Bitcoin 51% Attack: How It Works, How Much Bitcoin 51 ...

Bitcoin Private (BTCP) Is Easy to 51 Percent Attack and Has a Hidden 2.04 Million Coin Premine

Bitcoin Private (BTCP) Is Easy to 51 Percent Attack and Has a Hidden 2.04 Million Coin Premine

https://preview.redd.it/qrb6gjkz2p621.png?width=690&format=png&auto=webp&s=408b4882eac543cadcbe8c295d459688b7b2dedf
https://cryptoiq.co/bitcoin-private-btcp-is-easy-to-51-percent-attack-and-has-a-hidden-2-04-million-coin-premine/
The War On Shitcoins Episode 8: Bitcoin Private (BTCP). The war on shitcoins is a Crypto.IQ series that targets and shoots down cryptocurrencies that are not worth investing in either due to their being scams, having serious design flaws, being centralized, or in general just being worthless copies of other cryptocurrencies. There are thousands of shitcoins that are ruining the markets, and Crypto.IQ intends to expose all of them. The crypto space needs an exorcism, and we are happy to provide it.
Bitcoin Private (BTCP) is one of numerous Bitcoin forks but is perhaps one of the more well-known forks. Bitcoin Private (BTCP) launched in March 2018, and in April, briefly attained a market cap of $1.5 billion. However, Bitcoin Private (BTCP) is a good example of how market cap is a poor measure of the legitimacy or usefulness of a cryptocurrency.
In October, a hacker live streamed a 51 percent attack against Bitcoin Private (BTCP) for fun, using hash power rented from a cloud mining site. Now it has come to light that the Bitcoin Private developer team minted an extra 2.04 million BTCP during the genesis fork and hid this fact from the public. Essentially, Bitcoin Private (BTCP) is a shitcoin because it lacks security and has corrupt developers, as we’ll explain in this article.
Anyone Could 51 percent Attack Bitcoin Private (BTCP)
A hacker who uses the pseudonym “Geocold” wanted to prove to the world how easy it is to 51 percent attack a cryptocurrency, even a cryptocurrency with a market cap in excess of $50 million at the time, one like Bitcoin Private (BTCP).
Perhaps Geocold was inspired by Crypto51, a website that calculates how affordable it is to perform a 51 percent attack on various cryptocurrencies. Currently Bitcoin Private is still extremely vulnerable to a 51 percent attack since the total network hash rate is seven MH/s and uses the equihash algorithm.
Crypto51 indicates it costs a mere $48 to 51 percent attack Bitcoin Private (BTCP) for an hour, so perhaps for less than $200 a hacker could perform a sustained and devastating attack that would decimate Bitcoin Private (BTCP). It seems like most major exchanges have delisted Bitcoin Private (BTCP) after Geocold’s initial livestream, but several exchanges still offer Bitcoin Private (BTCP), which is a true disservice to their customers and puts the exchange itself at risk.
The Geocold livestream 51 percent attack of Bitcoin Private (BTCP) caused a media frenzy in the crypto space. Many thought it should be illegal to attack a cryptocurrency, and indeed Twitch and Stream.me banned Geocold’s account. Geocold obtained 62.5 percent of the Bitcoin Private (BTCP) hash rate and was successfully mining blocks and was ready to perform the double spend attack, but he only stopped because he lost his streaming account.
As we’ve mentioned, anyone with $50 and a little programming knowledge could perform a successful 51 percent double spend attack on Bitcoin Private (BTCP). Geocold was doing the crypto space a service by exposing this truth. In general, people should do research before investing or trading a cryptocurrency to ensure it is actually secure. In this case, Bitcoin Private (BTCP) obviously lacks security, yet it still has a market cap of tens of millions of dollars and hundreds of thousands of dollars of daily trading volume.
Bitcoin Private (BTCP) Developers Secretly Premined 2.04 Million Coins
The fact that Bitcoin Private (BTCP) can be so easily attacked makes it a shitcoin, but the revelation that the developers secretly mined 2.04 million BTCP during the genesis fork is the nail in the coffin.
The whole idea behind Bitcoin Private is that it is Bitcoin integrated with Zclassic (similar to Zcash) privacy technology. This means there are stealth addresses and transparent addresses. The developers used this to their advantage, they minted 2.04 million BTCP and hid it in stealth addresses. Further, the developers released supply auditing checks for BTCP that purposely missed the hidden premine.
It has been over 9 months since Bitcoin Private launched, and this is only being discovered now. The total supply of Bitcoin Private (BTCP) is supposed to be 21 million coins like Bitcoin, but there are already 22.6 million BTCP in existence and mining continues.
It appears 300,000 BTCP from the hidden premine were dumped onto the market between July and August, coinciding with a price crash from $10 to $3. It is estimated that these dumped BTCP from the hidden premine netted the developers between $1 million and $3 million, while simultaneously the total BTCP market cap lost over $100 million.
There is nothing to stop the developers from dumping the other 1.74 million BTCP that they have in their not-so-hidden premine. The market is reacting to this revelation, and the price of BTCP has dropped to $2. If the developers were to actually cash out this premine all at once it would completely saturate the order books and drop the price of BTCP to near zero.
Even at this lower price the market cap of Bitcoin Private (BTCP) is in excess of $40 million. This makes zero sense for a cryptocurrency that can easily be 51 percent attacked by any script kiddie, while simultaneously the market could be sucked dry at any moment by the corrupt developers.
submitted by turtlecane to CryptoCurrency [link] [comments]

Unpopular opinion: Bitcoin isn´t what it claims to be

BTW I HAVE OWNED BTC IN MY LIFE ! This is not to be meant a troll. See it as an opportunity to question BTC in order to make it better eventually(?)!
The reason why I put up this post is because I see so many people on Instagram or elsewhere getting into Bitcoin as a speculative investment and thinking it is going to the moon just for some halvening.
I do not dislike the idea of cryptocurrency but actually there are a few problems with Bitcoin.

Yes, Bitcoin has paved the way for crypto, that is true.
Yes, Bitcoin is a great idea with great ideals.
Yet it is still destined to fail.

A lot of people say that BTC will be the future because of various characteristics like:

Claim #1 BTC is anonymous:
"Some effort is required to protect your privacy with Bitcoin. All Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address. However, the identity of the user behind an address remains unknown until information is revealed during a purchase or in other circumstances. "
- https://bitcoin.org/en/you-need-to-know

Claim #2 BTC is decentralized:
Well, not really. BTC is tied to it´s miners. And while a lot of people here call themselves early adopters, they have never ever contributed to a solved-block. Why is this important? Who sells you your BTC? The miners... so if any big enough group of ( chinese bc they are very active) miners decides it is time to rob the people back of the BTC they sold them - there is no one going to stop them. And unfortunately this all plays along with BTC´s rules.
Everyone who didn´t get along on this one should research '51% Attack Bitcoin'\1])
The only counter I can think of is " but all the faulty transactions could be recognized and we (the hodlers) can verify the original chain on a new fork " or something like that, yeah well but technically you will still be fighting the miners and their hashrates
[1] https://duckduckgo.com/?q=51+percent+attack+bitcoin&t=ffab&atb=v140-1&ia=web

Claim #3 BTC is efficient:
If I want to send you a 100 million bucks, yeah well that can be pretty f-ing cheap in comparison to normal banks. But one of the main reasons that Bitcoins transaction fees have risen for the amounts that you actually want to use daily , is because it is more profitable for miners\1])
So as more people adopt and thus transactions getting more profitable for the miners, fees are gonna rise..
-
Also in term of energy consumption. A SINGLE transaction needs as much power as an entire US-household uses in an avg 23 days\3]) That is not sustainable, as the consumption grows with adoption. Even with 100% renewable power( which we are far away from) the shere amount of ressources (e.g silicon for solar-panels for "neutral" energy) is very debatable. Also the mining hardware has to be changed with every halvening (press f for all these rare metals in computer parts)
[1] https://coinsutra.com/bitcoin-transaction-fees/
[2] https://bitcoinfees.net/
[3] https://digiconomist.net/bitcoin-energy-consumption

#4 Thought: Quantum Computing
What will you do with Bitcoin if Google or IBM (or others) get their quantum computers to work so good, that they will easily decrypt bitcoins encryption.
Here is an interesting video if you are interested in how QComputing threatens basically anything that is encrypted:
https://www.youtube.com/watch?v=6H_9l9N3IXU

#5 Thought: Comparing BTC to USD
To anybody who says "look at the dollar dying, we will go to 100,000$ soon" - you are most likely speculating instead of believing in the intrinsic value of BTC (proof of work). If you keep measuring BTC worth in any fiat currency, you lost the point. If it really becomes THE currency, any comparison to fiat is obsolete.
I know this one is kinda unsolid but I wanted to throw it in!

#6 Thought: Financial Elite
Bitcoin rewards those who adopt first. Sounds good, right? If fiat and governments fail, most of you will be the top 1% while holding 90% of the BTC in circulation. Will that be any better than the monetary system we have right now? In the end Bitcoiin will not serve the many, who have little but it will serve the few who have much.
Think about your fellow (billions of) humans around the world. Will you explain to them: ' Well I got in first, so I am entiteled to be rich' ? I think if BTC would actually become widely adopted, that is an ethical question a lot of people have to ask themselves!
Tbh, this might be the most important point for me and I am SUPER excited for your opinions on that!

TL:DR I think there are good reasons why BTC is (unfortunately) wishful thinking and other cryptos with hopefully better systems will take lead.

I would love to hear good arguments against my positions because mostly people get triggered instead of having a conversation that could benefit everybody!

EDIT: Another source for problems with encryption:
https://arxiv.org/pdf/1804.08118.pdf " On the insecurity of quantum Bitcoin mining "
submitted by wowdisme to Bitcoin [link] [comments]

Bitcoin Gold a Shitcoin Vulnerable to Attack Despite $200 Million Market Cap

Bitcoin Gold a Shitcoin Vulnerable to Attack Despite $200 Million Market Cap

https://preview.redd.it/vddehe8qfo321.png?width=690&format=png&auto=webp&s=44a4111dddd126729769612bd27e1ebc30753e14
https://cryptoiq.co/bitcoin-gold-a-shitcoin-vulnerable-to-attack-despite-200-million-market-cap/
The War On Shitcoins Episode 1: Bitcoin Gold (BTG). The war on shitcoins is a Crypto.IQ series that targets and shoots down cryptocurrencies that are not worth investing in either due to their being scams, having serious design flaws, being centralized, or in general just being worthless copies of other cryptocurrencies. There are thousands of shitcoins that are ruining the markets, and Crypto.IQ intends to expose all of them. The crypto space needs an exorcism, and we are happy to provide it.
There are more than 2,000 cryptocurrencies listed on CoinMarketCap, and Bitcoin Gold (BTG) is near the top at number 25 with a market cap of $207 million. This would seem to indicate that Bitcoin Gold is a major cryptocurrency, but it is simply a copycat of Bitcoin with one key and debilitating difference that makes it worse than Bitcoin. Bitcoin Gold is designed to block ASIC miners, leaving only GPU miners.
The idea was that GPU miners would rally around Bitcoin Gold since GPU Bitcoin miners were disenfranchised by ASIC miners years ago. Ultimately, this decision to only allow GPUs resulted in such a low mining hash rate that Bitcoin Gold is vulnerable to 51 percent attacks, and a serious 51 percent attack has already happened once. Further, Bitcoin Gold has had centralization problems from the very beginning.
When Bitcoin Gold launched in November 2017 the developers did a massive premine of 8,000 blocks, which yielded them about 100,000 BTG. At today’s price $12 this is $1.2 million, and when BTG’s price peaked near $500, this was $50 million. This premine is unfair to other BTG miners, traders, and investors. Supposedly, the premined BTG were placed in an “endowment,” which means the developers will receive all of that money eventually, just not all at once. There is no way to verify if this is even true, however, and the excessive 97 percent BTG price crash since January 2018 might be partially due to developers dumping their coins.
A far more serious issue than the premine is BTG’s lack of network security. BTG made mining ASIC resistant by using the Equishash Proof of Work (PoW) algorithm. However, ASICs were eventually developed for Equihash since ASICs can be developed for any PoW algorithm. In May 2018 a 51 percent double spend attack occurred on the Bitcoin Gold network, and a hacker stole $18.6 million from cryptocurrency exchanges that listed BTG. This caused the developers to hard fork in order to implement a newer version of Equihash that is supposedly more ASIC resistant. Clearly, the developers did not learn their lesson that there is no ASIC-resistant PoW algorithm. If Bitcoin Gold became valuable enough, someone would produce an ASIC for it.
It is unclear if Equihash ASICs were the reason for the 51 percent attack, since an attacker could literally just rent some hash rate on a cloud mining site and successfully 51 percent attack Bitcoin Gold. Currently it only takes 1.6 MH/s of rented mining power to successfully perform a double spend attack on the Bitcoin Gold network, and this costs about $1,000 per hour if the hash rate is rented from NiceHash.
Effectively, Bitcoin Gold is not cryptographically secure. The original purpose of banning ASIC miners so that GPU miners could thrive ended up being a fatal flaw for Bitcoin Gold. It is ridiculous that major exchanges like Binance and Bitfinex still offer BTG trading. This is a true disservice to the users of these exchanges and is a risk for the exchanges themselves.
Crypto users need to educate themselves thoroughly before buying any cryptocurrency, or they could end up buying a shitcoin like Bitcoin Gold just because it has a high ranking on CoinMarketCap. BTG has already lost 97 percent of its value since January 2018, and there is strong potential for it to become completely worthless once someone decides to rent some hash power and perform a vicious 51 percent attack.
submitted by turtlecane to CryptoCurrency [link] [comments]

Andreas Antonopolous - 51 Percent Attack on Bitcoin - From London Bitcoin Meetup

Andreas Antonopolous - 51 Percent Attack on Bitcoin
submitted by Coinscrum to Bitcoin [link] [comments]

Bitcoin Basics Podcast: What is a 51 percent attack on Bitcoin? We discuss Bitcoin's incentive structure & game theory.

Bitcoin Basics Podcast: What is a 51 percent attack on Bitcoin? We discuss Bitcoin's incentive structure & game theory. submitted by CoinCompassBTC to Bitcoin [link] [comments]

The Bitcoin Cash fork fiasco: a reorg or a 51 percent attack?

https://bravenewcoin.com/insights/the-bitcoin-cash-fiasco-a-reorg-or-a-51-percent-attack
interesting article on how this attack operated, when bitcoin cash upgraded with the abc fork which created the sv / bitcoincash divergance. in the abc upgrade there was an ability to return funds from addresses that were errenosly sent to segwit addresses and thus were not accesible since bch didn't have segwit.
there was an exploit of being able to see a secret on the blockchain ledger, it was a hash. it allowed a malicious actor to recover funds from segwit addresses. this allowed a nefarious actor to double spend on the segwit addresses as you could obtain the funds with the secret exposed on the block explorer.
the article goes into detail about what was occuring block per block. 2 large miners benevenoltly joined hash power to stop the attacker after they realised what was happening on the chain of another miner.
as per the title, this could have been a 51% attack, but miners colluded, due to centralisation of mining which is not what pow is about. so the fact that miners colluded to stop a double spend, raises questions on PoW working for bitcoin cash.
question:
wouldnt their issues largely be resolved if they changed from sha256 as the hashing algo? if changed it would prevent btc mining farms from mining the chain, giving stability in the network. something fpgas can mine easily enough so there isnt a drastic transition in hash power.
the problem with a large hash drop is that the block reward adjustment phase takes far too long i.e. the nounce level for hashing = reward. with bitcoin i think the nonce reevaluates based on hash level after 2 weeks in blocks with btc, not sure if its changed in bitcoin cash. doubt it
submitted by Neophyte- to CryptoTechnology [link] [comments]

Litecoin Creator Agrees with Greg Maxwell’s Take on Bitcoin’s Susceptibility to 51 Percent Attack (thoughts on this please)

Litecoin Creator Agrees with Greg Maxwell’s Take on Bitcoin’s Susceptibility to 51 Percent Attack (thoughts on this please) submitted by RambleFeed to btc [link] [comments]

Bitcoin Gold Suffers Its 2nd and 3rd 51 Percent Attacks Over Two Years. The miners saw to it that approximately $72,000 in BTG funds were double spent. This is money in their pockets after they gained control of the network’s hash rate.

submitted by Mike_Fans_Club to CryptoCurrencyTrading [link] [comments]

Bitcoin future market and 51 percent attack

51 attack has been in the news recently with Bitcoin Gold.
Can anybody elaborate on the Bitcoin Future market and the incentives it could create to conduct a 51 pc attack on the bitcoin network?
Could the future market itself make Bitcoin more vulnerable? Could it give the ammunition to Wall Street for instance to take down Bitcoin?
submitted by xav-- to Bitcoin [link] [comments]

At what price does a 51 percent attack on bitcoin cash become profitable?

Since hash rate ought to correspond to price, if the price if bitcoin cash becomes low enough relative to Bitcoin, it becomes profitable for a bitcoin miner to launch a 51 % attack on bitcoin cash. At what price does this start to become a problem, or is this thinking wrong?
submitted by mickeybob to btc [link] [comments]

Bitcoin [BTC] and Ethereum [ETH] spend millions to secure network against 51 percent attacks

Bitcoin [BTC] and Ethereum [ETH] spend millions to secure network against 51 percent attacks submitted by ThrillerPodcast to thrillerpodcast [link] [comments]

BREAKING: Ethereum Classic (ETC) Hit With 51 Percent Attack A Week Before Ethereum (ETH) Constantinople Hard Fork Crypto.IQ | Bitcoin and Investment News from Inside Experts You Can Trust - CryptoIQ

BREAKING: Ethereum Classic (ETC) Hit With 51 Percent Attack A Week Before Ethereum (ETH) Constantinople Hard Fork Crypto.IQ | Bitcoin and Investment News from Inside Experts You Can Trust - CryptoIQ submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin Private (BTCP) Is Easy to 51 Percent Attack and Has a Hidden 2.04 Million Coin Premine https://goo.gl/9E539d - Crypto Insider Info - Whales's

Posted at: December 27, 2018 at 07:29AM
By:
Bitcoin Private (BTCP) Is Easy to 51 Percent Attack and Has a Hidden 2.04 Million Coin Premine https://goo.gl/9E539d
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submitted by cryptotradingbot to cryptobots [link] [comments]

A Warning Of a 51 Percent Attack On Bitcoin Cash Has Been Reported. Could Prove to be a Real Risk

A Warning Of a 51 Percent Attack On Bitcoin Cash Has Been Reported. Could Prove to be a Real Risk submitted by KarolisKav to btc [link] [comments]

Bitcoin Private (BTCP) Is Easy to 51 Percent Attack and Has a Hidden 2.04 Million Coin Premine

Bitcoin Private (BTCP) Is Easy to 51 Percent Attack and Has a Hidden 2.04 Million Coin Premine submitted by scgco to GGCrypto [link] [comments]

Bitcoin Private (BTCP) Is Easy to 51 Percent Attack and Has a Hidden 2.04 Million Coin Premine

submitted by CryptoMaximalist to cryptosecurity [link] [comments]

Explained: 51 Percent Attacks on Bitcoin and Other Cryptocurrencies

Explained: 51 Percent Attacks on Bitcoin and Other Cryptocurrencies submitted by n4bb to CoinPath [link] [comments]

Explained: 51 Percent Attacks on Bitcoin and Other Cryptocurrencies

Explained: 51 Percent Attacks on Bitcoin and Other Cryptocurrencies submitted by asmajda to CryptoStock [link] [comments]

Explained: 51 Percent Attacks on Bitcoin and Other Cryptocurrencies - CryptoSlate

Explained: 51 Percent Attacks on Bitcoin and Other Cryptocurrencies - CryptoSlate submitted by ulros to fbitcoin [link] [comments]

Bitcoin Gold Network Loses Millions From A 51 Percent Attack

Bitcoin Gold Network Loses Millions From A 51 Percent Attack submitted by ethnewsbot to ETHInsider [link] [comments]

At what price does a 51 percent attack on bitcoin cash become profitable? /r/btc

At what price does a 51 percent attack on bitcoin cash become profitable? /btc submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

At what price does a 51 percent attack on bitcoin cash become profitable? /r/btc

At what price does a 51 percent attack on bitcoin cash become profitable? /btc submitted by cryptoallbot to cryptoall [link] [comments]

What Is a 51% Attack? Explained for beginners - YouTube Bitcoin Q&A: Could a state-sponsored 51% attack work? 51% Attack Explained  Bitcoin Gold and Verge Recent Hack (Crypto) Why a 51% attack is impossible on Bitcoin - YouTube 51 Percent Attack  xrp ripple latest news today ...

This doesn’t gainsay the need for 51 percent attack Bitcoin protection. Here are some of the available ways to mitigate the attack. There should be a way limit the size of mining pools within the Blockchain network. Using a Proof-of-Stake consensus rather than a Proof-of-Work consensus will help. Interchain linking . Building coins using other networks such as the ERC20. Prior Bitcoin 51% ... Historical 51% Attack Cases Bitcoin Cash (May 2019) Two Bitcoin Cash mining pools, BTC.com and BTC.top, carried a 51% attack on the Bitcoin Cash blockchain in order to stop an unknown miner from taking coins that he wasn’t supposed to have access to, while the network forked. Even though some would argue the 51% attack was done to help the network, it still demonstrates the power these two ... 51% attack refers to an attack on a blockchain – usually bitcoin's, for which such an attack is still hypothetical – by a group of miners controlling more than 50% of the network's mining hashrate, or computing power. The attackers would be able to prevent new transactions from gaining confirmations, allowing them to halt payments between some or all users. They would also be able to ... The threat of a 51 percent attack became very real for many Bitcoin owners this week, when the world’s largest Bitcoin mining pool, GHash.IO, flirted with, and may have even surpassed, 51 percent. From Bitcoin Wiki. Jump to: navigation, search. A majority attack (usually labeled 51% attack or >50% attack) is an attack on the network. This attack has a chance to work even if the merchant waits for some confirmations, but requires extremely high relative hashrate. The attacker submits to the merchant/network a transaction which pays the merchant, while privately mining a blockchain fork ...

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What Is a 51% Attack? Explained for beginners - YouTube

Article: https://nakamotonews.network/bitcoin-core-dev-anti-51-attack-measures-always-imply-centralization/ What is a 51 Percent Attack? "Bitcoin Core develo... For the complete text guide visit: http://bit.ly/2T09w73 Join our 7-day Bitcoin crash course absolutely free: http://bit.ly/2pB4X5B Learn ANYTHING about Bitc... Watch live: https://ivanontech.com/live 51% attack is when an individual miner or group of miners manage to control more than 50% of a network’s hashing power. This would allow the attacker to disrupt the network and rewrite history ... Keywords/phrases: Could state authorities shut down Bitcoin at any time? A state-sponsored 51% attack would be very difficult. Even though a lot of the mining is in China, it's not as concentrated ...

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