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Re: what happens when a pool with 51% of hashrate forks ? (warning: technical hype) March 27, 2014, 10:27:22 PM #9 Quote from: micryon on March 27, 2014, 09:52:34 PM Quote from: foodies123 on March 27, 2014, 09:41:26 PM Quote from: micryon on March 27, 2014, 08:38:33 PM Quote from: foodies123 on March 27, 2014, 07:18:17 PM Quote from: micryon on March 27, 2014, 06:46:13 PM



Please refer to this:



Almost all coins derived from bitcoin/litecoin would be equally fine in the situation you mentioned.



I don't think you guys really understand what a 51% attack is...Please refer to this: https://en.bitcoin.it/wiki/Attacks#Attacker_has_a_lot_of_computing_power Almost all coins derived from bitcoin/litecoin would be equally fine in the situation you mentioned.

so you're saying 51% or nothing to worry about ? then why is everyone looking out for them ?



a 51% attack will disrupt the blockchain no matter in what way it is not good for the coin so ... what am I not getting ?

so you're saying 51% or nothing to worry about ? then why is everyone looking out for them ?a 51% attack will disrupt the blockchain no matter in what way it is not good for the coin so ... what am I not getting ?

Read the wiki...



Read the wiki...

I am seriously not getting your point would you care to elaborate ?

I am seriously not getting your point would you care to elaborate ?

Okay.. to spell it out for you.



51% attacks are a real issues; as stated in the wiki.. and now with KGW, timewarp attacks on difficulty is possible to stall the network.



But the situation you listed where just because a pool has 51% could cause a fork that is problematic: does not exist. That's an imaginary problem. Forks are natural occurrences that is not protected or not protected by Myriad's multi algo hashing. It's protected by the fork resolution protocols.



You simply do not get "full control" of the network with 51% and can do with it at will. That's simply not true... Yes you can stall it, double spend and do other malicious activities.. should you intend to, but the attack vectors are limited and does not constitute "full control" as you might think.



And, having one person or pool operating at 51% or even 100% hash rates, isn't necessarily a problem unless that person is a malicious attacker, intending to do something bad. Otherwise, it's just business as usual for all crypto protocols.



Watch



Okay.. to spell it out for you.51% attacks are a real issues; as stated in the wiki.. and now with KGW, timewarp attacks on difficulty is possible to stall the network.But the situation you listed where just because a pool has 51% could cause a fork that is problematic: does not exist. That's an imaginary problem. Forks are natural occurrences that is not protected or not protected by Myriad's multi algo hashing. It's protected by the fork resolution protocols.You simply do not get "full control" of the network with 51% and can do with it at will. That's simply not true... Yes you can stall it, double spend and do other malicious activities.. should you intend to, but the attack vectors are limited and does not constitute "full control" as you might think.And, having one person or pool operating at 51% or even 100% hash rates, isn't necessarily a problem unless that person is a malicious attacker, intending to do something bad. Otherwise, it's just business as usual for all crypto protocols.Watch https://www.youtube.com/watch?v=Lx9zgZCMqXE @ time 12:45

Ok fair point there are ways of mitigating the risk of too much mining power and forks. It is also unlikely that a bad actor would profit more from manipulation than gains from mining.



Unfortunately it is not a matter of absolute control the point we are making is one of resilience and adaptability.



Myriad can change more frequently with minimal disruption and there is zero risk of an entity gathering the 51% power needed. You can mitigate this risk other ways or just hope it is a non issue thats fine it isn't the end of crypto as we know it.



Its not even the main feature of myriad just a byproduct of its simple yet effective design. Mining for everyone on an adaptable resilient distributed network yes please. Ok fair point there are ways of mitigating the risk of too much mining power and forks. It is also unlikely that a bad actor would profit more from manipulation than gains from mining.Unfortunately it is not a matter of absolute control the point we are making is one of resilience and adaptability.Myriad can change more frequently with minimal disruption and there is zero risk of an entity gathering the 51% power needed. You can mitigate this risk other ways or just hope it is a non issue thats fine it isn't the end of crypto as we know it.Its not even the main feature of myriad just a byproduct of its simple yet effective design. Mining for everyone on an adaptable resilient distributed network yes please.