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There is one other cryptocurrency use for these mining rigs, and that is to compromise existing chains. Now that there is a great deal of excess capacity, pres
by andrewla 4y ago
There is one other cryptocurrency use for these mining rigs, and that is to compromise existing chains.
Now that there is a great deal of excess capacity, presumably it would be possible to attack smaller chains in an attempt to glean some profit through double-spending, as those chains might now be vulnerable to larger-scale history-rewriting attacks.
- mattnewton 4y agoThe problem is that such an attack would be discovered and send the value of the token to zero , so you'd have a limited window to double spend into something else valuable but also not revokable.
- kQq9oHeAz6wLLS 4y agoLike many things, it'll pay to be first
- bushbaba 4y agoDiscovered when though. If done quickly enough the damage might already be done
- anonporridge 4y agostep 1; take out MASSIVE short position on coin. step 2; start your fleet of GPUs on a secret 51% attack. ... step n; profit.
- Aperocky 4y ago> step 1; take out MASSIVE short position on coin. You'll need to find a broker which both have and are willing to borrow that many coins for the coin you're about to attack.
- majewsky 4y agoWhat if you spread it out across different brokers? How much communication is going on there? With traditional stocks, short positions have a certain amount of transparency because of regulation as far as I know, but I imagine such regulation does not exist for cryptocurrencies.
- Aperocky 4y agoregulation doesn't exist, nor does the desired broker.