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When you control 51% of the nodes you can make them agree to anything and takeover the network. Yes, BTC is vulnerable. A few years ago China has >50% of the no
by burnte 7y ago
When you control 51% of the nodes you can make them agree to anything and takeover the network. Yes, BTC is vulnerable. A few years ago China has >50% of the nodes for a bit, making people nervous.
The problem there is that then people lose faith in the network, and don't honor transactions, and it collapses in value.
- legohead 7y agoI've seen this "lose faith" brought up a few times. What I don't understand, is since this vulnerability still exists, why haven't people lost faith already?
- mirceal 7y agothe working assumption is that an attack like this is really hard to pull off (financial and technical barriers). Also, the older the blocks in the chain, the harder it is (the more new blocks you have to compute and propagate).
- lawn 7y ago> you can make them agree to anything No you can't. You have the power to prevent or revert transactions, and that's it. You cannot print unlimited money for yourself or steal coins from an address you don't control.