[–] Cantilever [S] 1 point 0 points 1 point (+1|-1) ago
The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.
In light of this statement, how confident are you that the system is still secure (if it ever was)?
[–] Nalbarcam 0 points 3 points 3 points (+3|-0) ago
Quite confident, as random people who wish to mine the currency are rewarded for participating in the network hashing transactions. Certain chains don't even permit the miners to pick and choose transactions, and it would be exceptionally cryptographically difficult to control a majority of the decentralized computers AND have them pick and choose the same transactions. If mass amounts of miners or mining warehouses wanted to pick and choose which transactions to allow through and to not allow others, the rest of the network would be able to witness this and behave accordingly. Actually the network becomes less stable and easier to manipulate as chain splits off, like with Bitcoin Core's suggested lightning network & segregated witness nodes, where smaller copies of receipt lists are held off-chain, essentially bringing back the problem of double spending again. Some reading
The instance of Bitcoin, recently in August 2017 it "forked" in what could be referred to as a 51% attack. Where at least 51% of the network of nodes decided to change the protocol and split off from the original chain of transactions. So now we have Bitcoin "Core" or as it's known, Bitcoin, and then we have the technically original Bitcoin now named "Bitcoin Cash." Essentially a cooperating group of "attacker" nodes made a duplicate of the blockchain and touted it as the real thing despite the fact that the protocol has been severely modified. Some reading
[–] Cantilever [S] 0 points 1 point 1 point (+1|-0) ago
What is the current cost of computing power relative to the ROI of mining it?
[–] OneOfTheBoys ago
Difficult is a lot different to impossible. Especially when you factor in time, practise and resources.
Also is it better to have one Bitcoin or many Alt-Coins/cryptos? The former seems doomed for corruption but the latter invites idiots to be scammed and tarnishes the reputation of the whole system ("Hey I just started OFTBcoin, please give me your US$... * waits for X amount of US$ * ....Haha suckers it's gone now!").