TD₿: 51% Bitcoin Attack by Andreas Antonopoulos
TL;DR If a Bitcoin critic brings up the threat of a 51% attack, just share this video with them.
Hey Bitcoiners,
Critics will argue that it’s easy to perform a 51% attack on Bitcoin if a government or powerful actor wanted to.
But what they fail to recognize is there are incentives in place that align the participants in Bitcoin to defend and support the network.
It takes Andreas a little over 2 minutes to dismantle the idea of a nation-state 51% attack in this excellent video (04/25/2015).
If a bad actor wants to overtake the Bitcoin network, it would take years of planning and capital expenditure to succeed, and even then, they would have to win at their own detriment.
Bitcoin is unbelievably secure because it aligns incentives.
Tick tock next block,
Cory Klippsten
Sign up for Swan and be smash buying Bitcoin in minutes.
Quote of the Day
“Given the high cost and uncertain benefits, a 51% attack against Bitcoin would not be a likely strategy for a rational actor seeking to commit fraud.” - Peter Van Valkenburgh, Director of Research at Coin Center
Meme of the Day
