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Would it not be easy for a state actor with a large amount of resorces be able to launch an attack on the network by providing most of the mining capacity for a
by JamisonM 5y ago
Would it not be easy for a state actor with a large amount of resorces be able to launch an attack on the network by providing most of the mining capacity for a short burst and effectively take control of the currency? I thought that was a thing.
- gruez 5y agoMiners only control transaction inclusion/ordering. That's the only thing that a 51% attack will grant you. You still can't forge coins or make unauthorized transfers. You can do double spend attacks and tank the trust of the network, but I'm skeptical whether that's actually worth it. It's probably cheaper to send death squads to users/merchants/exchanges.
- JamisonM 5y agoTanking the network for the cost of some supercomputer time seems like a pretty good deal if you view it as an existential threat.
- gruez 5y agoBitcoin mining is so ASIC dominated that all the supercomputers on earth combined doesn't stand a chance.
- withinboredom 5y agoTheoretically you could also halt all transfers by refusing to include any transactions.