Bitcoin is still very expensive to attack- 51% attack

in bitcoin •  12 days ago

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If you've been in cryptocurrency long enough then you are aware that most POW based coins are going to be susceptible to a 51% attack or when someone is able to control more than 51% of the hashing power for that particular coin.

According to the website, https://www.crypto51.app/ Bitcoin would currently cost about $280,000 to attack per hour. Ethereum would have cost about $82,000 per hour (ETH recent hard fork made it a PoS coin), Bitcoin Cash would cost about $10,000 per hour, and as you scroll down the website the news gets even worse. Dash would cost about $6,000.

I'm not sure how long it would actually take someone to attack Bitcoin and walk away successfully, but it is good to know that it is still expensive to attack. Anyone that really had that much money to attack Bitcoin would probably be better off buying it in my opinion.

All of this news is unsettling though as smaller projects like Bitcoin Private, Paccoin and a few others are all less than $20 per hour to attack according to this website.

Also, when you scroll down the list you'll notice that NiceHash, which allows to rent other people's mining equipment for a few hours at a time, is in control of a large percentage of a lot of these coins including a 264% NiceHash able attack for Zclassic as well as several others. I'm not saying that NiceHash has bad intentions, but the use of their website that allows you to rent other people's mining equipment would definitely make it possible.

Dash is currently working on what they are calling Chainlocks in order to try and prevent any 51% percent attacks, but the implementation of something like this could take weeks to possibly months.

Some of these coins have made public statements about temporary fixes they are making to ensure that this does not happen to their coin as Paccoin has recently stated. And Paccoin is currently working on a temporary solution including moving away from Dash if they don't come up with a fix quickly.

However, it seems like the developers should have already been aware or working on a solution before the ETC 51% attack in my opinion. This isn't the first 51% attack and this isn't going to be the last, so we all need to be more careful to invest in projects that are communicating how they are going to fix the problem and also maybe realizing that some of the developers of these coins are not as knowledgeable about cryptocurrency as they should be.

Update: According to @anthonyadavisii, SiaCoin is no longer mineable via GPU since the hard fork to remove Bitmain and Innosillicon ASICs as there was a concern about 51% attack susceptibility. I got my information about Siacoin from this website: https://www.crypto51.app/ but it's important to check multiple different websites before drawing conclusions. This article wasn't meant to say don't buy Siacoin, Paccoin, BTCP, or more, but rather that you should look into the solutions that some of these cryptocurrencies have come up with to address a 51% attack.

If one of your favorite coins is on this list it would probably be a good idea to check with the team to make sure that they are working on a solution to prevent this kind of attack from occurring in the future.

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I am investing more in proof of stake coins and Bitcoin , but with what you said I believe most coins might change their algorithm to with pos or develop a more stronger script for their coin @the4thmusketeer

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True PoS coins are on same philosophy as FIAT. Its misunderstand whole system to bring something "new".

Still wondering, which hacker actually wears gloves during hacking? :D

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Yeah, I'm not sure they would. lol

Don't worry about Bitcoin, that's why it's Bitcoin and not an altcoin. https://globalcryptoacademy.com/51-attack/

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Don't worry about it at all. Again will make a hard fork and everything will be fine

Attacking networks the size of Bitcoin or Ethereum is certainly much more difficult than what it costs due to the amount of participants, but not all networks are that lucky. In theory, you’d only need USD 47 to launch an hour-long attack on Bitcoin Private by renting out enough hashing power from NiceHash, a Slovenian cryptocurrency cloud mining marketplace, according to crypto51.app, a website that tracks costs of a 51% attack.free cardano

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Yeah, I'm not sure the information is perfect, but it's scary that NiceHash currently has so much control over this mining power.

Very interesting and revealing article. Thank you for the trouble...
Was worth me an upvote is not much but the message is it. :-)

Greetings
Bob

Makes me wonder, how about DPOS like STEEM, EOS and BTS if faced by 51% attack?

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Wow 6000$ is really really cheap. I thought it would be much more expensive, especially for a well know currency like dash... Could be really lucrative 🤔😅

bitcoin still we hope to remain expensive, so that we continue to develop the spirit

My view of this news about bitcoin will affect the price of the currency a lot, and unfortunately, unfortunately, we may fall to shocking proportions. Do you agree with me?

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It's hard to say. There is a lot of news in the media that could lead to a recovery like the yellow vest movement, but also news about falling further. It's important to look at the long-term game.

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Honestly a year ago, the situation is all falling and most of us are drowning in a sea of blood. I wish to return and fly very soon. Thank you very much for what you offer us about cryptocurrency

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Ok, thanks for your input. How long would it take to one of the blockchains like Bitcoin or Ethereum? Probably more than an hour right?

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I thought more about like a year or so, actually :)

All of this news is unsettling though as smaller projects like Bitcoin Private, Siacoin, and Paccoin are all less than $20 per hour to attack

Not true for SiaCoin as the ONLY ASICs developed are from the Obelisk / Nebulous labs devs and there was a very limited quality produced which are distributed among many pools such as Luxor.

I own a batch one SC1 and people are currently resaling them for about $4500 . This site furthermore says $0.00 so where did you get your information?

Please, correct your article unless you can substantiate your claim, @the4thmuskateer.

Also, SiaCoin is no longer mineable via GPU since the hard fork to remove Bitmain and Innosillicon ASICs as there was a concern about 51% attack susceptibility. Devs are vigilant and SC has a bright future.

Video hosting and streaming is coming soon!

Bitcoin sigue siendo la mejor pagada de las criptomonedas

Please, see my comment and correct the information in you article.

I don't want to get it flagged for misinformation but also don't want to see erroneous information being promoted.

Thank you!

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Yeah, I tried to state in the article that I was using this website for the info, but that may not have been as clear as I wanted. Where did you find your information about Siacoin? I can link that website in my post.

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I followed the website you linked which is where I got the screen cap. I also asked about the viability of a 51% on their Discord.

https://discord.gg/sia

Many Obelisk owners are long time community members.

BTW I was the guy that created this during the Bitmain fork fiasco.

https://www.reddit.com/r/siacoin/comments/7snpci/the_soft_fork_dilemma

It hit the subs trending back in the day. I was hard line pro forker.

Forget Bitmain and them flooding markets and premining with their hardware. Scumbags

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I updated my article, is it more accurate now? I didn't mean to drive anyone away from Siacoin, sorry. I was just using this website as a reference for this article, but a credible source of information can be hard to find these days. I see, thanks for that info. Bitmain will do whatever is in Bitmain's best interest...

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Yes, all good. Yeah believe me. Read the Hakkane's Secret Mining article on Medium if you want to see to what length they will go.

Bitmain is ruthless and indifferent to communities but think the chickens are coming home to roost so to speak.

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bitcoin remains the main one in my investment

hopefully bitcoin will remain our choice for the future

I hope full, bitcoin will continue to increase

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your post are always very interesting and well written! :)

i bought 5 bitcoins 4 months ago but now the price is fell down
so i am very confused for that should i have to save and wait for risen the price and should i have to withdraw that bitcoins ?
Tell me any other ways for investing
Thanks!

I'm happy if bitcoin rises in price