Re:10,000 Bitcoin Mining ASIC Chips Arrive in Switzerland – ...
by cLeEOGPw on Wednesday July 24, 2013 @04:23PM
(#6098838)
All the work effectively makes bitcoin more and more secure, so it isn't waste at all. Potential 51% attacker has less chances to succeed the more miners there are.
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Re:10,000 Bitcoin Mining ASIC Chips Arrive in Switzerland – ...
by rmc on Wednesday July 24, 2013 @04:32PM
(#6098900)
Conversely, if these fancy chips become the standard mining kit, they will push regular hardware out even more. This means if you want to do a 51% attack there are much fewer individual people you need to compromise.
A 51% attack isn't based on the number of people, but based on computing power. If 30 people control 60%,then they control everything.
Re:10,000 Bitcoin Mining ASIC Chips Arrive in Switzerland – ...
by cLeEOGPw on Wednesday July 24, 2013 @06:18PM
(#6099467)
The more miners, the bigger the double spend required to compensate attack cost, the bigger the chances of it to be noticed.
I believe bitcoin is at the point where it is a financial loss to even try to compromise the network, even in case of success.