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No, a 51% attack only allows the attackers to double-spend and block future transactions while they have control over the network. Re-writing historical transa
by qot 6y ago
No, a 51% attack only allows the attackers to double-spend and block future transactions while they have control over the network.
Re-writing historical transactions from before the 51% attack is impossible, unless he can somehow re-write the hard drives in each node's computer.
https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_computing_power https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_...
- practicalpants 6y agoI disagree with the "only", yes if a capital-intensive takeover happened they cannot take your bitcoins from your wallet, but they can still straight up destroy bitcoin or quietly enrich select parties through double spends as btc inflates. Fwiw the history can be re-written if over a long time a miner produces a longer chain due to hash power advantages in secret; when released it would by default invalidate all transactions since the secret mining began.