Re:Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose M...
by hinkley on Thursday May 24, 2018 @12:35PM
(#17145709)
Thank you for helping me put into words what bothers me about crypto currency. We’ve deployed an AP algorithm for financial transactions. That’s not fixable.
Re:Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose M...
by Jommi on Wednesday May 23, 2018 @10:28PM
(#17140536)
You're only describing how it works with Bitcoin and other coins that are forked (git-forked) from it.
Some blockchains require a higher amount of consensus to fork (blockchain fork).
Re:Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose M...
by XR0CSWV3h3kZWg on Wednesday May 23, 2018 @10:36PM
(#17140586)
Could you point to a PoW based cryptocurrency that isn't vulnerable to a 51% attack?
Re:Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose M...
by Jommi on Wednesday May 23, 2018 @11:22PM
(#17140834)
you're right, I was mixing up some concepts in my mind, sorry!
For others who might be confused, here is a good resource:
https://bitcoin.stackexchange.com/questions/26999/supermajor...
An honest network participant will accept the chain with the largest accumulated proof of work. This is necessary to resolve forks of the chain, which are a natural occurrence.
A 51% attack means that the attacker can create a chain with more work than the rest of the network.
The idea that you can say "we require 60%" makes no sense by itself - you have to say what you actually mean in the context of a competitive and adversarial distributed proof of work blockchain network...
Maybe you have some ideas how to avoid history-rewriting attacks, in which case you should write a white-paper and launch your own sh1tcoin or ICO (only half joking).