Is Bitcoin Unbreakable, Or...?

#1

I just want to put it out there that I love Btc and the rest of the crypto space and that it definitely is the future of how we humans are going to organize ourselves and the web, but I have one question:

If the only way to destroy/ hack/ manipulate Bitcoin is to own majority of the computers that actually run the Bitcoin algorithm what will stop a super power like USA or China to just acquire many computers and ultimately hijack BITCOIN?? See example below:

Currently there are approx 3 800 000 computers running the bitcoin algorithm. If someone acquires 4 mil computers then they will have control over bitcoin?

I apologize for imaging the worst, but these sort of questions need to be asked so all can understand better.

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#2

It is always possible that something can go wrong. Its the risk we all take when you want to be a part of something new. A 51% may not be the only way that bitcoin could be broken. There might be some things we aren’t even aware of. Would I say a 51% attack is the mostly likely vulnerability? Maybe. Getting just 51% is not enough in my opinion. I would say you need more than 60% for a reliable attack. You have to keep in mind that the rest are still mining, so you would have to catch up to them.

https://www.crypto51.app/

If you check that website you can see that it would cost you $723,337 to perform a network takeover for 1 hour. Its not long but it sure is expensive. It all comes down to this. Is it worth it or not? Many say its not as they would have no money to gain from it most likely. Not to mention that even if someone does it, would probably be in trouble.

I am not sure if the cost includes the equipment needed or only the electricity cost. Doing a 51% attack needs a lot of hardware, electrical power and organization to do it.

That’s alright. No worries. :smiley:

#3

Cool dude :wink:, thanks for the prompt and honest feedback.

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#4

I went to the webiste (https://www.crypto51.app/) but didn’t see Bitcoin listed. The About page says it lists smaller cryptocurrencies. @Mauro, where do you see Bitcoin there?

If $700K/hour is accurate to rent hashrate for a Bitcoin network takeover, that is very inexpensive! If accurate, I would be surprised no one has done this.

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#5

That’s what it said. I don’t see it listed anymore now as well. It may show it again at some point. I think no on did it because they need to gain more than the attack, otherwise they would lose money. And that is an attack for only 1 hour, 6 blocks.

Here is a screenshot from 2018.

Screen-Shot-2018-05-30-at-3.12.27-PM
Screen-Shot-2018-05-30-at-3.12.27-PM914Ă—499 30.5 KB

#6

Use this instead to see the cost of a 51% attack: https://gobitcoin.io/tools/cost-51-attack/ This website allows you to input a KwH price so you can see cost of electricity should a miner/pool have the hardware already. If a miner is starting from scratch, it would cost $19B-worth of hardware to attack the Bitcoin network for 24hrs. Note that this calculation is done using S9s, which are far less efficient than some of the newer generation miners (however those newer generation miners are more expensive).

Regardless, if the bitcoin blockchain was attacked, the network would likely decide to hard-fork and roll-back the transaction made by the malicious actor. It would be a big hit on Bitcoin’s reputation and credibility, but it would also be a waste of money for the attacker, as their version of the blockchain would be worthless (likely no one will want to use the malicious attacker’s version of the blockchain).

So a hardfork could be a kind of safety net.

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