Bitcoin 101 - The Nightmare of a 51% Attack - Part 2 - How to Destroy Bitcoin

Bitcoin 101 - The Nightmare of a 51% Attack - Part 2 - How to Destroy Bitcoin

Video Analysis for Bitcoin 101 - The Nightmare of a 51% Attack - Part 2 - How to Destroy Bitcoin

June 09, 2014

600 x 360

17:29

5 / 5 (0 ratings)

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VIDEO

Bitcoin 101 - The Nightmare of a 51% Attack - Part 2 - How to Destroy Bitcoin

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There is no greater point of weakness in Bitcoin than a 51% attack. A fifty-one percent attack can shut down the network. This video discusses all the attack vectors available to an attacker. And there are many, even worse, the devastation available is catastrophic. While a 51% attack doesn’t appear to offer a lot of financial gain, history is not just made up of rational actors.


James goes through Transaction Denial of Service, Selfish Mining, Monopoly Mining and Double Spending, finding fault with proposed patches and solutions. It is not pretty. As Gavin Andresen says, if someone was able to run a 51% attack "that would be bad". We agree. It would be very bad.


At the end of the video we discuss protocol changes that would make an attack much more difficult. We highlight Pro...

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