Do we really need to run a power station just for Bitcoin?

Re:Do we really need to run a power station just for Bitcoin? by rfugger on Tuesday November 19, 2013 @12:39PM (#6762811)

A 51% attack only gives you the ability to double-spend coins you already control. It doesn't give you the ability to crack the private keys of others. So there is no straightforward economic incentive for a 51% attack unless you own a huge amount of Bitcoin, and thus would be hurting yourself.

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Re:Do we really need to run a power station just for Bitcoin? by Retric on Tuesday November 19, 2013 @05:18PM (#6764911)

You can double spend with wallets you own so 1BTC > 2BTC > 4BTC ... any number you want fairly quickly.

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Re:Do we really need to run a power station just for Bitcoin? by dllthomas on Tuesday November 19, 2013 @06:23PM (#6765247)

I think this is false. Double spending doesn't create coins, it screws someone who accepted a coin. My understanding of the 51% attack is that you can basically reliably snip the end from the block chain. That doesn't let you put arbitrary things into it.

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