017) here: https://freedomnode.com/blog/86/cost-of-51-attack-and-security-of-bitcoin-monero-litecoin-and-other-cryptocurrencies https://freedomnode.com/blog/86/cost-of-51-attack-and-securi... But logically, 51% of the network cannot exceed the value of the network. You lose by a huge margin if you are spending more on protecting your money, than money you actually have.

AgentME 9y ago
Hmm, maybe market cap was the wrong comparison to make. The cryptocurrencies listed in that article are doing pretty well for themselves mining-wise. I suspect that there may be tiny cryptocurrencies traded on some exchanges that could be 51%-attacked by an individual for somewhere between $1,000 and $100,000 to double-spend some high-value transactions. Maybe it's unlikely for the numbers to line up to be profitable and sure enough to pull off, but if it does happen, then that cryptocurrency is toast as soon as someone notices.
omarchowdhury 9y ago
What happens when you stop your 51% attack? The participants whose party you ruined can simply roll back the chain to before your attack and continue business as usual. 51% attacks are expensive because they must be sustained. Sure, you could try to take the coins and exchange them quickly, but if you attacked a coin with a big enough community (Bitcoin) the message would spread so fast that there would be a coordinated effort from stopping you cashing out. If someone just wanted to destroy a coin without caring to exchange for their currency of choice (like a government), well, even they would have to sustain a perpetual goose chase since people can just abandon the attacked chain and take up another and only provide support to the chain(s) that are not being attacked. It would take word of mouth, but we are using Internet where messages spread to millions with seconds.
- AgentME 9y ago
  If you make a longer chain than the rest of the network, then self-interested miners are going to switch to mining on top of your chain instead of risking their work on the old chain being for nothing. If the attack is short, then surely most miners won't be upgraded to be picky about chains in the time after the attack, and everyone else will know that and won't bother trying to make their miners prefer a losing chain. If the point of the 51% attack is profit-oriented, then the attacker is going to do it long enough to get their double-spend confirmed and then stop doing the 51% attack.
  - lawless123 9y ago
    Sounds like what Bitcoin Cash has been trying to do.
    - AgentME 9y ago
      I'm hugely critical of Bitcoin Cash, but I don't think it's comparable to a 51% attack.

AgentME 9y ago

Hmm, maybe market cap was the wrong comparison to make. The cryptocurrencies listed in that article are doing pretty well for themselves mining-wise. I suspect that there may be tiny cryptocurrencies traded on some exchanges that could be 51%-attacked by an individual for somewhere between $1,000 and $100,000 to double-spend some high-value transactions. Maybe it's unlikely for the numbers to line up to be profitable and sure enough to pull off, but if it does happen, then that cryptocurrency is toast as soon as someone notices.

omarchowdhury 9y ago

What happens when you stop your 51% attack? The participants whose party you ruined can simply roll back the chain to before your attack and continue business as usual. 51% attacks are expensive because they must be sustained. Sure, you could try to take the coins and exchange them quickly, but if you attacked a coin with a big enough community (Bitcoin) the message would spread so fast that there would be a coordinated effort from stopping you cashing out. If someone just wanted to destroy a coin without caring to exchange for their currency of choice (like a government), well, even they would have to sustain a perpetual goose chase since people can just abandon the attacked chain and take up another and only provide support to the chain(s) that are not being attacked. It would take word of mouth, but we are using Internet where messages spread to millions with seconds.

AgentME 9y ago
If you make a longer chain than the rest of the network, then self-interested miners are going to switch to mining on top of your chain instead of risking their work on the old chain being for nothing. If the attack is short, then surely most miners won't be upgraded to be picky about chains in the time after the attack, and everyone else will know that and won't bother trying to make their miners prefer a losing chain. If the point of the 51% attack is profit-oriented, then the attacker is going to do it long enough to get their double-spend confirmed and then stop doing the 51% attack.
- lawless123 9y ago
  Sounds like what Bitcoin Cash has been trying to do.
  - AgentME 9y ago
    I'm hugely critical of Bitcoin Cash, but I don't think it's comparable to a 51% attack.