RE: Dot.com bubbles and the biggest of the too big to fails
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How can you protect a blockchain from a 51% attack?
I don’t think you can.
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You are viewing a single comment's thread:
How can you protect a blockchain from a 51% attack?
I don’t think you can.
I think the thing that protects it is the ability to not be tied to it. We saw the protection mechanism in play when Hive forked away. Every currency lives and dies on usage and some level of trust.
The same thing can happen to hive, so the solution is to fork to another coin every 3 years.
There will be no stability
Do you think that J.Sun would be keen to try it again?
I t could happen, but eventually the attackers will realize that the value is in the community, the user base, the applications they build and play with - attacking it kills the value, it doesn't win the hearts and minds. It is far too costly and if the industry keeps growing, it becomes increasingly expensive.
At the low Ned sold for 8 million, at the high that same stake was 640M worth. Hopefully 3 years from now, the floor makes any attack very expensive and the decentralization would mean many would have to sell. Essentially, an attacker would end up holding a very big bag of nothing.
Yes I understand the point about community and about the app developers, and that is what happened.
Just pretend hive had to fork again for what ever reason, how motivated do you think community and developers will be to repeat the work to move.
When a fork gives a free coin airdrop, some people may welcome a hard fork just for the windfall.
I think many wouldn't be keen, but they would do it. It is harder now though of course, as there are checks and balances in place. A 51% attack isn't buying Ned's stake and convincing exchanges to power up (well after the coming HF for the exchanges).
The question will really become what is the point to attack, since there are no resources that need stay?
Some people would like the windfall, but that ends too once it becomes so common that there is no value, so eventually attacking becomes useless because it can force a fork, but there is also no windfall for the fork other than freedom - so both sides look to maintain and generate value on the chain. Once the ecosystem is large enough, it becomes very, very expensive to attack, so why risk it?