Proof of Work coins like Bytecoin can now be 51% attacked for just $500? Bitcoin private for only $700? New Website shows which POW coins can be 51% attacked for cheap! DPOS is the future!
So on news.bitcoin.com today AND on Ivan on Tech we see everyone talking about the 51% attack Double Spend potential of attacking a chain by having MORE hashing power and the LONGEST chain wins and so if exchanges arent paying attention you can DOUBLE SPEND and for a few million you can make Billions! it is insane what can happen with this wild west of an economy, and none of this is illegal!
So here is the News.bitcoin.com article that I saw first today whioch blew my mind:
https://news.bitcoin.com/you-can-now-51-attack-a-coin-for-as-little-as-500/
And another related Article on how Exchanges must be on High Alert due to this structural weakness of low Hash Power Proof of Work COins! HAH So only Bitcoin and Ethereum are really safe, I bet Bitcoin Hashing power could even be turned on Litecoins network to 51% attack Litecoin, seems like if you want a Proof of Work Coin you need your OWN Proof of Work Algorythm!
And here is the website it mentions which TRACKS these Proof of Work coins you can actually 51% attack for cheap! https://www.crypto51.app/
And here is the screenshot of the actual coins you can 51% attack for as cheap as $500
And here is @ivanli and his Youtube Video (which he posted on steem here https://steemit.com/bitcoin/@ivanli/did-roger-convince-ivan-51-attack-cost-programmer-explains and I also resteemed his Steem Post and upvoted it, it is only fair when I am using his video in my post too :D )
Can you believe that I have more Steempower and Followers than Ivan on Tech? I assumed he would be Steem RICH but sadly he doesn't post very much on steem, he must be making way too much money making Youtube Videos :D He does indeed get a LOT of that youtube Traffic for crypto because he has a very very logical and objective perspective and he will go over all the crypto news of the day or week so we don't have to, his show is not just for noobs it is a great way to keep up with all the news that takes him all day to collect, and people like him make it easier for all of US to catch up much faster!
So these 51% attacks are just incredible to imagine, you can basically LEGALLY take over a cryptocurrency if it uses Proof of #Work Mining because MANY of these coins use similar algorythms, either Sha-256, Ethash, Scrypt, CryptoNight, X11 or Equihash and since you can easily RENT the Hash Power to mine many different coins of many doifferent blockchain sizes, some are just SO much bigger than other smaller coins that you can DOMINATE the smaller cryptocurrencies!
Thanks for reading and this should be MORE evidence that Steem and EOS which use DPOS Delegated/Distributed Proof of Stake are the FUTURE and they cannot be 51% attacked! Stake based crypto is the ONLY way for the future and the world will come around to Steem as EOS launches in a few days! Steem will be seen as valuable when DPOS is valued as EOS becomes more popular, and Proof of Work will only be reserved for Bitcoin!
Steepshot
Hate to say it, but if this is true that 51% attacks on coins are cheap, ALL SHIPS will drop with the lowering tide. While it might be true that some other proof-of... is better than POW, the crypto-world will NOT interpret that way... not initially. If 51% attacks get out of hand, all crypto-currencies are going to get donkey punched. So be careful what you say when you disparage other cryptos.
Think of it historically, what happened when just ONE exchange had a security breach (like Mt Gox)? Bitcoin and any cryptos at the time, got crushed. So unless you like short-term large-% losses, you should be hoping NONE of the cryptocurrencies suffer security breaches-- unless of course all you own is fiat, gold, and non-crypto assets!
From you data analysis this seems to be a serious problem for proof of works crypto coins because they can be manipulated at anytime @ackza
Do you have specialized PC for mining besides the cannabis business? It is interesting the information in fact is useful to know that, but my question is, where I can register on Criptocurrencys pages that are not scam? You know of any of that, thanks in the same way
the best mining option is Minergate here is my referal link, definitlkey not a scam, u can mine on any PC video card evenb mobile device to mine monero or BCN and i use it toi mine Zcash and bytecoin and monero
https://minergate.com/a/d582a3e158500d130a38afed
here is what the minergateprogram looks like
But i dont recomendmining at all right now its very unproifitable i onky do uit because i still have a videocard and i may as well mine the energy efficient ZEC but yeah your much better off just posting on steem to make money! mining is no longer profitable , anyone tryingto get others into it and slel them stuff is just basiclaly scamming them! its really bad! u may get some money but nowhere near asmuch as u spend :D it SUCKS
anyway u are already registred on the only cryptocurrency page u need, steem just start using it better use utopian.io to sign up for steem jobs or just make VIDEOS on DTUBE uplpoad videos on DLIVE.io and d.tube and dont stop! daily viudeos and just keep upoloading!
Very Nice, I believe Steem is the way to go and POW mining is limited and in the future, Steem and EOS give us a glimpse of what a non proof of work mining more energy efficient future can look like... I hope we get a larger steem infrastructure and that requires big investment... We have a massive industry online to cover with SMTs and Steem Communities... Seems like steem can become the backbone of all social media platforms online! I am confident Dan Larimer will make sure EOS coexists with steem and just provides some healthy competition
yeah but can't there be consensus whereas the original chain takes precedence?
MAYBE that can be implemented but that is NOT how blockchains work, that would be a centralized system maybe like Ripple but in a decentralkized system it must be open to any POW miner
and basically sure but noine of these current coins use that system and would need some crazy hardfork with imaginary code
see this is why steem and DPOS and EOS is the only way to guarantee a safe decentralized cryptocurrency blockchain future
See he problem is, "Longest Chain Wins"
well I dont know about all those coins but I remember there was an exploit where someone was able to mine billions of bitcoin...took a few hours but the blockchain was reverted...so it is not impossible as long as you can reach consensus
yeah that one presentation was it EOS or Bitcoin cash satoshis vision conference? yeah they explained that amazing point when 1 billion BTC was mined LOL happened a few times luckily the people who did it were good people who didnt run with it. Imagine sacrificing the whole blockchain and billions invalue for just a few million or so lol
If you google "bitcoin history" and click on the Wikipedia page and scroll down a bit you will see this
On 6 August 2010, a major vulnerability in the bitcoin protocol was spotted. Transactions weren't properly verified before they were included in the transaction log or blockchain, which let users bypass bitcoin's economic restrictions and create an indefinite number of bitcoins.[26][27] On 15 August, the vulnerability was exploited; over 184 billion bitcoins were generated in a transaction, and sent to two addresses on the network. Within hours, the transaction was spotted and erased from the transaction log after the bug was fixed and the network forked to an updated version of the bitcoin protocol.[28] This was the only major security flaw found and exploited in bitcoin's history.[26][27]
they did run with it, they exploited the vulnerability but satoshi and the community got together and stopped it by forking hours later
thank you on the information friends
Thank for this new crypto information, i like the coin.
Yes, future is excited and hopefully if the Steem and EOS will collaborate in future then that journey will become more exciting. Thanks for sharing this post with us and wishing you an great day. Stay blessed. 🙂
Roger ver is a good mentor,,,I like his all interview video,,Thanks for sharing,,
Let him have YouTube and you got steemit
It's bitcoin time so steem time is coming too
these 51% attacks are getting scary